Starzs Investment Company Limited, a domestic marine logistics firm specializing in Azimuth Stern Drive (ASD) offshore tug operations, has successfully transitioned from a founder-led business model to a structured corporate governance layout. Managing Director and CEO Iroghama Ogbeifun revealed that after a deliberate seven-year succession track, the firm has reshaped its operational focus toward sub-Saharan market expansion, tech-driven safety systems, and institutional fleet recapitalization.
Navigating Fleet Capitalization and FX Stabilization
To sustain asset acquisition in a high-interest-rate environment, the company uses a diversified capital strategy:
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The Banking Relationship Anchor: Backed by a 30-year banking relationship with a Tier-1 Nigerian financial institution, the company secured debt financing to construct two brand-new vessels with DAMEN Shipyards.
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Sovereign Intervention Windows: The shipping firm utilized the Nigerian Content Intervention Fund (NCIF)—administered by the Bank of Industry (BOI) and the Nigerian Content Development and Monitoring Board (NCDMB)—to finance its latest offshore asset purchase.
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Foreign Exchange Normalization: Ogbeifun commended the federal government’s unification of the parallel and official Central Bank of Nigeria (CBN) foreign exchange windows. The elimination of the multi-tier FX pricing model has streamlined treasury forecasting, removed operational exchange rate distortions, and stabilized raw component importing cycles.
Shifting the Policy Focus to the Broader Blue Economy
To celebrate its 40th anniversary, the firm is hosting an industry symposium themed “Anchoring Resilience: 40 Years of Private Indigenous Initiative, Shaping Nigeria’s Maritime Future.” Curated by founding Chairman Engr. Greg Ogbeifun, the summit will feature key regulators—including the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of NIMASA, Dr. Dayo Mobereola—to address ongoing structural barriers.
While the NOGICD Act of 2010 and the Cabotage Act have successfully formalized local participation within oil-related marine logistics, the company notes that indigenous shipowners remain heavily excluded from high-value maritime sectors. The forum intends to produce a policy blueprint urging NIMASA and the Nigerian Ports Authority (NPA) to deploy the long-awaited Cabotage Vessel Financing Fund (CVFF) to help local operators scale into international crude lifting, bulk dry cargo shipping, and deep-sea commercial fish trawling.
