The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that a significant amount of money, specifically $350 million, which is part of a fund designed to support local shipping companies, is safe and securely held at the Central Bank of Nigeria. This fund is known as the Cabotage Vessel Financing Fund (CVFF).
Recently, there were claims in the media suggesting that some of this money had gone missing from the CVFF account. In response to these claims, NIMASA issued a statement to clarify the situation. Osagie Edward, who is in charge of public relations for NIMASA, stated that the reports about the missing funds were incorrect and misleading.
He emphasized that the CVFF money is still in the NIMASA account at the Central Bank and has not disappeared or been involved in any illegal activities, as the article implied. Edward described the allegations as a fabrication intended to damage NIMASA’s reputation and confuse the public about the agency’s operations.
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Furthermore, Dr. Dayo Mobereola, the Director-General of NIMASA, reassured everyone involved that the funds in the CVFF account are safe and being managed responsibly. He urged the public to ignore the false claims and to continue trusting NIMASA to maintain the integrity of Nigeria’s maritime industry. Mobereola highlighted that NIMASA is dedicated to being transparent and accountable while working to improve the country’s maritime sector.
The CVFF was created under a law in 2003 with the goal of helping local shipping companies acquire ships and providing them with financial support. In December 2022, the former Director-General of NIMASA, Dr. Bashir Jamoh, reported that the CVFF had over 16 billion Naira and $350 million available for distribution to qualified local operators. This means that the fund is divided into two parts: one in Nigerian currency (Naira) and the other in US dollars.
