NCI Fund Not For Local Industries Alone: Lokpobiri

 

The Minister of State Petroleum (Oil), Heineken Lokpobiri, has revealed that the  Nigerian  Content Intervention Fund,  will not only service the Oil and Gas industry in Nigeria, but  it will also service the oil and gas industry globally.

Speaking on Thursday in Yenagoa during Tamrose's celebration of growth and impact, Lokpobiri maintained that he was happy that the company has gone beyond the shores of Nigeria to render logistic services in the oil and gas industry across the continent of Africa. 

The Minister maintained that as chairman of the government council of NCDMB,  "our commitment is to continue to grow this fund so that we can continue to support indigenous companies like Tamrose for them to continue to acquire more capacity and render the services that are needed for the oil and gas industry. 

Maintaining that Oil and Gas exploration cannot be successful without very strong logistic companies, he said that the NCI fund, has been  designed in such a way that companies like Tamrose will continue to leverage on the availability of the fund to grow their fleet. 

"If we grow indigenous capacity, we will render services that could  be rendered by indigenous companies. And there will truly be vital retention. I've had the privilege of going to some indigenous companies in this country.

He called on other  companies that have taken advantage of the fund to sit up,  meet the obligation of servicing middlemen adding that "If you don't service the loan,  this money will not be available for other companies to also benefit from.

"The money that is fully repaid by them is available. For some other companies, they also take this same facility and grow their capacity. But some companies, take this money and they do not repay, and some of them deliberately don't want to pay.

"And so, I'm encouraging all companies that are taking advantage of this fund, to please meet your obligation of servicing these loans, so that this money can continue to be kept afloat to service the companies in this industry. 

"And also, as a lawyer, I also want to use this opportunity to say that those who feel that they are not going to pay, we will use the instrumentality of the law to recover this money, so that we can use it to develop this industry.

We are not going to allow anybody to use this money to go and buy private jets,  instead of using it to grow the fleet.

"And this calls for stronger scrutiny of companies that should benefit. So we want more companies that can come and take these resources, invest the resources, grow the fleet, grow employment opportunities. I'm glad to hear that today you ( Tamrose)are employing over 200. From 40 to over 200. This is the kind of thing that we need on the agenda that President Bola Ahmed Tinubu is committed to support." He said.

Also speaking, Engr. Felix Omatsola Ogbe, Executive Secretary of NCDMB represented by Esueme Dan Kikile, General Manager, Human Capacity  Development,  appreciated the leadership, board, and workforce of Tamrose  adding that their professionalism and commitment to excellence  will continue to elevate the Nigerian marine logistics sector.

The Nigerian Oil and Gas Industry Content Development (NOGICD), Act, 2010 he said was created to ensure that Nigerians sit at the centre of value creation in the energy industry maintaining that  "at NCDMB, we have translated this mandate into real impact through deliberate frameworks, clear processes, and strong partnerships.

 He said one of the most important tools in the effort is the Nigerian Content Intervention Fund which was designed to provide structured capital to qualified Nigerian companies that demonstrate capacity and are contributors to the fund. 

"Tamrose Limited stands before us today as clear evidence that our approach is delivering measurable results. Their journey from a modest operator to a full Nigerian-flagged marine logistics leader is a story that gives us pride.

'Tamrose successfully repaid its Ten Million Dollar NCI Fund facility in full joining over twenty (20) other indigenous companies that have equally met their repayment obligations under the Fund. 

"I encourage other indigenous companies to follow the example set by Tamrose and the other successful beneficiaries of the NCI Fund. Build responsibly. Grow transparently. Compete with integrity. Deliver consistently.

"I commend Tamrose  and all our NCI Fund beneficiaries who have set a standard that others can aspire to. Their achievements reaffirm our belief in the capacity of Nigerian enterprises to deliver excellence. I equally reaffirm the commitment of NCDMB to empower more indigenous companies to rise, grow sustainably, and compete confidently on the global stage."

Speaking earlier,  Ambrose Ovbeibo, the Executive Chairman of Tamrose, stated that from the company's modest beginning with a very small team of professionals, it has  become trusted partners of some of the most respected international and independent oil and gas companies globally. 

 He said the growth, which was made possible by the NCI Fund, has been anchored on creating value for all stakeholders via a culture of excellence rooted in  organization's  core value of people, safety, integrity, teamwork, and excellence. 

The Executive Chairman said that the  $10 million loan gotten from NCDMB  for operational expansion has turned out to not just be Pivotal, but a foundational catalyst that has propelled and continued to accelerate both  their growth and evolution as a company.

"Since then, our operations have grown from four vessels to 15 units, comprising of 10 security patrol vessels and five platform supply vessels. 

"I am pleased to share with you that this transformational loan has been repaid in full, on schedule, and without a single missed installment.

To repay a $10 million loan within the last six years without missing a single installment, given the global economic headwinds occasioned by COVID-19 in 2020, and the multifaceted challenges confronting the Nigerian entrepreneur, is by every means worthy of celebration. 

 

"These achievements that we are celebrating today was made possible by a $10 million loan from NCIF. Imagine what growth and impact disbursement of the $25 million Cabotage Vessel Finance Fund can do. Let's unlock every intervention, financial and institutional, in support of Nigerian entrepreneurs. Let's revolutionize local capacity. Let's galvanize a new dawn of growth and impact." He stated.