The Nigerian Maritime Administration and Safety Agency has clarified that the $350 million in the Cabotage Vessel Financing Fund is secure and held in the Central Bank of Nigeria under the Single Treasury Account.
NIMASA responded to a recent media claim suggesting that the funds were missing, calling the publication misleading.
In a statement on Tuesday, NIMASA’s Head of Public Relations, Osagie Edward, addressed a misleading media report that claimed the $350 million in the Cabotage CVFF had disappeared from its account.
NIMASA confirmed that the funds are intact and securely held with the Central Bank of Nigeria under the Single Treasury Account.
Osagie added that the report of missing money was “both misleading and false.”
“For the records, 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, 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 misleads the public about the agency’s operations,” Osagie stated.
According to him, the management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose.
The Director-General of NIMASA, Dr Dayo Mobereola, assured stakeholders of the safety and security of the funds under the Cabotage Vessel Financing Fund.
“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,” Mobereola said.
He said that NIMASA is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector.
The Cabotage Vessel Financing Fund, established under Section 42 of the Coastal and Inland Shipping Act 2003, aims to support indigenous ship acquisition and provide credit facilities to local maritime operators.
In December 2022, former NIMASA Director-General, Dr. Bashir Jamoh, revealed that the CVFF held slightly over ₦16 billion and $350 million available for disbursement.
