By Adedapo Adesanya
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dayo Mobereola, has refuted claims of the disappearance of the Cabotage Vessel Financing Fund (CVFF).
The fund was established for the purpose of developing indigenous ship acquisition capacity, and to provide financial assistance to local coastal shipping operators.
The fund, administered by NIMASA, is generated from a surcharge of 2 per cent of the contract sum performed by vessels engaged in coastal trade, monies generated from tariffs, fines and fees for licenses and waivers, a sum periodically approved by the National Assembly, and interests that accrue from loans granted from the fund.
Addressing the latest issue of missing funds, the NIMASA DG confirmed that the funds remain intact and securely lodged with the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA).
In a statement signed by the agency’s Head of Public Relations, Mr Edward Osagie, Mr Mobereola described the media reports alleging missing funds as misleading and false.
He added that the narrative appears to be an attempt to undermine NIMASA’s integrity and misinform the public about its operations.
“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria, remains intact. There has been no disappearance of funds or illegal transactions as claimed in the article,” Mr Mobereola clarified.
He assured maritime stakeholders that the funds would be utilized strictly in accordance with their statutory purpose, emphasizing NIMASA’s commitment to managing the CVFF with the highest level of transparency and accountability.
“Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. NIMASA will continue to manage it with utmost responsibility, and there are no irregularities or illegal activities surrounding the funds.
“I urge the public to disregard this false narrative and continue trusting the Agency’s dedication to safeguarding Nigeria’s maritime sector,” he said.
The CVFF was established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 and supports the development of indigenous ship acquisition capacity and provides credit facilities to local maritime operators.
Mr Mobereola reaffirmed NIMASA’s commitment to transparency, accountability, and the growth of Nigeria’s maritime industry, ensuring stakeholders that the Agency remains focused on its statutory mandates.