The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated that only 21 local companies from the 70 that utiliz...
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated that only 21 local companies from the 70 that utilized the Nigerian Content Intervention Fund (NCI Fund) have completely settled the loan administered by the Nigerian Content Development and Monitoring Board (NCDMB).
During a significant stakeholder gathering at the NCDMB Headquarters in Yenagoa, the Minister praised Tamrose Limited for its financial responsibility and operational expansion after fully repaying its $10 million NCI Fund loan. He highlighted that the company's achievements emphasize the need to broaden support systems to help more Nigerian businesses grow and increase their involvement in the nation's offshore and marine logistics industry.
The fund established by the federal government to assist indigenous companies in succeeding within the oil and gas industry is subject to repayment, with many Nigerian businesses having utilized it to gain a foothold in the sector.
Lokpobiri reaffirmed the Federal Government's dedication to expanding financial and institutional backing for local oil and gas service companies, highlighting the achievements of Tamrose Limited and the Nigerian Content Intervention Fund (NCI Fund) as a clear example of the positive outcomes that well-structured, accessible support can produce.
He stated, "More than 70 companies have utilized the NCI Fund, but only 21 have completely repaid their loans, with Tamrose being among them. Their success highlights the core objective of the Fund: to enhance local capabilities and enable Nigerian service firms to compete domestically and throughout Africa."
Additionally, representing the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, the General Manager of Corporate Communications and Zonal Coordination, Esueme Dan Kikile, referred to Tamrose as a model of the results that can be achieved when local companies demonstrate structure, skill, and creativity in their activities, stating, 'Today is not merely a celebration of one company; it is a reaffirmation of what can be accomplished through the Nigerian Content policy.'
In his comments, Mr. Ambrose Ovbiebo, Executive Chairman of Tamrose Limited, thanked the Ministry, NCDMB, and Bank of Industry for their assistance and emphasized the company's dedication to enhancing local expertise in offshore marine logistics.
He stated, "We have come together today utilizing Tamrose as a means of communication, a meeting point and enhancement of the voices of all Nigerian businesspeople in the oil and gas industry and other sectors."
We are here to proclaim loudly that Nigeria has the potential to succeed, and that local Nigerian businesses can grow and lead across Africa and even globally with proper governmental and institutional backing.
In 2019, Tamrose obtained and secured a US $10 million facility via the NCI Fund. This single support from NCDMB proved to be more than just crucial; it became a fundamental driving force that has fueled and keeps on boosting our company's growth and development.
Since that time, our operations have expanded from four ships to fifteen active units, including ten security patrol vessels and five platform supply vessels, all specifically designed and meticulously chosen to ensure the safe delivery of our renowned services characterized by reliability and efficiency.
Throughout the years, Tamrose Limited has continually shown its dedication to fostering indigenous capability building, expanding human resources, and promoting community empowerment via various programs.
Since gaining access to the NCI Fund in 2019, the company has increased its fleet size from four to fifteen ships - resulting in approximately 300% growth in their fleet and expanding their operations from Nigeria to Angola, while proudly displaying the Nigerian flag at all locations.
Tamrose has established almost 250 direct positions, contributed to over 600 indirect family incomes within the maritime sector, and provided training for more than 100 cadets through the Tamrose Cadetship Training Scheme, meeting global seafaring requirements.
"The company has also improved healthcare access for its employees, enrolling more than 1,500 staff in HMOs, and greatly sped up NCDMB's objective of reaching 70% local content by 2027," he stated.
Provided by SyndiGate Media Inc. (Syndigate.info).
