Maritime Capacity Development: Mobereola Says CVFF Intact As NIMASA isCommitted to Disbursement

Following a recent report of a missing money in the Cabotage Vessel Financing Fund CVFF as published in of the the newspapers, the management of the Nigerian Maritime Administration and Safety Agency NIMASA had reaffirmed that the the funds which is meant for maritime capacity development are intact and NIMASA is committed to it's disbursement

According to a press released signed by the head of Public Relations of NIMASA, Mr Edward Osagie FNIPR, the funds are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA).

Describing the report of a missing money as both misleading and false, the statement reads, "For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the agency's operations".

While assuring stakeholders of the safety of funds under the CVFF, the Director General Dr Dayo Mobereola assured thst Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose.

His words “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. 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”.

NIMASA is committed to transparency, accountability, and the advancement 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.

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