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
NIWA reaffirms commitment to safer waterways, maritime excellence

Funso OLOJO, Editor
The National Inland Waterways Authority (NIWA) has reaffirmed its commitment to safer waterways, improved navigation infrastructure and sustainable economic growth, declaring that effective implementation of maritime policies remains critical to unlocking Nigeria’s marine and blue economy potential.
The Acting Managing Director of NIWA, Alhaji Yusuf Girei, gave the assurance in his goodwill message to mark the 2026 World Maritime Day celebration, themed “From Policy to Practice: Powering Excellence.”
Girei congratulated maritime stakeholders on the occasion and commended their contributions to the development of Nigeria’s maritime industry.
He stressed that policies could only deliver meaningful value when translated into concrete actions that improve operational efficiency, strengthen safety and stimulate economic growth.
“This year’s theme reminds us that strong policies create value only when they are translated into meaningful action. In the maritime sector, that means safer waterways, reliable infrastructure, environmental stewardship and services that support trade and economic growth,” he said.
The celebration was attended by the Minister of Marine and Blue Economy, Adegboyega Oyetola; the Permanent Secretary of the Ministry, Mrs. Fatima Sugra Mahmood; the chairperson and keynote speaker, Mrs. Mfon Usoro; directors and heads of departments; chief executives of agencies under the Ministry; members of the diplomatic corps; maritime industry stakeholders; and the media.
The NIWA chief executive reiterated the Authority’s resolve to strengthen collaboration with state governments, industry operators, host communities and development partners to improve navigation, enhance safety standards, modernise facilities and safeguard the waterways that sustain millions of livelihoods.
According to him, excellence in the maritime sector requires collective commitment, supported by skilled professionals, effective regulation, investment in innovation and an operational culture that prioritises safety and environmental sustainability.
He added that sustained collaboration among stakeholders would help build a maritime industry capable of competing globally while responding to the needs of local communities and emerging economic opportunities.
“By working together, we can build a maritime sector that is competitive, inclusive and prepared for the future,” Girei stated.
He also commended President Bola Ahmed Tinubu, the Minister of Marine and Blue Economy, the Permanent Secretary and other stakeholders for their contributions to the growth and advancement of Nigeria’s maritime industry.
The NIWA boss urged participants at the celebration to move beyond shared commitments and translate their collective vision into practical initiatives capable of delivering measurable improvements across the sector.
A major highlight of the celebration was the presentation of awards to winners of the Primary School Children’s Essay Competition, sponsored by NIWA as part of efforts to encourage young Nigerians to develop an interest in the maritime sector.
Girei participated in the presentation of prizes to the winners, who received cash awards and laptop computers in recognition of their outstanding performances.
Idris Jibril Oladimeji of Holy Cross Primary School, Lagos, emerged first and received ₦200,000 and a laptop computer.
Suleiman Aisha of St. Paul’s Anglican School, Lagos Island, came second, winning ₦150,000 and a laptop computer, while Yahaya Aliyah of St. Mathias Girls Primary School, Lagos, took third position, receiving ₦100,000 and a laptop computer.
The initiative underscored the importance of engaging younger generations in maritime development and encouraging early awareness of the sector’s economic, environmental and social significance.
Girei, on behalf of the NIWA Board, Management and staff, wished maritime stakeholders a successful World Maritime Day celebration, reiterating the Authority’s commitment to safer inland waterways, operational excellence and sustainable development.
Headlines
World Maritime Day 2026: NIMASA DG calls for action to translate policies into maritime gains

Funso OLOJO,Editor
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, has called for stronger implementation of maritime policies to translate Nigeria’s vast maritime potential into tangible economic benefits, improved operational efficiency and greater opportunities for Nigerians.
Mobereola made the call while addressing stakeholders at the commemoration of World Maritime Day 2026 on Friday, October 16th, 2026 with the themed “From Policy to Practice: Powering Maritime Excellence.”
He stressed the need for government institutions and private-sector operators to focus on measurable results that would strengthen the maritime industry and contribute to national economic development.
According to him, the strength of a maritime nation is determined not only by the policies it formulates but also by its ability to implement them effectively and deliver meaningful outcomes for its citizens.
He described Nigeria’s maritime sector as a critical pillar of economic growth, noting that it serves as a gateway to international trade, a driver of investment and employment, and a major contributor to the activities of businesses and industries across the country.
The NIMASA chief said this year’s theme challenged stakeholders to look beyond policies, regulations and institutional frameworks and assess the extent to which their implementation improves the performance of the maritime industry and the livelihoods of Nigerians.
He disclosed that Nigeria accounted for more than 46 per cent of total port calls in the Gulf of Guinea region in 2025, underscoring the country’s strategic importance in regional maritime activities and the need to strengthen the institutions, infrastructure and human capacity required to sustain its position.
Mobereola, however, maintained that maritime excellence should not be measured by shipping traffic and operational statistics alone, but also by the safety and security of Nigerian waters, the efficiency of port and shipping operations, environmental protection, seafarers’ welfare and the participation of Nigerians in maritime asset ownership, management and operations.
The Director-General stated that NIMASA remained committed to ensuring that maritime regulations and government policies translated into practical results capable of improving safety, efficiency, professionalism and economic opportunities within the sector.
He noted that, over the past two years, Nigeria had recorded significant progress in several critical areas with the support and strategic leadership of the Minister of Marine and Blue Economy.
Among the achievements highlighted were four consecutive years without reported piracy incidents in Nigerian waters, Nigeria’s successful re-election to the International Maritime Organization (IMO) Council after a 14-year absence, and the lifting of United States Condition of Entry restrictions after 12 years.
Other milestones included the establishment of the Cabotage Vessel Financing Fund (CVFF) application portal and ongoing preparations for fund disbursement, the full automation of the Nigerian Ship Registry, and the implementation of the IMO Standards of Training, Certification and Watchkeeping for Seafarers (STCW) Compliance Audit after 18 years.
Mobereola described these developments as important milestones that demonstrated the impact of sustained institutional reforms and strategic interventions in the maritime sector.
He explained that improved maritime security strengthens the confidence of shipowners, operators, workers and investors, while the automation of the Nigerian Ship Registry enhances operational efficiency and strengthens the country’s participation in the global maritime system.
Similarly, he said improved seafarer training and certification standards would enhance the professional competence of Nigerian maritime personnel and expand their employment opportunities within the international maritime labour market.
On maritime financing, the NIMASA boss noted that access to funds through the CVFF could enable indigenous operators to acquire vessels, expand their businesses, create employment and improve Nigeria’s capacity to participate in shipping activities.
He emphasised that the real value of government policies lies in their practical implementation and their ability to deliver measurable benefits to individuals, businesses and the wider economy.
Despite the progress recorded, Mobereola cautioned against complacency, stressing that existing gains must be sustained through continuous investment, stronger collaboration among government agencies, technological innovation, capacity development and modern maritime infrastructure.
He maintained that achieving maritime excellence required a collective commitment from the Federal Ministry of Marine and Blue Economy, its agencies, other government institutions, terminal operators, shipowners, seafarers, maritime labour unions, financial institutions, academic institutions, development partners and private-sector operators.
According to him, effective collaboration among these stakeholders would be essential to addressing industry challenges, strengthening institutional capacity and unlocking the full economic potential of Nigeria’s maritime domain.
He also highlighted the importance of the Blue Economy in promoting sustainable resource management, expanding economic opportunities and ensuring that the country’s marine and maritime resources contribute more significantly to national development.
Looking ahead, Mobereola urged stakeholders to prioritise practical actions that would transform Nigeria’s maritime potential into sustainable economic value, noting that the success of maritime policies must ultimately be reflected in improved industry performance and better opportunities for citizens.
The Director-General also acknowledged the contributions of maritime workers and professionals, describing them as central to the effective functioning of the maritime industry and the continuity of global trade.
He recognised the dedication of seafarers, dockworkers, port workers, ship operators, regulators, security personnel, engineers and other maritime professionals whose efforts sustain shipping operations and international commerce.
Mobereola stressed that their safety, welfare, professional development and dignity must remain central to the formulation and implementation of maritime policies.
He also commended the Minister of Marine and Blue Economy for providing strategic direction and appreciated government institutions and industry stakeholders for their continued contributions to the growth of Nigeria’s maritime sector.
As the country marked World Maritime Day 2026, the NIMASA chief called for renewed commitment to building a maritime industry that is safe, secure, efficient, environmentally sustainable and globally competitive, with strong indigenous participation.
He urged stakeholders to work collectively towards translating policies into practical achievements that would strengthen Nigeria’s maritime position, create economic opportunities and deliver lasting benefits to the nation.
Mobereola concluded by reiterating the need for stakeholders to move beyond policy formulation and focus on effective implementation as the foundation for sustainable maritime development.
Headlines
Oyetola pledges Independent port regulation as he unveils NPERA Act, Logo in Lagos

– directs transition committee as FG targets balanced modernisation of ports nationwide
Funso OLOJO with Gloria Odion
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has unveiled the gazetted Nigeria Ports Economic Regulatory Agency (NPERA) Act, 2026, alongside the agency’s official logo, signalling the Federal Government’s move to establish a substantive framework for economic regulation of Nigeria’s port industry.
Oyetola, who made the announcement on Friday, October 16th,2026 at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy in Victoria Island, Lagos, said the new regulatory framework would strengthen investor confidence, promote fair competition and improve the global competitiveness of Nigerian ports.
The development follows President Bola Ahmed Tinubu’s assent to the NPERA Act in June 2026, bringing nearly two decades of efforts to institutionalise port economic regulation closer to fruition.
Speaking at the engagement, themed “Building Strategic Bilateral Partnerships for Sustainable Growth, Investment, and Technology of Nigeria’s Marine and Blue Economy,” the minister disclosed that he had directed the immediate constitution of a ministerial committee to oversee the transition of the Nigerian Shippers’ Council, which has served as the interim port economic regulator since 2014, into the new agency.
Under the new framework, NPERA will regulate port tariffs and charges, promote competition, enforce service standards, resolve commercial disputes and protect the interests of port users.
Oyetola stressed that the effectiveness of the agency would depend largely on its independence, impartiality and ability to discharge its statutory responsibilities without conflicts of interest.
“The credibility of an economic regulator rests, in no small measure, on its independence, impartiality and freedom from responsibilities that could give rise to actual or perceived conflicts of interest,” he said.
He therefore directed the agency to operate as an impartial arbiter, insulated from competing regulatory and operational responsibilities.
The establishment of NPERA is expected to provide a more structured framework for addressing commercial disputes, improving transparency in port pricing and strengthening accountability across the maritime value chain.
Beyond regulatory reforms, Oyetola reaffirmed the Federal Government’s commitment to modernising ports across the country, stressing that the programme would not be concentrated in Lagos at the expense of other maritime gateways.
He identified Apapa, Tin Can Island, Onne, Rivers, Delta and Calabar ports among the facilities earmarked for modernisation, describing balanced port development as essential to expanding trade opportunities and stimulating economic activities across Nigeria.
“No part of our national port system will be left behind in this modernisation programme,” the minister declared.
He emphasised that ports outside Lagos remained critical to Nigeria’s economic future and would play important roles in improving cargo distribution, strengthening regional trade and reducing pressure on the country’s busiest maritime gateways.
Oyetola also disclosed that the Federal Government had approved the development of six deep seaport projects at Ibom, Bakassi, Agge, Gateway, Ondo and Bonny.
According to him, the proposed projects are intended to expand the country’s maritime capacity, improve logistics infrastructure and strengthen Nigeria’s position as a regional shipping and trade hub.
The projects, alongside the planned modernisation of existing ports, form part of the government’s broader strategy to improve the efficiency of the maritime sector and unlock the economic potential of the nation’s coastline and inland waterways.
On maritime security, the minister said Nigeria had maintained zero piracy incidents in its territorial waters through the Deep Blue Project, describing the achievement as evidence of progress in securing the country’s maritime domain.
He also highlighted the removal, in August 2026, of the 12-year United States Coast Guard Condition of Entry imposed on vessels arriving in the United States from Nigeria.
The restriction, which had been in place since 2014, required affected vessels to comply with additional security measures before arriving at US ports.
Oyetola said its removal reflected improvements in Nigeria’s maritime security architecture and compliance with the International Ship and Port Facility Security Code.
The development is expected to ease additional security requirements previously imposed on affected vessels and support the competitiveness of Nigerian shipping and international trade.
The minister also reiterated the Federal Government’s commitment to strengthening indigenous shipping capacity through improved access to financing for qualified Nigerian shipowners.
He disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with approved Primary Lending Institutions to accelerate the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to eligible applicants.
The fund was established to support the development of indigenous capacity in coastal and inland shipping, including the acquisition and operation of vessels by Nigerian operators.
Faster access to the fund is expected to help address financing constraints facing local shipping companies and improve their ability to participate in the maritime transport market.
Oyetola further underscored the importance of international cooperation in advancing Nigeria’s marine and blue economy, citing the country’s election into Category C of the International Maritime Organization Council in November 2025.
He also highlighted ongoing engagements with Denmark, India, Norway and the United Kingdom as part of efforts to attract investment, facilitate technology transfer and strengthen institutional capacity.
“Our approach to international cooperation is purposeful and results-oriented,” he said, adding that partnerships must strengthen local capabilities and deliver measurable, sustainable outcomes.
As part of the engagement, Denmark’s Ambassador to Nigeria, Jens Ole Bach Hansen, delivered a presentation on “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria.”
The presentation provided a platform for discussions on how Nigeria could draw on international experience to develop its marine resources, attract investment and expand technology-driven opportunities across the blue economy.
The stakeholders’ engagement brought together government officials, industry leaders, development partners and other participants to deliberate on investment opportunities, regulatory reforms and strategic partnerships capable of advancing Nigeria’s maritime industry.
With the unveiling of the NPERA Act and the planned transition to a substantive port economic regulator, the Federal Government is seeking to strengthen the institutional foundations of the port sector while pursuing infrastructure modernisation, indigenous shipping development and international cooperation.
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