The launch of the Cabotage Vessel Financing Fund (CVFF) application portal is seen to mark a turning point for Nigeria's maritime sector, with Starzs Investments Company Limited as operators hail it as the key to fleet growth and business expansion across Africa.
LEADERSHIP reports that after 23 years of delays, the minister of Marine and Blue Economy, Adegboyega Oyetola launched the application portal two weeks ago, allowing shipping companies to begin to apply for the funding.
"The jinx is broken," the managing director and CEO Iroghama Ogbeifun told journalists on the sidelines of the just concluded 9th Nigeria International Energy Summit (NIES) in Abuja on Thursday.
"I'm happy to announce that two weeks ago, the Honourable Minister Adegboyega Oyetola launched the CVFF application portal.
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What we have seen in the industry is that that jinx has finally been broken. We've finally now seen the emergence of disbursement of the CVFF."
She explained the fund's origins under the 2003 Cabotage Act, designed with four pillars--"to build, to man, to own, and to flag Nigeria"--funded by a two per cent surcharge on cabotage activities."
It's 2026 now, so that's 23 years ago," Ogbeifun noted. NMASA's director of Economy confirmed during a panel that "nothing happened to the fund. The money's there. What has caused the delay all these years was just the implementation."
Under NMASA director general Dr Dayo Mobereola, "they have come up with the disbursement structure and how the industry will be able to access the funds in a very transparent and fair manner," Ogbeifun said.
The single-digit loans span eight years, promising to "grow assets, fleets, and just sort of expanding your business scale."
She said her company, Starzs has already applied: "We are poised to try and take advantage of that."
According to her, Starzs has already applied, and is expecting disbursements by Q2 2026.Ogbeifun linked the fund to broader ambitions, targeting Pan-African growth amid oil sector momentum.
Starzs currently operates 11 vessels--from tugboats and ASA tugs to security patrol boats--and holds an MOU with the Navy as one of 30 licensed private maritime security firms serving TotalEnergies, Chevron, ExxonMobil, and Renaissance.
"Our fleet is ageing, our investors are getting older, so we are investing in the purchase of brand new DP2 ASD tugboats," she said
."We are hoping to sign our building contract this year and commence the construction of that asset."
Ogbeifun, who also serves as a founding member of the Nigerian Maritime Administration and Safety Agency (NIMASA) governing board and chairperson of the Technical Committee of the Shipowners Association of Nigeria, outlined the company's plans to expand his maritime logistics firm's fleet and footprint across Africa, capitalising on a resurgence in Nigeria's upstream oil and gas projects.
She highlighted Starzs' robust track record.
The company operates 11 vessels, including tugboats, anchor supply tugs (ASA tugs), and security patrol boats. As one of 30 privately licensed maritime security firms with a memorandum of understanding (MOU) with the Nigerian Navy, Starzs provides armed personnel on patrol boats for major international oil companies (IOCs) like TotalEnergies, Chevron, ExxonMobil, and Renaissance.
"Our fleet is ageing, and our investors are getting older," Ogbeifun said. "We are investing in brand-new DP2 ASD tugboats, hoping to sign building contracts this year to commence construction.
"She added that the firm is eyeing fast crew boats and port operations support, such as piloting and berthing assistance, to diversify further."
Starzs is not stopping at Nigeria's borders. Ogbeifun emphasised a "Pan-African" strategy, targeting oil exploration hotspots like Namibia, Mozambique, Guinea, and Congo, where offshore support vessels are in demand. "Anywhere oil exploration is taking place offshore, these vessels will be required," she stated.
The company is also exploring African ports for tug services beyond Nigeria.This expansion is fueled by strategic partnerships, including one with Kotug, a global tug giant based in Dubai and Rotterdam. "We have access to their large fleets through outright purchase or bareboat charters," Ogbeifun explained.
Kotug's academy will also bolster Starzs' training capacity.Ogbeifun attributed the push to positive signals from IOCs.
"TotalEnergies recently announced Final Investment Decisions (FIDs) via Kotug, and Shell's CEO expressed willingness to invest $20 billion in Nigeria over the next few years," he noted.
These developments signal strong oil and gas projects, creating opportunities from the Engineering, Procurement, and Construction (EPC) phase onward.We position ourselves early, so we retain partnerships into full production," she said.
Ogbeifun emphasised that Starzs does not operate in the barging space--often used amid pipeline insecurity--but focuses on deep offshore support, which faces fewer security risks.
Ogbeifun reflected on tough times, particularly during COVID-19 when oil prices crashed, leading to vessel layoffs and a glut of idle assets.
"It was a season where oil companies renegotiated rates, eroding our commercial earnings," she recalled. Starzs survived thanks to strategic asset choices like tugs essential for anchoring export tankers." Unless Nigeria stops exporting crude, our assets remain in demand," she added, urging the industry to think continentally:
"Africa is massive. If Nigeria sneezes, shift to Mozambique, Congo, or Angola." This diversification cushions against local slumps.
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On compliance concerns raised by some operators, Ogbeifun stressed self-responsibility. Celebrating 40 years in business this year, Starzs embodies "strict standards of safety, operations, and excellence," enabling second-generation leadership.
"IOCs enforce high standards; Nigerian operators need strong corporate governance," she said.
Regulators are trying, but "safety tops the list--it's shared prosperity for workers and assets.
Addressing seafarer training shortages, Ogbeifun detailed the pathway: National Diploma (ND) or Higher National Diploma (HND) in navigation, marine engineering, or electrical technology, followed by Certificate of Proficiency in Maritime and Ocean Transport (Sea Time) requiring 12-18 months sea time for eligibility, then competency exams.
The bottleneck is sea time, as shipowners bear costs for cadets (PPE, feeding, wages) without guaranteed employment."I train 14 cadets every two years pro bono on my vessels," she shared. According to her, solutions include mandatory policies for minimum cadet berths per ship and industry growth to scale fleets--and thus training slots. "More contracts mean more ships, more training," she said, calling for regulator-private sector collaboration.Ogbeifun said her vision positions the company--and Nigeria's maritime sector--for growth amid oil sector revival, regulatory wins, and continental ambition.
