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I don’t know how much has accrued to CVFF account — Victor Ochei —– as Buhari approves $200m disbursement

Eyewitness reporter
Mr Victor Ochei, the Executive Director of Cabotage Services, Nigerian Maritime Administration and Safety Agency (NIMASA) shocked his audience Friday at the crowded press conference when he bluntly told the inquisitive maritime journalists that he didn’t know the actual amount that has so far accrued to the controversial Cabotage Vessels Financing Funds(CVFF).
The Funds, which actual accruals have been subject to speculations over the years,  is a financial intervention arm of the Cabotage Act subjected to serial abuse, and its disbursement delayed for about 17 years.
But yesterday, at the well-attended press conference where the management of NIMASA,  led by its Director-General, Dr. Bashir Jamoh, chronicled its achievements in the past one year, Mr. Ochei, whose department superintendents over the Cabotage Services, declared that he didn’t know the actual amount that has so far accrued to the CVFF account  “as of today become the funds increases every day”.
However, he disclosed that the much he knew about the amount was about a year ago when the incumbent administration of NIMASA came in.
“The CVFF has two components: the Dollar component and the  Naira component.
When I called for the file in March last year, there was N32 billion as naira component in the account while there was $209 million as Dollar component in the account” Mr Ochei declared.
However, he disclosed that President Mohammadu Buhari has approved the disbursement of $200million from the unverified accruals to the CVFF account.
Ochei said NIMASA has no control over the funds as its disbursement rests with the Ministry of Transportation.
The Executive Director of Cabotage Services also corrected a long-time held belief among shipowners that the fund belongs to them.
“The fund is the 2 percent surcharge which belongs to the Federal government. It doesn’t belong to ship owners”
However, Dr Jamoh, who said he knew the actual accruals to the CVFF account unlike his Director of Cabotage Services,  but which he declined to disclose, said the fund is likely to be disbursed in the next one or two months and urged the ship owners to exercise more patience.
According to him, about 11 applicants have so far been shortlisted among the intending applicants which have been transmitted to the Minister of Transportation for final approval.
Jamoh lamented that the dynamism of the Cabotage Act was responsible for the failure to meet his projected date of disbursement when he took over.
It could be recalled that Dr Jamoh, in March, 202O when he assumed office as the NIMASA DG, promised that the CVFF would be disbursed before the end of that year.
“That was a projection” he declared.
He said his projection was altered due to the dynamic and unpredictable nature of the Act which governs the Cabotage.
He noted inherent defects in the Act, which made disbursement of the funds very difficult, but NIMASA and the Ministry of Transportation have agreed to seek its review at the National Assembly.
“For 17 years, we did not disburse the funds, for 17 years, we did not test the strength and weaknesses of the Act to know what amendments  to make that would  aid easy disbursement”
Jamoh disclosed that even though the whole Act and not the guidelines alone will be sent to the National Assembly for review but they have decided to disburse the first tranche of the funds under the Act as it is so they could identify the grey areas that would need to be reviewed to aid future disbursements.
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Headlines

NIWA partners ICPC to strengthen internal transparency in its operations  

Gloria Odion, Maritime Reporter 
The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.
Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.
The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support  Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.
He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.
Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.
“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.
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Headlines

Navy appoints new Maritime Guard Commander for NIMASA 

Gloria Odion,  Maritime Reporter 

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).
Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence,  brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

 As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.
It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.
He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.
 He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.
He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).
He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

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Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme 

Funso OLOJO,  Editor 
The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.
According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.
This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.
The Programme, according to the NCS,  also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.
According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.
“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.
“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.
“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.
” Overall trade efficiency improved by 77.11 per  through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.
However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.
The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.
The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.
“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.
Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.
The suspended firm engaged in false declaration of consignments contrary to programme obligations.
“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.
The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.
“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.
“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.
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