How a Local Loan Launched a Nigerian Firm Into Africa’s Offshore Big League
Paul Ebi
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has hailed Tamrose Limited for turning a US$10 million Nigerian Content Intervention Fund (NCIF) loan into a continental success, expanding its fleet from four vessels in 2019 to 15 in 2025 and extending operations to Angola.
Speaking at the Nigerian Content Tower, Yenagoa, Lokpobiri said Tamrose’s growth proves the NCIF’s purpose—strengthening indigenous capacity to compete globally. He praised the company for fully repaying its loan in September and warned other beneficiaries to meet repayment deadlines or face legal action.
NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, represented by Mr. Esueme Dan Kikile, said Tamrose’s achievements reflect what is possible when Nigeria backs indigenous expertise. He announced that a new Nigerian Content Equity Fund (NCEF) will be unveiled in December to provide long-term risk capital for high-impact local companies.
Tamrose Executive Chairman, Mr. Ambrose Ovbiebo, said the loan served as a “foundational catalyst,” enabling expansion into Angola, job growth from 50 to 244 staff, and the training of over 100 cadets for global employment. He thanked top oil and gas clients and financial partners for supporting the company’s journey.
Representatives from BOI and NIMASA commended Tamrose for exemplary repayment discipline and for maintaining a fully Nigerian-flagged fleet.
