Capacity devt: Cabotage vessel financing fund intact, not missing – NIMASA
Omeiza Bilal
Nigerian Maritime Administration and Safety Agency (NIMASA) say funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA).
NIMASA Director General Dr Dayo Mobereola, who gave the assurance while speaking with industry stakeholders insisted that the funds are safe and secured under the CVFF.
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.
Some media reports have alleged that the funds have disappeared from the CVFF account.
He said, “The report of missing money is both misleading and false.
“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 author’s imagination aimed at undermining NIMASA’s integrity and misleading the public about the Agency’s operations.
“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose.
“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.”
The Agency highlighted its commitment to transparency, accountability, and the advancement of Nigeria’s maritime sector.
