Headlines
I am ready to stake my integrity over disbursement of CVFF—-Sambo

—Vows to resign if cabotage loans are given out for political patronage
—-spells out tough eligibility criteria to access loan
The Eyewitness Reporter
The Minister of Transportation, Engr. Muazu Sambo is trying hard to convince a large army of cynics among the maritime stakeholders who are apparently skeptical about the latest approval he secured from President Mohammad Buhari for the disbursement of the controversial Cabotage Vessel Financing Funds(CVFF).
Sambo broke the news of the approval in Lagos on Saturday, December, 10th, 2022 at the flag-off ceremony of the third phase of the Nigerian Seafarers Development Programme(NSDP).
Since what could have been the cheering news broke out, most of the stakeholders, especially the indigenous operators, who are the direct beneficiaries of the funds, scoffed at the approval, betraying a heavy dose of disbelief and skepticism apparently due to the long weary wait and delay for the disbursement of the funds for over 17 years.
Their cold attitude and skepticism were rooted in what they described as a vain but similar presidential approval which the immediate Minister of Transportation, Rotimi Amaechi, said he secured but never took off.
However, Sambo, who expressed undisguised passion and commitment towards the disbursement, said he was ready to stake his integrity and 35 years of civil service career to show the government’s genuineness and sincerity over the controversial disbursement of the loans.
”I don’t blame people for being skeptical or pessimistic. I can’t come in public and tell people lies.
”Hold me responsible if this fund is not disbursed. I am staking my integrity on approval granted by Mr President”, the Minister vowed.
He explained that the reason why the approval secured by his predecessor did not yield the desired result was due to what he called administrative challenges between the Ministry of Transportation and the Ministry of Finance.
It would be recalled that Ameachi has then cried out that the disbursement of the funds was sabotaged by the Minister of Finance, Budget and National Planning, Mrs. Usman Zainab who he accused of laying landmines on the path of the disbursement.
”Under my predecessor who also secured presidential approval to disburse the funds but could not execute the approval was because of some administrative challenges which the Ministry of Transportation had with the Ministry of Finance.
”We have identified those gaps and ensured that in our prayers to Mr President, we addressed those gaps. So our prayers were all-encompassing” the Minister declared.
He revealed that five banks, Union bank, Polaris, Zenith, UBA and Jaiz banks were selected through a rigorous and transparent process as the primary lending institutions(PLIs) to drive the disbursement process.
He said that these banks were selected based on the criteria that were set out in the guidelines
Explaining the guidelines for the disbursement and eligibility of beneficiaries to access the loans, he said the process is anchored on two major planks: the coastal and shipping act which is the enabling law of 2003 otherwise known as the Cabotage Act and the second plank is the guidelines for the disbursement of the funds as approved by the National assembly.
”There are criteria surrounding the choice of the banks and these banks were recommended to Mr. President based on the guidelines which Mr President has approved”, the minister declared.
The minister also explained the steps to recover the loans as embedded in the guidelines for disbursement and eligibility.
”The guidelines are very clear. The applicants for the funds will make an equity contribution of 15 percent, NIMASA will contribute 35 percent while the PLIs, that is the disbursing banks will provide the balance of 50 percent.
”Other additional criteria for legibility will include but are not limited to such things as a contribution to the funds. Those who do not contribute to the funds as two percent of their contracts executed under the Cabotage as provided under the guidelines will not be eligible for the funds.
”Another condition to accessing the funds is the issue of ”off-taking”. If you do not want your loans to go bad, the easiest way to prevent this is to ensure that the applicant has off-takers for his vessels.
”He does this by showing you his contract, the banks carry out due diligence to verify that such a contract is true and genuine and irrevocable. That way, the banks will ensure that all the proceeds from such contracts go straight into the applicant’s loan account which will domicile with the PLIs. The banks call the process domiciliation of payment.
”So under a tripartite agreement, the domiciliation of payment will be guaranteed. So the proceeds from the off-taker on behalf of the beneficiary of the funds go straight into that loans account. That is the way we can guarantee that the loans will be paid back.
The minister said the applicants must have 50 per cent of the money they want to borrow.
”I, the permanent secretary and the incumbent NIMASA management are men and women of integrity and I don’t think any of us will want to be associated with bad loans.
”The other thing we are going to do is to make sure that we have an administrative structure in place. This will not take more than three days in such a way that loan applications are thoroughly and professionally scrutinised to prevent this money from being doled out as a largesse.
”Rather than be part of doling out the loans as largesse, I will reign my office. I cannot have spent 35 years of my life serving this country only to be messed up in one year.
”At my age, I think I want to go back to my creator with clean hands and a conscience”, the minister declared.
On his part, the Director General of the Nigerian Maritime Administration and Safety Agency(NIMASA), Dr. Bashir Jamoh disclosed that the funds have naira component and dollar component.
According to him, the funds have acrued up to N16 billion in the naira component and $350million in dollar component.
The minister also disclosed that the presidential approval for the disbursement of the funds came to his office late Friday, December 9th, 2022 while attending a function in Lagos but chose to divulge the information at the flag off ceremony of the third phase of the Nigerian Seafarers Development Programme(NSDP) held on Saturday where the indeginious ship operators, who are the primary beneficiaries of the funds, would be in attendance and to show the nexus between the ceremony and the disbursement of the funds.
”On Monday,December 12th, 2022, the NIMASA DG will get formal communication from me conveying the approval of Mr President and I expect him to take immediate steps towards the disbursement process”, the Minister directed.
Headlines
Nigerian Shippers’ Council prevents ₦90.6bn, $1.348m losses to Nigeria’s economy in less than three years — Akutah

– resolves 295 commercial disputes
Funso OLOJO, Editor
The Nigerian Shippers’ Council (NSC) says it has prevented losses amounting to ₦90.60 billion and US$1.348 million to Nigerian shippers and the national economy through its regulatory and dispute resolution activities between November 2023 and June 2026.
The Executive Secretary of the Council, Dr. Pius Akutah, disclosed this during an interactive session with maritime journalists in Lagos on Saturday, July 4, 2026.
According to Akutah, the Council prevented ₦86.06 billion in unjustified demurrage payments while securing additional savings of ₦4.54 billion and US$1.348 million through Alternative Dispute Resolution (ADR) mechanisms and other regulatory interventions.
He noted that since assuming office in November 2023, the Council has recorded significant milestones aimed at strengthening Nigeria’s port regulatory framework and protecting the interests of shippers.

Among the achievements highlighted are the passage of the Nigerian Port Economic Regulatory Agency (NPERA) Bill by both chambers of the National Assembly, approval of the Council’s statutory funding mechanism through the 2025 Appropriation Act, active participation in the National Single Window Project, and the resolution of key issues delaying the implementation of the International Cargo Tracking Note (ICTN).
Akutah disclosed that within the review period, the Council received 558 complaints and successfully resolved 295 commercial disputes involving container deposits, demurrage, detention charges, terminal charges, cargo claims, export fraud and other commercial matters.
These interventions, he said, resulted in savings exceeding ₦4.54 billion and US$1.348 million for shippers.
He further stated that the Council streamlined bonded terminal invoice charges by reducing 18 charge categories to six, a move designed to improve transparency and reduce costs for port users.
The Executive Secretary also described the approval of the Council’s statutory funding mechanism under the 2025 Appropriation Act as a landmark achievement, noting that it marked the first time such funding had been secured since the Council was established in 1978.
Akutah added that the Council successfully facilitated a landmark Collective Bargaining Agreement between the Maritime Workers’ Union of Nigeria and employers in the shipping industry, culminating in a new ₦200,000 minimum wage for junior workers after nearly two decades of negotiations. Discussions on a similar agreement for senior staff, he said, are still ongoing.
As part of preparations for the transition of the Council into the Nigerian Port Economic Regulatory Agency (NPERA), Akutah said management has undertaken extensive organisational restructuring, reviewed departmental responsibilities, strengthened human resource governance, updated HR policies and reinforced compliance with Public Service Rules.
Expressing optimism that the NPERA Bill would receive presidential assent, Akutah said concerns that led to the earlier withholding of assent by President Bola Ahmed Tinubu had been addressed by both chambers of the National Assembly.
He reaffirmed the Council’s commitment to deepening port economic regulation, strengthening consumer protection, accelerating digital transformation, expanding trade facilitation infrastructure and promoting multimodal transport across the country.
“Our objective is clear: to build a transparent, efficient and globally competitive port economic regulatory system that protects Nigerian shippers, promotes fair competition, improves port efficiency, attracts investment and supports Nigeria’s emergence as the leading maritime and logistics gateway in West and Central Africa,” Akutah said.
Headlines
Oyetola seeks stronger public -private sector collaboration to unlock Nigeria’s blue economy potential

Gloria Odion, Maritime reporter
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has called for stronger collaboration among the Federal Government, state governments, the private sector and development partners to accelerate the implementation of Nigeria’s National Policy on Marine and Blue Economy.
He stressed that active sub-national participation is critical to unlocking the country’s vast marine resources and driving sustainable economic growth.
Oyetola made the call on Thursday at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement organised by the Federal Ministry of Marine and Blue Economy at Eko Hotel and Suites, Victoria Island, Lagos.
The event, themed “From Policy to Action: Mobilising Sub-National Governments for Effective Implementation of Nigeria’s National Policy on Marine and Blue Economy,” attracted government officials, diplomats, development partners, industry leaders, academics and representatives of state governments.
The Minister said Nigeria had moved beyond policy formulation and must now focus on coordinated implementation capable of delivering measurable economic outcomes.
He described the National Policy on Marine and Blue Economy as a strategic framework for harnessing the nation’s oceans, inland waterways, fisheries and coastal resources, noting that its success would depend largely on effective collaboration across all tiers of government.
According to him, many of Nigeria’s marine and blue economy assets are located within states and local communities, making state governments indispensable partners in attracting investment, creating jobs, strengthening food security and promoting environmental sustainability.
Oyetola said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda had improved stakeholder engagement, attracted fresh investments, enhanced maritime safety and strengthened the competitiveness of Nigeria’s ports.
Highlighting recent achievements, he cited the 2025 Container Port Performance Index by the World Bank and S&P Global Market Intelligence, which ranked Tin Can Island Port as the world’s 10th most improved port and Lagos Port Complex, Apapa, as the 12th most improved between 2020 and 2025.
He added that ongoing port modernisation projects and the planned development of new deep seaports in Akwa Ibom, Bayelsa, Cross River, Lagos and Ondo states would further consolidate Nigeria’s position as West Africa’s leading maritime hub.
The minister also noted that improved port operations had contributed to Nigeria recording consistent trade surpluses since 2024.
On inland waterway safety, Oyetola said the ministry had intensified collaboration with relevant agencies and state governments, distributed life jackets nationwide and urged states to replace unsafe wooden passenger boats with modern fibre boats.
He further encouraged coastal states to align their development strategies with the National Policy on Marine and Blue Economy while urging investors to explore emerging opportunities in fisheries, aquaculture, maritime transport, coastal tourism, shipbuilding, renewable energy and marine biotechnology.
Delivering the keynote address, Bayelsa State Governor, Senator Douye Diri, commended President Tinubu for establishing the Federal Ministry of Marine and Blue Economy, describing it as a strategic step towards diversifying Nigeria’s economy.
Diri said Bayelsa demonstrated its commitment by creating a State Ministry of Marine and Blue Economy in June 2024 to drive the blue economy component of its A-S-S-U-R-E-D Prosperity Agenda.
He disclosed that the state had commenced large-scale fish production at the Bayelsa Aquaculture Village in Yenegwe, where a functional hatchery now produces high-quality catfish fingerlings and juveniles to boost food security and employment.
The governor also said the state had expanded its marine transport fleet and was aggressively pursuing the development of the proposed Agge Deep Seaport as a strategic maritime gateway for the Niger Delta.
He outlined five key measures for coastal states to maximise blue economy opportunities: establishing dedicated ministries for marine and blue economy, enacting enabling legislation, mapping and securing maritime domains, strengthening data collection and analysis, and investing in skills development, innovation, markets and logistics infrastructure.
Speaking on private sector investment and industrialisation, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said sustained private sector participation would be crucial to achieving the objectives of the National Policy on Marine and Blue Economy.
Represented by the Managing Director of Dangote Port Operations, Simeon Akin Omole, Dangote said the policy targets the creation of three million jobs within its first four years, annual sectoral growth of seven per cent, and the reservation of at least 50 per cent of new jobs for young people between the ages of 18 and 35.
He stressed that industrial transformation would require policy consistency, world-class infrastructure, access to finance and investor confidence, identifying infrastructure-led industrialisation, value-chain development and stronger public-private partnerships as the key drivers for unlocking the sector’s vast potential.
Dangote also described the fisheries value chain as one of Nigeria’s most promising investment opportunities, noting that despite rising domestic production, the country still spends nearly one billion dollars annually on fish imports because of supply shortages.
He said strategic investments in aquaculture, hatcheries, feed production, processing, cold chain logistics and export infrastructure could significantly reduce imports, conserve foreign exchange, create more than 500,000 jobs and position Nigeria as a major exporter of fisheries products.
Dangote further emphasised that public-private partnerships should extend beyond financing to include strategic collaboration among government, investors, research institutions and coastal communities, adding that coastal industrial clusters supported by modern ports, Special Economic Zones and digital infrastructure would accelerate industrialisation and attract long-term investment.
Goodwill messages were delivered by the Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi; the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun; representatives of the governors of Ondo and Borno states; and private sector operators, all of whom reaffirmed their commitment to supporting the effective implementation of Nigeria’s marine and blue economy agenda.
Customs
Customs, NDLEA bust major drug syndicate, seize 9 containers of illicit goods worth N53.39 Billion at Apapa port

Funso OLOJO and Gloria Odion
The Nigeria Customs Service (NCS), in collaboration with the National Drug Law Enforcement Agency (NDLEA), has recorded a major breakthrough in the fight against illicit trade with the interception of nine containers laden with narcotics, expired pharmaceutical products and falsified medicines valued at N53.391 billion at the Apapa Port in Lagos.
Speaking during the unveiling of the seizures on Wednesday, July 1st, 2026, the Comptroller-General of Customs, Adewale Adeniyi, said the operation was made possible through intelligence sharing, inter-agency collaboration and the deployment of non-intrusive inspection technology.
According to Adeniyi, the containers, which initially appeared to contain legitimate imports, were subjected to detailed intelligence analysis and verification that exposed sophisticated concealment methods used by the syndicate.
The seizures comprised:
A 40-foot container (CAAU7569127) containing 3,639 parcels of Cannabis Sativa (Canadian Loud) weighing 1,819.5 kilograms, concealed alongside three imported vehicles and assorted automobile spare parts.
Another 40-foot container (HAMU3246311) conveying 9,918 sachets of Cannabis Sativa weighing approximately 4.95 metric tonnes, hidden with two imported vehicles and household items.

A 40-foot container (MRKU3816476) loaded with 1,700 cartons (170,000 bottles) of Codeine Syrup, concealed with 38 cartons of insulated casserole dishes.
Another container (TGBU5399178) containing 1,698 cartons (169,800 bottles) of Codeine Syrup, hidden inside 36 cartons of casserole products.
Container HASU4519480 carrying 1,300 cartons of expired pharmaceutical products, including Tramadol (Timakadol).
Container MRKU4961275 containing 1,269 cartons of expired pharmaceutical products, including Oxytocin injections, Mexclor Eye Drops and Carbamazepine tablets (Termigral brand).
Container PCIU8771576 conveying expired pharmaceutical products, including Cloxicillin capsules, Cynamine Vitamin B12 injections and Becoline B-Complex injections.
A 20-foot container (MRKU6964435) loaded with Piccan Teething Powder.
Container TCKU7000791 carrying 1,100 packages of CHACOLD Chlorpheniramine Maleate Capsules bearing a fake NAFDAC registration number (04-6646) and an expiry date of December 2028.
Adeniyi explained that the narcotic consignments would be handed over to the National Drug Law Enforcement Agency (NDLEA), while the expired and falsified pharmaceutical products would be transferred to the National Agency for Food and Drug Administration and Control (NAFDAC) for further investigation, regulatory action and safe disposal.
“In accordance with the Nigeria Customs Service Act, 2023, narcotic drugs falling within the statutory jurisdiction of the NDLEA will today be formally handed over to the Agency for further investigation and prosecution.
“Similarly, expired pharmaceutical products will be transferred to NAFDAC for regulatory action and safe disposal.
“The remaining goods shall remain in the custody of the Nigeria Customs Service for seizure, forfeiture, condemnation, revenue recovery and other enforcement actions as provided by law,” the CGC stated.
He stressed that the seizures represented far more than their monetary value.
“These seizures represent far more than monetary value. They represent lives protected, families preserved, communities secured and countless young Nigerians shielded from the devastating consequences of drug abuse and unsafe medicines,” Adeniyi said.
The Customs boss commended officers and men of the Apapa Area Command for their professionalism, vigilance and dedication, while also praising the sustained collaboration among the NCS, NDLEA, NAFDAC and other security agencies.
“We shall continue to intercept, expose and prosecute all those who threaten our economy, compromise public health or undermine the security of our nation.
“Together with our partner agencies, we remain steadfast in protecting our borders, facilitating legitimate trade, preserving the health of our citizens and securing the future of our country,” he added.
The Chairman/Chief Executive of the NDLEA, Buba Marwa, disclosed that the interception of 6,778.5 kilograms of Canadian Loud was the outcome of a painstaking intelligence-driven operation undertaken by the agency’s Special Investigation Unit and Marine Intelligence Unit in collaboration with foreign partners, particularly the Royal Canadian Mounted Police.
According to Marwa, intelligence gathering and surveillance lasted for more than four months before the containers were intercepted.
“Over four months, actionable intelligence was carefully developed, and our marine surveillance officers tracked the vessels and containers throughout their journey until both were successfully intercepted,” he said.
The operation underscores the growing effectiveness of inter-agency cooperation and international intelligence sharing in disrupting transnational drug trafficking networks and preventing dangerous narcotics and counterfeit medicines from reaching the Nigerian market.
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