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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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Anti-Corruption Group Commends FG on National Single Window Initiative

Gloria Odion,Maritime Reporter

The Media Anti-Corruption Initiatives (MACI), a leading non-governmental organization(NGO), has applauded the Federal Government’s forthcoming launch of the National Single Window (NSW), a centralized platform designed to integrate all transactions and interactions with public agencies.

In a joint press release, Captain Adamu Mishela (Chairman) and Funso Olojo (Secretary General) emphasized the significance of the NSW as a groundbreaking reform aimed at streamlining trade procedures, enhancing transparency, and strengthening integrity across the public sector.

Originally introduced nearly two years ago by President Bola Ahmed Tinubu, the NSW represents a major fiscal reform intended to boost Nigeria’s competitiveness on the global stage.

Captain Mishela noted that MACI believes the initiative will minimize opportunities for corrupt practices, accelerate service delivery for citizens and businesses, and restore public confidence in government institutions

MACI reaffirmed its commitment to safeguarding public resources, upholding the rule of law, and promoting transparency.

The organization also expressed readiness to collaborate with government agencies, private sector partners, civil society, and the wider public to ensure the NSW achieves its objectives, mitigates risks, and serves as a strong defense against corruption.

In support of the NSW project, MACI is set to hold a seminar with the theme “Tamper-Proof National Single Window” to ensure that the initiative succeeds where other reforms before it faltered.

This initiative marks a significant step toward building a more open, accountable, and citizen-focused public sector in Nigeria.

Headlines

Alake of Egbaland identifies with NANTA @50 celebration at Ibadan

Alake of Egbaland identifies with NANTA @50 celebration at Ibadan

Geraldine Samuel

The Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, has assured the National Association of Nigeria Travel Agencies (NANTA) of his royal presence at the association’s Golden Jubilee celebration and Annual General Meeting scheduled to hold in Ibadan, Oyo State, in April.

The revered monarch gave the assurance on Thursday, March14th, 2026 when he received members of the NANTA AGM Planning Committee, led by Mrs. Lola Adewole, at the Ake Palace in Abeokuta.

Oba Gbadebo commended the association for its resilience and unity over the past five decades, noting that sustaining a professional body for 50 years reflects commitment, strong leadership, and shared vision among its members.

He also prayed for the continued growth and impactful contributions of the association to Nigeria’s cultural tourism sector.

According to the monarch, NANTA has consistently promoted Nigerian culture and the travel trade industry, earning an exemplary status that other professional associations and groups should emulate.

The Alake further assured the delegation that he would personally attend and grace the anniversary event, adding that Egbaland and Ibadan share deep historical, cultural, and traditional ties.

Earlier, the leader of the NANTA delegation, Mrs. Lola Adewole, who was accompanied by the association’s Second National Deputy President, Dr. Tokunbo Dagunduro, and Financial Secretary, Mr. Yinka Ladipo, informed the monarch that NANTA has always promoted Nigeria’s cultural tourism offerings as a vital national asset.

She explained that the association views the country’s cultural heritage as a gold mine that must be preserved and harnessed for Nigeria’s economic and social development.

Adewole noted that the theme of the association’s 50th anniversary celebration, “Embracing Our Diverse Cultural Heritage from the City of Firsts: Redefining Our Role as Global Ambassadors,” reflects NANTA’s commitment to supporting and promoting Nigeria’s cultural tourism economy.

As part of activities ahead of the anniversary celebration, the NANTA team also visited the Ogun State Commissioner for Culture and Tourism, Hon. Sesan Fagbayi, to formally invite him to the Ibadan conference.

During the visit, the delegation highlighted the rich cultural heritage of Ogun State and its importance to national tourism development and economic growth.

Meanwhile, the association, through its National President, Dr. Yinka Folami, has congratulated the newly appointed Inspector-General of Police, Mr. Olatunji Rilwan Disu, on his appointment.

In a letter dated March 9, acknowledged by the police authorities, Folami pledged the association’s willingness to collaborate with the Nigeria Police Force in addressing fraudulent activities within the travel trade sector.

The NANTA president also formally invited the Inspector-General to the association’s elective Annual General Meeting in Ibadan in April, noting that the gathering would provide an opportunity for the police chief to interact with travel trade professionals on ways to promote a secure and globally compliant travel industry in Nigeria.

Headlines

NSW will not subsume B’Odogwu Customs trade platform — Fakolade

Gloria Odion

Tola Fakolade, the Director of Nigeria National Single Window Project has stated that the celebrated National Single Window project which first phase is due for official roll out in March,27th, 2026 is not a substitute for the Customs trade platform commonly called B’Odogwu, neither will the presidential initiative subsume the Customs platform.

Fakolade make this clarification against the rising fears that the multi- million dollar indigenous platform created by the Customs to enhance its operations and meant to replace the previous foreign – created portal, will be jettisoned at the berth of NSW.

However, he further clarified that the NSW will operate alongside the B’Odogwu Customs Management System, describing the two platforms as complementary.

“The B’Odogwu system handles core Customs processes such as valuation and risk management, while the National Single Window serves as the single-entry portal for traders to submit documents and applications for approvals,” he said.

Fakolade also declared that NSW will not replace any government agency involved in trade facilitation but will instead integrate their processes to eliminate duplication and improve efficiency.

He explained that the system is designed to ensure that once a release is issued by the Nigeria Customs Service, it would already reflect the risk assessment and compliance requirements of other port-related regulatory agencies.

According to him, key trade agencies were involved from the early stages of the project, with each nominating technical representatives who contributed to the development of the platform.

He noted that the system has already identified and addressed several duplicated processes that previously slowed cargo clearance and added no value to port operations.

Fakolade also disclosed that extensive training has been ongoing for over a month for end-users including importers, exporters, freight forwarders and officials of the Nigerian Ports Authority.

He added that training sessions are being conducted physically at designated centres that accommodate between 30 and 50 participants, while additional learning resources and explanatory videos have been made available online.

Fakolade added that when the platform goes live on March 27, 2026, initial services will include applications for import licences, certificates and permits for agencies such as Standards Organisation of Nigeria, National Agency for Food and Drug Administration and Control, Nigeria Agricultural Quarantine Service and National Environmental Standards and Regulations Enforcement Agency, as well as manifest submissions by shipping lines and airlines.

Meanwhile, Princess Chi Ezeh, Vice President (Seaports) of the National Association of Government Approved Freight Forwarders (NAGAFF), commended the committee driving the NSW Nigeria for recognising freight forwarders as critical stakeholders in the reform initiative aimed at improving trade facilitation in the country.

Ezeh noted that the decision to engage freight forwarders during the awareness and consultation stages of the project demonstrates that the implementation team understands the strategic role operators play in Nigeria’s port and logistics ecosystem.

She added that during the engagement sessions, freight forwarders were able to highlight some operational challenges they face at the ports, which the project team assured would be addressed.

She expressed optimism ahead of the planned launch of the National Single Window, urging the implementation team to ensure that the system is properly structured to enhance trade facilitation rather than create additional delays in cargo clearance processes.

Also speaking, the Chairman of APFFLON Tincan Chapter, Alhaji Akeem Ayobiojo, assured that freight forwarders would play their part in ensuring the success of the initiative by submitting accurate documentation and complying with the required procedures.

He stressed that transparency and professionalism from operators are essential to achieving the project’s goal of reducing cost, saving time and improving efficiency in Nigeria’s port operations.