Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has cautioned indigenous oil and gas companies benefiting from the Nigerian Content Development and Monitoring Board (NCDMB)’s Nigerian Content Intervention (NCI) Fund to repay their loans or face legal action.
Speaking at a ceremony on Thursday in Yenagoa to celebrate the growth, impact and full repayment of a $10 million facility by Tamrose Limited, Lokpobiri said the fund was created to strengthen local capacity and should not be diverted for personal use.
“In practice, when you become minister, you are privileged to be briefed by different agencies under you. When I received the report from NCDMB, it showed that over 70 companies had accessed this fund, but only 21 have fully repaid their loans,” he said.
He described Tamrose as an example of integrity and accountability, noting that the company grew its fleet from four to fifteen vessels after accessing the loan, creating hundreds of jobs in the process.
The minister commended NCDMB for its management of the intervention fund and pledged to expand the scheme to support more indigenous operators in the oil and gas sector.
He emphasised that the government was committed to growing the fund as more investments return to Nigeria’s energy sector.
“As minister and chairman of the governing council, our commitment is to continue to grow this fund to support credible Nigerian firms. Oil and gas exploration cannot succeed without strong indigenous logistics companies,” he added.
Lokpobiri, however, warned companies that had failed to service their loans, vowing to recover funds through legal means.
“Those who refuse to pay will face the instrumentality of the law. This money was not meant for private jets but for expanding capacity in the oil and gas industry,” he stated.
He also emphasised that the Federal Government, under President Bola Ahmed Tinubu, was determined to eliminate middlemen in the sector and promote the direct participation of capable Nigerian firms.
“We must remove middlemen whose activities inflate project costs. There is enough work for everyone in this industry, from land to deep water, and indigenous companies must be supported to take their rightful place,” Lokpobiri said.
In his address, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe, said the success story of Tamrose represented what is possible when Nigerians believe in local talent, ownership, and innovation.
He praised the company’s leadership and workforce for their professionalism and contribution to the growth of the nation’s marine logistics sector.
Ogbe appreciated the collaboration among stakeholders such as NIMASA, financial institutions, and partners who have continued to support the vision of building a strong and competitive maritime ecosystem.
He explained that the Nigerian Oil and Gas Industry Content Development Act of 2010 was established to ensure that Nigerians play a central role in the country’s energy sector.
According to him, the NCDMB has successfully implemented this vision through clear policies and strategic support initiatives, such as the Nigerian Content Intervention (NCI) Fund, which provides financial support to local firms.
The NCDMB boss disclosed that a new initiative, the Nigerian Content Equity Fund (NCEF), would soon be launched to further assist credible indigenous companies with long-term capital.
He commended Tamrose for fully repaying its $10 million NCI Fund loan, describing it as proof that Nigerian companies can operate responsibly and meet global standards when given the right support.
The executive chairman of Tamrose Limited, Ambrose Ovbiebo, described the company’s journey as one driven by determination, accountability, and a shared vision for local capacity development.
He said the company began its operations in 2010 with a single vessel but has since grown into a trusted partner, providing offshore support services to major oil and gas firms across Africa.
Ovbiebo noted that the turning point came in 2019 when Tamrose secured a $10 million loan from the NCI Fund for operational expansion.
He stated that this financial support from NCDMB was instrumental in transforming the company’s fleet from four to fifteen vessels, thereby boosting its capacity and creating hundreds of jobs for Nigerians.
He emphasised that the event was not just to celebrate the repayment of the loan, but to demonstrate how government intervention programs, such as the NCI Fund, can help indigenous companies achieve sustainable growth.
Ovbiebo also called for the disbursement of the $25 million Cabotage Vessel Finance Fund to empower more local entrepreneurs.
