Oil service firm, Tamrose, celebrates repayment of $10m NCI Fund Loan

By Ayorinde Oluokun/Abuja

A Nigeria oil and gas service company, Tamrose Limited has announced the successful repayment of a $10 million loan it obtained in 2019 from the Nigerian Content Intervention Fund (NCI Fund) managed by the Nigerian Content Development and Monitoring Board (NCDMB)

Tamrose Limited obtained the loan from the dedicated financing scheme managed by the NCDMB for growing capacity in the oil and gas industry.

NCDMB confirmed that the final instalment was completed on September 30, 2025, with no missed payments throughout the six-year repayment period.

A statement by NCDMB indicated that with the loan, Tamrose was able to increase the number of its four security patrol vessels to a fleet of 15 vessels comprising 10 security patrol vessels and five platform supply vessels within six years.

“This growth, achieved within six years, positions Tamrose as a leading indigenous marine solutions provider to Nigeria’s oil and gas industry.

“The Executive Chairman of Tamrose Limited, Mr. Ambrose Ovbiebo, disclosed that 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.”

In a letter addressed to the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Ovbiebo, expressed appreciation to the Board for its unwavering support of indigenous companies.

He stated that the repayment milestone also marks a defining moment in the company’s growth journey as a marine solutions provider and as a proud beneficiary of NCDMB’s intervention.

In recognition of this achievement, Tamrose proposed to host a celebration event at the NCDMB conference hall in Yenagoa, Bayelsa State on November 13 2025.

The event will be attended by oil and gas stakeholders across the country and will serve as an opportunity to showcase how the NCI Fund has empowered indigenous companies, while also highlighting broader benefits, including job creation, human capital development, and value-chain expansion.

The celebration event will provide an opportunity for stakeholders to reflect on the positive outcomes of NCDMB’s funding interventions and the importance of sustained collaboration in building capacity within the sector.

It will also serve as a platform to encourage more indigenous operators to take advantage of structured support systems like the NCI Fund to expand their businesses and contribute meaningfully to Nigeria’s local content objectives.