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Concerns mount over possible resurgence of boat mishaps on Nigeria’ s waterways 

–– as campaign posters of NIWA MD, Oyebamiji ,surface in Osun state

— stakeholders push for his resignation 
Funso OLOJO 
Concerned stakeholders in the maritime industry have asked the Managing Director of the National Inland Waterways Authority(NIWA), Mr Bola Oyebamiji,to tender his letter of resignation forthwith following his intention to run for the governorship elections in Osun state.
Their call came amidst speculations that Oyebamiji has entered into Osun politics to  contest for the number one seat in the state.
These speculations gained traction when the campaign posters of NIWA boss emerged in the skyline of all the 30 local government areas of the state.
Even though, Oyebamiji has not made any official statement to confirm his participation in the coming governorship elections in Osun state, stakeholders believed that his posters have confirmed his intention.
As a result of this development, the stakeholders raised concerns over the duties of Oyebamiji which they said will suffer neglect as the MD of NIWA.
” He has the right as eligible Nigerian to vie for any political office of his choice but what he doesn’t have the right to do is to combine it with another critical position as the MD of NIWA.
” His duties as the helmsman of NIWA will suffer because politics demands full concentration.
” And you cannot serve two masters at a time.
” In a saner society, he should have resigned his position as the MD of NIWA” a cross section of maritime stakeholders chorused.
It was alleged that the foray of Oyebamiji into Osun politics has the full backing of the Minister of Marine and Blue Economy, Adegboyega Oyetola, who is the political godfather to NIWA MD.
The source whispered to our reporter that Oyetola had once had the ambition to go back to complete his second term in office as the former governor of Osun state after he was defeated by the current governor of the state, Ademola Adeleke in 2022.
” But due to superior arguments bothering on his age and the need to concentrate on nurturing the young ministry of Marine and Blue economy into maturity, a ministry close to the heart of President Bola Ahmed Tinubu, Oyetola was prevailed upon to shelf his political ambition.” the source claimed.
” Instead, he tapped Oyebamiji, his close ally and protege, to throw his hat into the ring and contest for the 2026 Osun governorship elections” the source further disclosed.
It could be recalled that Oyebamiji was a two – term commissioner of Finance under the former governor Rauf Aregbesola and his successor, Adegboyega Oyetola, the current Minister of Marine and Blue economy.
However, stakeholders believed that the political ambition of Oyebamiji will affect his job at NIWA, especially during these critical times when government is trying to curb the incessant boat mishaps on the nation’s waterways.
” This is the time Oyebamiji should not be distracted from his fantastic job he is doing at NIWA.
“Since his appointment in 2023 as the MD of NIWA, there has been an appreciable level of sanity on the waterways due to his reforms , dedication and commitment to safe lives on our waters.
” The level of incidents of boat accidents have reduced while there is high level of awareness on the part of users and operators on the waterways to be compliant with safety rules.
” Unfortunately, all these gains will be filtered away on the altar of his political ambition.
” Tell me how he is going to combine the two rigours political exercise and tedious assignment of ridding our waterways of deaths?
“Definitely,one will be affected and to me his assignment at NIWA will most likely suffer because politics in Nigeria is a full time job, not a part -time as the NIWA MD wants us to believe.
” For me,  his foray into Osun politics is a distraction to his assignment as NIWA MD and the earlier he resigns his appointment as NIWA MD, the better so that he can give full concentration on how to capture Osun governorship seat in 2026″ a concerned stakeholder who pleaded for anonymity declared.
The sources further claimed that the effect of political ambition of Oyebamiji on his assignment at NIWA has stated to manifest as, according to them, he is now less visible.
” In recent times, it was the Minister of Marine and Blue economy who was carrying out some of the official functions of NIWA MD.
” In April 29th, 2025, it was the minister who led the roll out initiative of life jackets in Minna, Niger state.
” Similarly, it was the minister who led the same exercise in Yenagoa, Bayelsa state in May 2nd, 2025″ another source pointed out.
It could be recalled that as part of the efforts of the federal government to curb the disturbing rising trend of waterways accidents which have claimed so many lives, the Minister of Marine and Blue economy, Adegboyega Oyetola, inaugurated a ministerial committee charged with providing solutions to the menace.
In addition, the Federal government initiated a roll out of life jackets to the 12 coaster states and riverine areas in the country.
At one of such exercises, Oyetola distributed 3500 life jackets to boats operators at Yenagoa, Bayelsa state, in the presence of Oyebamiji.
However, the concerns of stakeholders are that who will give direction and leadership to the execution of all these laudable programmes meant to safe lives on the nation’s waterways when Oyebamiji is busy vying for the highest office in Osun state.
The stakeholders noted that the minister would not be always available to participate in all these programmes, given his schedules with other agencies in the maritime industry.
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NIMASA to dilute higher interest rates charged by PLIs on CVFF loan to less than 10 percent rate 

–– as beneficiaries have eight years tenor to pay back with interests

Funso OLOJO 
But for the determination and insistence of the Nigerian Maritime Administration and Safety Agency (NIMASA), to ensure that the Cabotage Vessels Financing Funds (CVFF) loan is given to beneficiaries at a single digit interest rate, the 12 Primary Lending Institutions (PLIs) are not ready to disburse the loan below 10 percent rate.
As a matter of fact, all the 12 PLIs insisted on giving out their own 35 percent equity shares at an interest rate above single digit.
That was their insistence after several months of negotiations with NIMASA.
Mr Yusuf Buhari, the financial consultant to the CVFF, said as much when he declared that the cost of 35 percent equity contribution of the PLIs was above single digit interest rate.
At the one- day stakeholders interactive forum on operationalization of CVFF, held in Lagos on Monday, May 12th,2025, Buhari said there was no way the PLIs would have lent their 35 percent equity below the cost of the fund.
“We would not expect them(PLIs) to lend below their cost of fund.
” The 35 percent equity of the PLIs will be above single digit based on their risk assessment” the financial consultant declared.
However, determined to break the jinx which has over the year bedevilled the disbursement of the CVFF and the desire not to give the loan out above single digit interest rate, the present leadership of NIMASA, with the permission of the Minister of Marine and Blue Economy, Adegboyega Oyetola, agreed to serve as  a buffer for the beneficiaries by agreeing to dilute the higher interest rates insisted on  by the PLIs with its own 50 per cent equity contribution and lower the rate to below 10 percent.
Buhari attested to NIMASA’s sacrifice
” However, what is the diluting factor here is the 50 percent equity share that comes from NIMASA.
” That is strategic. When you add the cost of funding from the PLIs and the cost of funding from NIMASA, we expect that it would not exceed the single digit interest rate.
“This negotiation, calculation will be done before approval letter is issued to the beneficiaries of the loans”
” We would ensure that it will be part of the responsibility of NIMASA to ensure that whatever interest rate your bank is giving you, when diluted by NIMASA’s 50 percent contribution, will be an agreeable rate that will not exceed the single digit interest rate.
” The single digit weighted rate is our target” Buhari declared.
Sources whispered to our reporter that the present management of NIMASA had to bend backward to accept the tough conditions of the bankers as it didn’t want the negotiation to get stalled once again.
It could be recalled that it was at this stage of fixing the interest rate with the initial five PLIs hitherto engaged by NIMASA that the negotiation broke down during the tenure of the estwhile NIMASA DG, Dr Bashir Jamoh.
During that period, the PLIs insisted that they could not offer their own 35 percent equity contribution at single digit interest rate, a position the former NIMASA management opposed, insisting on less that 10 percent interest rate.
” The negotiation later broke down when the two parties maintained their hardline positions.
It was this same hardline position the 12 PLIs brought to the table when negotiations resumed on disbursement process with the present management of NIMASA led by Dr Dayo Mobereola.
Sources further claimed the expansion of the PLIs numbers from initial five to 12  was meant to break their resolve to charge above single digit .
Unfortunately, this strategy did not work as the bankers insisted they could not offer interest rate below the cost of funds they are contributing.
Determined to disburse the funds after several years of delays, the incumbent leadership of NIMASA had to abandon the hardline posture of its predecessor and agreed to the terms and conditions of the PLIs while deciding to use its 50 percent equity contribution as a buffer to dilute the higher interest rates charged by the PLIs.
Meanwhile, Mr Buhari, the financial consultant to the Funds, revealed that each of the successful bidders for the Funds is at liberty to approach any of the 12 approved PLIs to negotiate for a favourable rate that would be brought to NIMASA which will dilute whatever the rate it is to below 10 percent.
By implication, it is obvious that the 12 PLIs will charge different interest rates, which is above 10 percent,while the beneficiaries will get the rate from the PLIs according to his bargaining power.
But what is constant, according to Buhari, is that no matter the rate each of the beneficiaries get from their banks, the loan will be given to them at below 10 percent interest rate, thanks to NIMASA.
“The beneficiaries could use any bank among the 12 PLIs, the one that offers best terms and conditions.
” Negotiate your rate of 35 percent with the banks.
” Whatever rate you get from your bank will be diluted by NIMASA to bring it down to a single digit interest rate.
” The interest rate will be worked out on case to case basis.
” The PLIs will give different rate which would be dependent on their risk assessment but NIMASA will dilute it to less than 10 percent interest rate” Buhari maintained.
In addition, Buhari disclosed that eight years tenor period is given by the banks for the beneficiaries to pay back the loan.
The eight years tenor is the cap period as this could be less, according to the terms and conditions of the banks.
Again, this presupposes that the bargaining power of each of the beneficiaries of the loan will come to play when negotiating for a favourable tenor which will not exceed eight years.
Those with weak bargaining power may get shorter tenor for loan repayment.
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NSC flaunts achievements at ministerial retreat for agencies heads in maritime industry 

–– saves FG N31 billion within six months in 2024
— pushes for quick passage of Nigerian Port Regulatory Agency Bill
Funso OLOJO 
The Nigerian Shippers’ Council(NSC) has showcased its achievements during this year’s ministerial retreat in Abuja.
Addressing the gathering which comprised the Minister of Marine and Blue economy Adegboyega Oyetola, Permanent Secretary of the ministry, Olufemi Oloruntola and heads of maritime agencies and other dignitaries, the Executive Secretary of the Country, Pius Akutah disclosed that the agency has saved the Federal government a whooping sum of N31 billion  between January and June 2024 through automation of demurrage, freight rate, and charter party verification.
Akutah , who  called for critical policy and funding reforms, highlighted some of the achievements of the Council which include but not limited to commissioning of the Funtua Inland Dry Port, top-ranking performance in the 2024 ICPC Ethics and Integrity Scorecard, the launch of online registration portals for port users and service providers and the development of the Trade and Transport Data Bank now nearing completion.
He emphasized the need for swift passage of the Nigerian Port Regulatory Agency Bill and consistent access to statutory funding.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, who declared the retreat open, stated that the Marine and Blue Economy sector had been placed at the forefront of the Federal Government growth agenda and that agencies must respond with measurable performance and improved service delivery.
The Minister also noted several milestones achievements over the year, such as modernization of port infrastructure, steady improvement in port efficiency, progress on the National Single Window, commencement of Cabotage Vessel Financing Fund disbursement, noting that the recent approval of the National Policy on Marine and Blue Economy, marked a new phase in the sectorial development.
He outlined key imperatives for sectoral transformation, including inter-agency synergy, digitalization, governance, and environmental responsibility.
As the retreat progresses, agency heads are signing performance bonds anchored on specific Key Performance Indicators (KPIs), reinforcing a shared commitment to measurable results and transparency.
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