Tamrose completes $10m loan repayment to NCI Fund, expands fleet by 200%
Tamrose Limited, a leading indigenous oil and gas service company, has completed the repayment of a $10 million facility obtained from the Nigerian Content Intervention Fund (NCI Fund), a dedicated financing scheme managed by the Nigerian Content Development and Monitoring Board (NCDMB) to strengthen capacity in Nigeria’s oil and gas sector.
The Board confirmed that the final instalment was settled on 30 September 2025, with no default recorded throughout the six-year repayment period.
At the time of obtaining the facility in 2019, Tamrose operated only four security patrol vessels. With the support of the NCI Fund, the company has grown significantly and now owns a total of 15 vessels comprising 10 security patrol vessels and five platform supply vessels.
The company said this milestone positions Tamrose as one of Nigeria’s foremost indigenous marine solutions providers serving the oil and gas industry.
This was contained in a statement signed by Dr Obinna Ezeobi, General Manager, Corporate Communications, Tamrose Limited, and issued on Saturday.
The statement reads partly: “The repayment milestone reflects both the rigorous standards NCDMB applies in selecting beneficiaries and the impact of its interventions in building real capacity among indigenous players.
“For Tamrose, it marks a defining moment in its growth journey and reinforces its position as a proud beneficiary and flag bearer of the NCDMB legacy.
“We are deeply appreciative of the NCDMB for its unwavering support for indigenous companies, particularly in an industry that has historically relied on foreign operators. This achievement reaffirms the strength of Nigeria’s local content policies and their impact on indigenous capacity building.
“Our repayment success underscores the importance of visionary intervention funds like the NCI Fund in enabling local companies to grow sustainably and contribute meaningfully to national development.”
The Executive Chairman of Tamrose Limited, Mr Ambrose Ovbiebo, also wrote to the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, expressing the company’s gratitude to the Board for its consistent backing of indigenous enterprises.
Ovbiebo noted that the company’s successful repayment marks a major step forward in its evolution as a marine solutions provider and a demonstration of how public-private collaboration can accelerate local content development in Nigeria’s oil and gas value chain.
In recognition of the achievement, Tamrose Limited announced plans to host a celebration event at the NCDMB Conference Hall in Yenagoa, Bayelsa State, on 13 November 2025.
According to the company, the gathering will bring together leading stakeholders from the oil and gas industry to showcase how the NCI Fund has empowered indigenous companies to achieve operational excellence and sustainability.
The event will also highlight the wider socio-economic impacts of NCDMB’s interventions, including job creation, human capital development, and expansion of the local value chain.
Tamrose stated that the occasion would serve as a platform for dialogue on the future of indigenous participation in the industry and inspire more local operators to leverage structured support systems like the NCI Fund.
Tamrose reaffirmed its commitment to promoting excellence and transparency in marine operations and pledged to continue driving innovation in support of Nigeria’s local content agenda.
Dr Ezeobi added that the company’s growth over the last six years demonstrates the transformative power of targeted funding interventions when matched with discipline, accountability, and long-term vision.