The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has reaffirmed that the Cabotage Vessel Financing Fund (CVFF), which is held in the agency’s account at the Central Bank of Nigeria (CBN), remains intact.
This statement was issued to dispel rumors regarding the alleged sudden disappearance of the funds.
Mobereola clarified that the report claiming the funds were missing was both misleading and false.
The total CVFF, approximately $360 million in the CBN account, consists of 50% federal government funding, with the remaining 50% contributed by stakeholders and banks—15% from stakeholders and 35% from banks.
In a statement issued yesterday, NIMASA’s Head of Public Relations, Osagie Edward, emphasized that there had been no disappearance of funds and that no illegal transactions had occurred, contrary to what was suggested in the article.
Osagie further stated that the misinformation was a fabrication intended to undermine NIMASA’s integrity and mislead the public about the agency’s operations.
He assured that NIMASA’s management would ensure the CVFF is utilized according to its statutory purpose. The Director-General has also reassured stakeholders that the funds under the CVFF remain secure.
According to Osagie, the CVFF funds are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA). This contradicts misleading reports suggesting that funds have disappeared from the CVFF account.
“Let us be clear: the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. At NIMASA, we will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds. I urge the public to disregard this false narrative and to continue trusting the agency’s ability to uphold the integrity of Nigeria’s maritime sector,” he stated.
The CVFF was established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and provide credit facilities to local maritime operators.
NIMASA is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector.
It is worth noting that former President Muhammadu Buhari, in November 2022, approved the immediate disbursement of the CVFF to qualified Nigerians as part of the federal government’s effort to build indigenous capacity for vessel ownership.
As part of this initiative, five primary lending institutions were appointed to facilitate the disbursement of the funds, 17 years after the collection began. The banks are Union Bank, Zenith Bank, Polaris Bank, United Bank for Africa (UBA), and Jaiz Bank.
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