Cabotage vessel fund safe with CBN, says NIMASA

The Nigerian Maritime Administration and Safety Agency (NIMASA) says funds accrued under the cabotage vessel financing fund (CVFF) are still intact.

Dayo Mobereola, director-general of NIMASA, spoke in a statement on Tuesday, debunking allegations suggesting that the funds had disappeared from the fund.

The CVFF is established under section 42 of the Coastal and Inland Shipping (Cabotage) Act of 2003 to promote the development of indigenous ship acquisition and provide credit facilities to local operators.

Mobereola, who described the allegations as “false and misleading”, said the funds are securely held at the Central Bank of Nigeria (CBN) under the treasury single account (TSA).

“There has been no disappearance of funds or illegal transactions, as the article suggests,” Mobereola said.

He further said the management of NIMASA would ensure that the CVFF is utilised in line with its statutory purpose while assuring stakeholders of the safety fund.

“Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure,” the NIMASA DG said 

“We at NIMASA 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.

“The CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.”

Mobereola said the agency is committed to transparency, accountability, and the development of Nigeria’s maritime sector.