How Simbi Wabote transformed Nigerian marine vessel ownership from 10% to 46% | Feature Article
- Lindsey Schlandt
- Oct 1
- 1 min read
CYPRUS-MAIL.COM — During Simbi Wabote’s tenure as Executive Secretary of the Nigerian Content Development and Monitoring Board (2016–2023), Nigerian ownership of offshore support vessels grew from around 10% to 46%, marking a historic shift in the maritime energy sector. This transformation was driven by the Nigerian Content Intervention Fund, which provided low-interest financing that enabled local companies to purchase and operate modern vessels. Indigenous firms such as Team Offshore, Marine Platforms, and Starzs Marine transitioned from leasing to ownership, employing predominantly Nigerian crews and building local maritime expertise.
Wabote coupled financing with strong enforcement, ensuring Nigerian-owned and flagged vessels received preferential contracting. As a result, capital once lost to foreign operators began circulating within Nigeria, retaining an estimated $8 billion annually while expanding local employment and supply chains. The ownership revolution demonstrated how strategic financing and policy enforcement could transform a foreign-dominated industry into one anchored in Nigerian control, leaving behind one of Wabote’s most measurable legacies in local content development.
