Maritime expert, founder of Starz Investment Company , Greg Ogbeifun, has announced the approval of a $350 million facility loan by the African Export Import Bank (Afreximbank) to fund a major expansion of the Starz Shipyard.
According to Ogbeifun, the project is expected to transform the shipyard’s lifting capacity from 500 tons to 10,000 tons and will feature a 120 meter long circle lift for large scale shipbuilding and repair operations.
Ogbeifun revealed the development during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port, themed: Unlocking Opportunities: The Lekki Deep-Sea Port Playbook for Transforming Trade and Shipping in Nigeria, on 19th August,2025.
He stressed the importance of private sector leadership in driving growth within the marine and blue economy. According to him, the loan from Afreximbank validates the efforts of local players who have consistently invested in the sector despite challenges.
He stated that the expansion will significantly improve Nigeria’s indigenous capacity to construct and maintain vessels, reducing the need to seek such services abroad.
Ogbeifun disclosed that he came out of retirement at 74 years old due to the establishment of Nigeria’s Ministry of Marine and Blue Economy to renew his commitment to the sector. 18 months ago, he founded a new company named ,Maritime Shipping and Ocean International Resources Limited, which is positioned to fill the gap left by the defunct Nigerian National Shipbuilding Company that ceased operations in 1995.
He confirmed that the company is already working with consultants, Lovett & Bernstein, to develop a global standard shipbuilding line as part of efforts to strengthen local participation in maritime trade and logistics.
Ogbeifun also emphasised the need for practical action within the private sector. He challenged stakeholders not to wait on government to solve every problem but to invest in initiatives that create value .
According to him, despite the volume of ship traffic along Nigeria’s coast, there remains a critical shortage of Nigerian owned vessels and Nigerian crew on international ships. He identified this as a major gap that private sector led infrastructure, such as the Starz shipyard expansion, can begin to address.
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