Headlines

Federal Government set to commence disbursement of CVFF

as NIMASA remits N30billion to federation account in Q1, 2022

— intensifies efforts to exit Nigeria from war risk insurance burden.

The Eyewitness reporter

The coast may have cleared for the disbursement of the controversial Cabotage Vessels Financing Funds (CVFF) by the Federal government.

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, pointedly to the bewildered ship owners and other maritime stakeholders that the disbursement of the $350m intervention fund, which has been an object of controversy and subjected to serial delays for about 15 years, may commence by next week.

Speaking at the 53rd sessions of the Presidential Media chat organized by the President Media team, in Abuja Thursday, the NIMASA boss disclosed that 11 Primary Lending Banks(PLBs) have been shortlisted to facilitate the disbursement.

He said the long-anticipated exercise would be kicked off with the inauguration of the special committee by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.

Jamoh bemoaned the absence of indigenous fleets, stating that the disbursement of the funds will not only enhance local shipping business but also assist in creating jobs for the over 2041 Nigerian Seafarers trained by the Agency.

He disclosed that NIMASA has trained about 2041 Seafarers in various institutions overseas, out of which over 800 have gained jobs with shipping companies, globally

“We are unable to retain them here, due to the absence of fleets to provide jobs for them in Nigeria, after their training overseas

“ One vessel can employ up to 40 of them. The shipping business is capital intensive, thus government needs to give helping hands to potential ship owners.

“We need them to feed into our own system if the fleets are available.

The NIMASA DG also disclosed that the agency is working hard to exit Nigeria from the war risk insurance charges imposed by foreign shipping companies.

He said he was confident that this surcharge, which he said was no longer justifiable, would soon be a thing of the past due to the improved safety records at the Gulf of Guinea.

Jamoh stated that efforts are on to ensure that shipments of goods and services to Nigeria from Europe no longer attract “ War risks insurance”

He disclosed that payment of war risks insurance has been going on for 25 years following insecurity in the Gulf of Guinea, but noted that with the recent safety records in the region, ships coming into Nigeria waters don’t need to pay such risks

“ There are three basic insurance charges which include “ War risk insurance, insurance on the valuables in the ship and personnel insurance for workers in the ship”

“These are the three key elements which we ought not to be paying, as they are responsible for a 90% increase in the prices of goods and services imported into Nigeria.

“ They have commended NIMASA for the security recorded in the Gulf of Guinea and we are waiting for the report from the Lloyds of London very soon, we hope to exit this insurance

He further disclosed that security in the Gulf of Guinea had been primarily aided by the deep blue project, adding that “the Gulf of Guinea has recorded zero attacks since the last quarter of 2021 to date

“ We have not experienced any attacks in Nigeria since the last quarter of 2021 to date which was why they have removed us from the piracy list.

Jamoh also disclosed that the agency remitted N30b into the federation account in the first half of 2022,

He stated further that the agency has five vessels and ordered seven new ones.

“Under the deep blue project, the agency acquired 2 specials mission vessels, 3 specials mission helicopters, 16 armoured vehicles that can enter the creeks, 2 special mission aircraft, 17 special interceptors, and four unmanned air surveillance, for data transmission for possible intervention, 600 specially trained forces to respond to threats on the high sea”

Stakeholders, who spoke with our reporter, over the latest promise of disbursement of CVFF, were largely skeptical and said they were not elated by this new promise.

“We have been treated to this type of promise for about 15 years now, so nothing is exciting about it.

”We shall maintain a studied silence and restrained enthusiasm until the government works its talk” one of the disillusioned indigenous ship owners declared.

It could be recalled that the Minister of Transportation, Engr Muazu Sambo, has also promised that the controversial Cabotage funds will be disbursed before his short tenure ends.

He had vowed to break the jinx on the disbursement of the cabotage funds.

”If there is a jinx about the CVFF, I am going to break it by getting it disbursed to deserving Nigerians.

”If these funds are disbursed, the President Muhammadu Buhari administration and the Federal Ministry of Transportation will take credit, while it remains a legacy in your(NIMASA) administration,” the minister had said.

The Cabotage Vessel Financing Fund (CVFF), is an intervention fund created to help the development of indigenous shipping capacity in Nigeria.

It is the two percent deductions from the Cabotage contracts executed by indigenous ship owners.

The disbursement of the CVFF is backed by the provisions of Section 42(1)-(2) of the Cabotage Act 2003, enacted to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.

Related Topics:featured FG to disburse CVFF

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Open Letter to President Bola Ahmed Tinubu on the need to assent to the Nigerian Shipping and Ports Economic Regulatory Agency(NSPERA) bill

By Elder Asu Beks

Mr President,on behalf of the Maritime Elders Forum and entire maritime stakeholders, i respectfully send you season’s greetings.

There is no doubt, Mr President, that 2025 has been one of the most turbulent and challenging years in the history of our nation.

From the wave of insecurity ,which you have tackled squarely,to the far reaching economic reforms which has translated to the tax reform bills , are all pointers to the fact that you are taking the challenges head on.

Mr President , your modest achievements in the Oil and Gas sector are also there for all to see.

From the bold decision to abolish fuel subsidy to the increase in daily production levels to an average 1.8m bpd ,from about 1mbpd daily output as at May ,2023, and the complete disapperance of fuel queues, it is certain, Mr President, that you are building a legacy of renewed hope, unprecedented in the life of our nation.

We cannot thank you enough, Mr President.

For us in the maritime sector, the most profound of your score card remains the creation of a specialised Ministry of Marine and Blue Economy.

The demand for a Ministry to oversee Nigeria’s vast maritime domain is as old as Nigeria’s Independence.

For us as critical stakeholders, this couldnt have come at a better time.

In just two years of the creation of this specialised Ministry, Nigerians are already reaping bountifully from this innovative move.

Only last month,Nigeria won an election into the elusive category ” C” of the International Maritime Organisation, (IMO).

This victory is coming after nine unsuccessful attempts, spanning 14 years.

With this victory , which couldn’t have been posible without your fatherly role,our fortunes as one of the greatest maritime nations in sub saharan Africa has been solidified.

Mr President, another milestone recorded under your watch ,since the creation of the Ministry of Marine and Blue Economy is the introduction of the game changing National Single Window platform which comes into effect in the first quarter of 2026.

The National Single Window is a trade facilitation tool designed to eliminate multiple entries by various regulatory bodies in business transactions in our seaports.

In other words, it is a digitalized platform that allows importers and exporters to submit all necessary documents, permits , and data to multiple government agencies through a single entry point.

Mr President, with these developments, you have etched your name as “the President who saw tomorrow” by demonstrating in concrete terms, the enormous potentials which this sector holds as your administration continues to look at a Nigeria beyond oil.

In this regard, Mr President ,we the Maritime Elders Forum urge you ,without delay to sign into law, the Nigerian Shipping and Port Regulatory Agency (NPERA) Bill .

The NPERA Bill aims to transform the Nigerian Shippers Council, (NSC) into a powerful, independent economic regulator for Nigeria’s Ports,creating a strong frame work for tariffs,fair competition and efficiency after port concession.

The Bill, a brain child of Dr Tajudeen Abass, Speaker, Federal House of Representatives, is aimed to fill the vacuum created by an absence of a regulatory agency in such a critical sector of our national economy ,as against other sectors such as banking, petroleum , energy and communication.

This critical Bill seeks to repeal the old Nigerian Shippers Council Act and empower the Council to manage port economic activities, boosting the Blue Economy.

Mr President, the laudable objectives of this Bill include;establishing an independent regulation to create a strong legally backed economic regulator for our ports; Control tariffs, charges and regulate port charges in such a manner as to prevent arbitrariness and ensure fairness; to promote fair competition by improving overall port operations and attract investment; Support the Blue Economy to align with our national goals for developing Nigeria’s Marine Economy.

Your Excellency Sir, this Bill was given an accelerated hearing ,and was passed by both chambers of the National Assembly on April 10, 2025 upon which it was forwarded to you for assent.

Mr President sir, the delay or your failure to assent to this Bill is coming at huge cost and has resulted in significant economic losses for Nigeria, primarily by perpetuating an unregulated and inefficient port system that has led to huge financial leakages that deter investment.

Mr President, sir, it is estimated that the nation is losing billions of dollars dailly to the absence of a strong legal frame work for port economic regulation.

We have on good authority, Mr President, that this obvious lack or absence of a regulated ports industry is also taking a huge toll on local and foreign investments as an estimated $250b is said to be lost annually, aside arbitrary charges by terminal operators and Shipping Lines .

In a nutshell, Mr President, the envisaged benefits of this brand new Ministry of Marine and Blue Economy has been eroded on account of the absence of a legal regulatory frame work.

As it stands, sir ,a Ministry of Marine and Blue Economy without an Economic Regulator is akin to a football game without a referee.

it means anything goes and the out come of a game without an official umpire could be better imagined.

Mr President sir, consequently ,the time to sign the NPERA Bill is now.

Thank you Mr President for listening to this passionate appeal.

Let this be your new year present to Maritime Stakeholders.

ELDER ASU BEKS, CONVENER, MARITIME ELDERS FORUM, LAGOS

Headlines

Tantita intercepts stolen crude on escort of Delta Marine Police, arrests four suspects

Funso OLOJO

Tantita Security Services Limited, a pipeline surveillance operations company, has intercepted a tanker vessel, MT Thor, laden with suspected stolen crude oil.

The interception, which occurred on December 15th, 2025, around the Koko–Excravos axis of Delta State, happened while the vessel was allegedly being escorted by personnel of the Police Marine Unit, Delta State, who reportedly claimed they were acting on directives from the Force Intelligence Department (FID), Abuja.

Four suspects have been apprehended in connection with the incident and are currently facing investigation for possible prosecution.

The arrest was announced during the handover of the suspects at Koko Port in Delta State by Tantita Security Services Limited (TSSNL), a firm engaged in pipeline surveillance operations.

Speaking at the handover of the vessel and the suspects at Koko Port, Delta state, the Executive Director of Operations at Tantita, Captain Warredi Enisouh, said the suspects were apprehended with an unspecified quantity of suspected illegally sourced petroleum products aboard the vessel.

According to a situation report made available by the Special Prosecution Team (SPT) of the Inter-Agency Task Force on Petroleum Product Theft, Tantita alerted the Head of Investigation of the SPT after intercepting MT Thor, which was allegedly laden with crude oil obtained through illicit means.

Preliminary investigations by law enforcement agencies revealed that the vessel, now classified as an exhibit in an ongoing criminal investigation, is linked to a jetty operated by Ebenco Global Services Limited.

Investigation officers disclosed that documents and correspondence connected to the jetty were obtained and are currently under review.

“The owner of the jetty, Mr. Ebenezer, was contacted by investigators and reportedly provided additional documents, including court orders, which are also being analysed as part of the investigation.

“On December 16, a joint investigation team led by the Head of Investigation of the SPT conducted a Joint Inspection Visit in Koko.

The team first met at Tantita’s corporate headquarters in Warri for a briefing, which was also attended by the jetty owner.

“During the inspection, investigators attempted to obtain samples from MT Thor but were unable to do so immediately as the vessel had not yet arrived at the jetty, having been towed from an earlier location by security operatives.

“While awaiting the vessel’s arrival, the team inspected other containers suspected to be carrying crude oil within the premises of Ebenco Global Links Limited, where samples were taken from a storage barge.

“MT Thor eventually berthed at about 8:30 p.m. on 16 December, prompting the joint team to adjourn sampling and other procedures until the following day.

As of 17 December 2025, investigators were reported to be en route to Koko to continue sample collection and complete investigation formalities,” the report read.

Receiving the suspects, the Head of the Special Prosecution Team of the Inter-Agency Task Force, Omar Sini, reaffirmed the Federal Government’s resolve to dismantle crude oil theft networks in the Niger Delta, assuring that all findings would be thoroughly examined and prosecuted in line with the law.

Headlines

Mobereola, NIMASA DG, reflects on year 2025 with satisfaction, says 2026 holds promising opportunities for maritime industry

Funso OLOJO

The Director -General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dayo Mobereola, has expressed his satisfaction over the achievements recorded in the maritime industry in the outgoing year of 2025, while looking forward to a promising 2026 with hope.

In his Christmas message to the stakeholders in the maritime industry, Dr Mobereola noted that the 2026 ended well with the election of Nigeria into the category C of the International Maritime Organization (IMO) after 14 years of failed attempts as well as zero occurrence of piracy attacks on Nigeria’ waters.

“The year 2025 has been a good one for our industry as once again, we have not recorded a single piracy attack in our waters in a whole calendar year, Nigeria was also able to deposit three Instruments of Accession to IMO Conventions that were signed by President Bola Tinubu ,we have been able to maintain industrial harmony in the sector all of which culminated to Nigeria’s election into the category C Council of the International Maritime Organization.

“We couldn’t have done this without our stakeholders who have contributed in various ways in the course of their operations during the year. We see you, we thank you and we felicitate with your during this yuletide season”Mobereola observed.

He however assured that the Agency will re-double efforts in ensuring that 2026 is even better for every stakeholder.

While calling on industry operators to brace up for the new year with hope of better times, Dr. Mobereola noted that “at NIMASA, we appreciate the weight of our renewed responsibility by virtue of Nigeria’s membership of the IMO Council because to whom much is given, much is definitely expected.

” You can therefore be sure of an increased momentum in our resolve to sustain maritime safety, security, environmental protection and adherence to relevant conventions and protocols with renewed vigour.”

The DG concluded by acknowledging the support of President Bola Ahmed Tinubu, Adegboyega Oyetola, Minister of Marine and Blue Economy, industry stakeholders, management and staff of NIMASA as well as all Nigerians and wished everyone a Merry Christmas and a prosperous New Year.