TAMROSE Limited Sets New Industry Benchmark for Indigenous Capacity as FG, NCDMB, BOI, Others Celebrate Full Repayment of $10m NCI Fund

By Kelvin Egbo

Yenagoa - The Federal Government has hailed TAMROSE Limited, an indigenous maritime logistics and offshore support company, for setting a new national benchmark in corporate discipline, local content compliance, and sustainable industry growth following its full repayment of a $10 million loan accessed from the Nigerian Content Intervention (NCI) Fund.

The commendations poured in at a high-level industry event held at the Nigerian Content Development and Monitoring Board (NCDMB) Conference Hall, Yenagoa, Bayelsa State, where senior government officials, regulators, financiers, and industry stakeholders gathered to celebrate TAMROSE’s remarkable rise from a modest fleet of four vessels to fifteen within six years.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described TAMROSE as “a shining example of what the NCI Fund was created to achieve,” while expressing concern that only 21 out of more than 70 companies that accessed the fund had fully repaid their loans.

Lokpobiri revealed that the fund, designed to strengthen indigenous capacity and reduce dependence on foreign operators; had suffered setbacks due to poor loan recovery from several beneficiaries.

“But TAMROSE stands out,” he said. “This is a company that took a seed and planted it. Some others cooked theirs. TAMROSE expanded its fleet, grew its operations beyond Nigeria, delivered value to the oil and gas sector, and still repaid every dollar of its obligation. This is the model we expect from indigenous companies.”

The Minister reaffirmed government’s commitment to expanding the fund to enable more Nigerian-owned companies acquire assets, deepen capacity, and compete globally.

In his keynote address, Executive Chairman of TAMROSE Limited, Ambrose Ovbiebo, described the celebration as a moment of reflection for Nigeria and the African continent on the power of support, accountability, and a shared vision for indigenous development.

He traced the company’s journey from its first vessel in 2010 to becoming a trusted partner to major international and independent oil companies across Africa.

“The NCI Fund was not just a loan; it was the catalyst that accelerated our evolution,” he said. “We repaid every cent not only out of obligation but to create the opportunity for another TAMROSE; another Nigerian company to grow and fly the flag beyond our shores.”

Ovbiebo attributed the company’s success to vision, prudence, discipline, teamwork, and an unwavering commitment to exceeding customer expectations. He expressed confidence that the company would expand its presence across Africa and, ultimately, the global offshore energy market.

Representing the Executive Secretary of NCDMB, Mr. Esuene Dan-Kikile, the General Manager of Human Capacity Development said TAMROSE’s success illustrates “what Nigeria can become when we invest in indigenous talent and support Nigerian-owned companies.”

He emphasized that the Board will continue to strengthen local participation through deliberate frameworks, transparent processes, and strong partnerships with institutions such as the Bank of Industry and AfriExim Bank, custodians of the NCI Fund.

Managing Director of the Bank of Industry, Dr. Olasupo Olusi, praised TAMROSE for exceptional repayment discipline, describing the company as the type of borrower every banker desires.

He disclosed that the firm cleared the $10 million facility “without a single reminder,” despite foreign exchange volatility, inflation, and global post-pandemic disruptions.

“This is a testament to sound financial management, operational excellence, and visionary leadership,” Olusi stated.

Also speaking, the representative of the Director-General of NIMASA, Jubril Abba, commended TAMROSE for sustaining a fully Nigerian-flagged fleet and demonstrating best practice in indigenous maritime enterprise.

He said TAMROSE exemplifies the success that can emerge when policy, partnership, and performance align to foster national maritime capacity.

The event concluded with a renewed call by stakeholders for other indigenous companies to emulate TAMROSE’s discipline, transparency, and growth model to keep the NCI Fund viable and to strengthen Nigeria’s competitiveness in the global oil and gas supply chain.