Nigerian Minister of State for Petroleum (Oil) and the Chairman of NCDMB, Senator Heineken Lokpobiri has frowned at the attitude of some indigenous companies that failed to live up to the terms and conditions attached to remittance of the Nigerian Content Intervention Fund NCI Fund, vowing that defaulters will soon be prosecuted.
The Honourable Minister made this strident pronouncement recently at the Nigerian Content Development Board NCDMB complex in a ceremony organized by Tamrose Limited and NCDMB to mark a successful remittance of NCI Fund loan collected by Tamrose.
‘I commend NCDMB for delivering consistently on its mandate and TAMROSE for exemplifying excellence and integrity. However, I urge defaulters to comply promptly before we are compelled to apply the instrumentality of law.
‘We cannot afford to sabotage the very effort we are making in ensuring capacity building for indigenous companies through our local content initiatives,” The Minister asserted.
Stating that the timely remittance of the funds borrowed by some companies will pave the way for other companies to access the funds and will equally create a progressive economic pathway for the funds to grow through accrued single-digit interest to accommodate a wider beneficiary.
“This is why we strongly discourage the misuse and abuse of intervention funds by some companies, even as we continue to commend those who comply faithfully with local content principles and demonstrate accountability,” He added.
In his speech, Senator Lokpobiri recognized TAMROSE, an indigenous marine and energy logistics service provider, for exhibiting such exceptional conduct, distinguishing itself by not only accessing but also repaying an intervention fund from NCDMB, dedicated to the growth of local enterprises in the oil sector.
Sen. Lokpobiri further attributed this milestone to the Renewed Hope Agenda of President Bola Ahmed Tinubu in building indigenous capacity and retaining value in-country, as the Government will continue to provide support in the sector, stating that it is unpatriotic for any company to short-change both the nation and its own growth.
Miss Lekoma Phimie, General Manager, PCAD, NCDMB, expressed appreciation to all guests who joined the Board and Tamrose Limited to celebrate the milestone.
She commended Tamrose for its remarkable achievements and reaffirmed NCDMB’s commitment to fostering positive collaborations and partnerships that drive sustainable growth and shared progress within the oil and gas industry.
Between 2019 and 2025, TAMROSE grew from a modest fleet of four vessels to fifteen modern offshore support vessels, a testament to strategic investment, operational excellence, and the enabling support of the Nigerian Content Development and Monitoring Board (NCDMB) through the Nigerian Content Intervention Fund (NCI Fund).
