Chief Executive Officer, Caverton Offshore Support Group, Olabode Makanjuola (left); Chief Executive Officer, Stena Bulk, Erik Hannel; Minister of Marine and Blue Economy, Adegboyega Oyetola; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; and Group Chief Executive Officer. NNPCL, Bayo Ojulari
The Nigerian maritime industry is on the cusp of transformation, as the Nigerian National Petroleum Company (NNPC) has partnered Swedish global shipping agency, Stena Bulk and Nigerian marine and aviation logistics firm, Caverton, to launch UNITY Shipping Worldwide (USW).
This is coming at a time the Federal Government has commenced arrangement to disburse the $700 million cabotage fund meant to support indigenous ship owners with funds to acquire new vessels.
Currently, Nigeria, the eighth-largest oil exporter globally, does not have a national fleet, a gap that the new venture is expected to fill.
Indeed, Nigerian crude are being freighted by foreign vessels due to the fact that the nation lacks an ocean-going vessel that meets the international requirements of carrying crude.
The deal, according to the partners, promises to reinvigorate Nigeria’s shipping prowess on a global stage, aligning with the government’s vision of a thriving, profitable oil sector.
The unveiling of Unity Shipping Worldwide held at the NNPC Tower, Abuja, NNPC were Senior Management Team led by the Group CEO Bayo Ojulari. During his brief remarks, he stated that, “NNPC is geared for major transformation and the ambitions set out are very clear. Shipping is a critical part of this transformation and we look forward to this journey as it will be a historic and unprecedented journey for the industry and for the NNPC with support from all levels of government.”
Commending the partnership for reigniting the country’s shipping identity and aligning with the government’s vision for local content participation, Nigeria’s Petroleum Minister, Heineken Lokpobiri, celebrated the venture as a bold move to revolutionize the energy sector and fortify Nigeria’s economic standing globally.
During a presentation visit of the Unity partners in Abuja, the minister said, “Unity Shipping Worldwide is evidence of President Bola Tinubu’s vision and was made possible by his leadership and vision in industrial reforms. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.”
He added, “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another.
“Whatever we need to do as a government and as shareholders will be done to ensure that NNPC has the best deal in the overall interest of Nigerians. We will support this partnership with every power that we have. So, congratulations to all the parties as we look forward to seeing how this will be implemented for the benefit of all of us,” he stated.
The Minister of Marine and Blue Economy, Adegboyega Oyetola while welcoming the Unity Shipping partners to the ministry, said the initiative mirrors the administration’s aspirations for indigenous shipping participation and international collaboration in maritime operations.
According to him, the collaboration is laudable, particularly the detailed presentation of the business model of operations. “I am excited today,” he said. “Having lost the moribund Nigerian National Shipping Line, NNSL, a committee was set up by the Ministry to see the possibility of bringing back a national flag carrier shipping line that is based on Private Public Partnership (PPP). I don’t believe government should get involved in running some of the activities as I believe it is better to allow a private sector leader such as Caverton to help drive a venture like this.”
Oyetola reiterated government support in encouraging indigenous efforts, asserting, “this is a perfect and laudable achievement in line with President’s agenda.”
The CEO of Caverton, Olabode Makanjuola, believes the venture represents the culmination of years of planning. Noting a formidable blend of local knowledge and global best practices, Unity Shipping Worldwide, he continues, is set to benefit not only Nigeria but also the wider sub-Saharan African region.
Affirming the company’s readiness to deliver on the objectives of Unity Shipping Worldwide, he said: “This joint venture – the result of close to a decade of planning – marks a significant stride in enhancing Nigeria’s maritime capabilities. By combining local knowledge with international best practices, we are establishing a world-class operation that will benefit not only Nigeria but the entire Sub-Saharan Africa region.”
According to him, “It has indeed been a labour of love. I am indeed humbled and grateful that a lot of this is culminating under the present administration, and we assure you of our commitment to develop shipping capacity in line with best practices for Nigeria.
“UNITY represents a practical example of the government’s local content aspirations becoming reality. I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.”
It was gathered that NNPC made a critical decision back in 2018 to consolidate its shipping capabilities under NNPC Shipping Limited (NSL). The aim was to streamline operations and build a fleet comparable to global shipping leaders. In 2025, however, this vision has taken shape with the approval and subsequent signing of a joint venture with Stena Bulk and Caverton.
President and CEO of Stena Bulk, Erik Hånell, expressed excitement at the collaboration, which he believes will significantly contribute to operational excellence and sustainability within Nigeria’s evolving energy sector.
“This partnership is a meeting of equals—each bringing strength, experience, and a shared ambition to redefine Nigeria’s role in global shipping,” said Erik Hånell, adding, “Our partnership reflects a joint commitment to long-term value creation, operational excellence, and sustainable growth. We are proud to stand alongside NNPC and Caverton as true partners in building a world-class shipping venture that will serve Nigeria and the global energy market for years to come.”
Also present at the fomalisation event was Panos Gliatis, Managing Director of NNPC Shipping. He said: “This strategic partnership marks a significant milestone in NNPC’s commitment to modernising Nigeria’s maritime infrastructure. By combining our expertise with Stena Bulk and Caverton Marine, we’re creating a robust platform that will enhance our domestic refining, import and export capabilities and strengthen Nigeria’s position in global energy logistics.
“This strategic alignment is more than a commercial endeavour; it’s a strategic advancement that restores Nigeria’s global maritime footprint. The success of UNITY Shipping Worldwide will depend on collaborative innovation and robust operational agility, pushing the nation closer to achieving self-reliance in shipping capacities, safeguarding its position within the global energy landscape, and underscoring its economic aspirations.”
The announcement comes at a time when the global oil shipping demand is at an all-time high, with shipping playing a crucial role in the sustained global demand for energy. West Africa, with Nigeria as a significant contributor, exports approximately 3.8 million barrels of oil per day, underscoring the region’s vital role in energy logistics.
This blend of Nigerian entrepreneurship and global maritime expertise is represented by Caverton, a logistics giant with an impressive market share in the regional oil and gas sector.
With experience catering to major players like Nigeria LNG, Shell, Chevron, and Total, Caverton is well-placed to steer this joint venture toward success. Joining forces with Stena Bulk, known for its global shipping innovations and profitable joint ventures like the Stena Sonangol Suezmax Pool, the partnership harnesses a powerful maritime heritage.
The Guardian
