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NIMASA reads riot act to banks over disbursement of CVFF

—- asks them not to scare away ship owners with unnecessary collaterals
—- gives them 72 -hr ultimatum to come up with harmonised procedures for disbursement 
 The Eyewitness reporter
The Nigeria Maritime Administration and Safety Agency (NIMASA) have met with the five Primary lending institutions (PLIs) selected by the federal government to drive the disbursement process of Cabotage Vessels Financing Funds ( CVFF).
The PLIs approved for the fund’s disbursement are Zenith bank, Polaris bank, United Bank of Africa (UBA) Jaiz bank, and Union bank.
Addressing the Heads of the financial institutions at the Corporate Headquarters of the agency Tuesday, the Director General of NIMASA, Dr. Bashir Jamoh, spelt out the expectations of the government to the PLIs over the long-awaited disbursement of the Cabotage funds.
According to him, the desire of the government was to disburse the funds as quickly as possible but also to avoid the mistakes of the previous intervention funds.
He said the funds are ready and the agency was ready to collaborate with the lending institutions to ensure the success of the project.
Reacting to the request of one of the banks for a 50 percent guarantee by the benefiting ship owners, Dr. Jamoh reminded them that the 50 percent counterpart funding from NIMASA is in dollars which he said would be sent to the banks.
He warned that government would frown at any unnecessary demand for collaterals which may scare the ship owners from accessing the loans.
”We don’t want a situation whereby the banks will be asking for the father and mother of the ship owners and other collaterals that may make the prospective beneficiaries of the funds get scared”
He advised them that in as much as the issue is within the purvey of the banks, he noted that the banks, as a way of securing their investments, could tie the funds to particular shipyards from where the vessels purchased by the money are coming from.
He also asked the banks to look at the area of cabotage contracts secured by the beneficiaries which the bank can use as part of the guarantee.
Jamoh warned that asking for any other guarantee may slow the process of disbursement which government frowns at.
Earlier,  the head of enterprises, Polaris bank, Femi Aribaloye, raised concerns on the risks involved on the part of the banks and the volatility of the shipping industry
“Whatever it is that we needed to do in terms of structure and interest will be carried out, but I think the ultimate or the most important thing here is to ensure that this thing is successful and that’s why we are here and that’s why this particular fund is now being disbursed in collaboration with the bankers.”We are also very much aware of the environment in which we operate, we know things can be a little bit turbulent, and policies and the economic situation might change so, I just want to find out since its also within the purview of the Ministry of Transportation, if there is anything that can be done to further minimize the risk that the PLIs are going to be carrying.

” We look at the chance of the possibility of a partial guarantee because as financial institutions, we would like to ensure that everything is done rightly,” he said.

However, NIMASA DG disclosed that the agency had given the disbursing institutions 72 hours to come up with harmonised position on the modalities for disbursement of the dollar component of the funds which is put at $350 million.

According to him, the banks are expected to come up with issues such as the interest rate, tenor, collateral, and other requirements needed to access the fund.


According to him, the interest rate must be of international best practices because the money to be released to the banks is in foreign currencies and not local currency.He, however, stated further that the disbursement of  CVFF can’t start without stakeholders’ engagement, saying that was why the agency met with PLIs.

“We can’t start disbursement without stakeholders’ engagement, therefore, stakeholders’ engagement starts today(Tuesday)

” We are on track, we have started with the PLIs and all five of them are here today. We have listened to them and they listened to us and from all indications, they are ready for us as well.”

“What we want them to do now is to allow them to come up with a collective decision and that cannot take more than 72 hours.

“As we are leaving this boardroom, they will sit down and decide on a date because we don’t want them to come individually to us with their own interest rate, we want them to have a consensus and a standard template on the disbursement of funds as well as the interest rate.

” This is what we advised them to do and as soon as they finish that, we will then invite the shipowners,” he said.

When asked what the interest rate and the collaterals needed by shipowners to access the loans are, he said the guidelines will disclose that.

“The guidelines will tell us the interest rate and how the interest rate is supposed to be, the tenor, and the collateral because we won’t allow them to come and make the shipowners feel very insecure.”

“I mentioned to them on the issue of collateral, you all have NIMASA money with you, so all these things will be deliberated among themselves, let’s allow them to go through our guidelines seriously and see how they can adjust within themselves because we are giving them international currency, not Nigerian currency, they cannot start looking at Nigeria lending rate but the uniform international best practices so we are still on track because the guidelines stipulated everything, “he said.

Speaking earlier, the Managing Director of Jaiz bank, Dr. Sirajo Salisu, assured indigenous shipowners that the fund would be disbursed to them at the appropriate time.He, however, warned the shipowners that CVFF is not a grant or money that can be received without paying back to the banks.

“We will try our best to partner with the beneficiaries or the proposed beneficiaries of these funds and I believe they are much aware that this is not a grant, this is not  money that they will just take away, this is money that is meant for a purpose and we will ensure that that purpose is achieved to the benefits of the country.”

NIMASA will contribute 50 percent of counterpart funds, the banks (PLIs) will provide 35 percent while the remaining 15 percent will be provided by the benefiting ship owners.
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Analyses

The invisible toll gates:Why National Single Window is Nigeria’s ultimate economic battleground

Monday Discourse with  Ibrahim Nasiru
Walk into any market in Nigeria today, from the commercial hubs of Lagos to the roadside stalls in Yola, and ask why a bag of rice or an imported spare part costs three times what it did last year.
The typical public commentator will blame global inflation, floating currencies, or macro-economic shocks.
But those who understand logistics know the real truth lies buried under layers of paper, manual stamps, and artificial delays at our seaports.
Nigeria’s international trade is suffocating not from a lack of deep water, but from a deliberate design of convenience.
The recent operational rollout of the National Single Window (NSW) has triggered behind-the-scenes panic among Port cartels, and for good reason.
For decades, keeping our clearing processes fragmented, manual, and dependent on desk-to-desk human interaction was the perfect business model for syndicates.
When cargo dwell times drag on for 21 days, those delays are money in the pockets of the gatekeepers and a death sentence for local businesses.
Let us look at the raw field realities. The push by the Nigeria Customs Service to aggressively crash clearance times down to global 48-hour standards is meeting fierce internal resistance.
Why? Because a unified digital ecosystem means you cannot easily manipulate documentation, hide illicit cargo, or demand “mobilization fees” before signing off a container.
The outcry and protests from certain freight-forwarding syndicates aren’t about technical glitches; they are about the sudden closure of invisible toll gates.
This is exactly why governance at our national gateways can no longer be left to the mercy of transactional bureaucratic habits.
Building deep-sea infrastructure like Lekki Port is a massive physical achievement, but concrete and cranes are useless if the administrative processes at the gate remain backward.
 Real structural reform requires turning our Ports into automated, friction-free pipelines that prioritize production over rent-seeking.
If Nigeria wants to survive this fiscal squeeze, the National Single Window cannot just be treated as another glossy IT project launched in Abuja.
 It requires unyielding administrative enforcement to completely dismantle the corrupt cartels managing the manual desk chains.
The invisible toll gates at our Ports must be completely demolished, and that exact same structural discipline must be scaled across our border stations and trade corridors.
The era of managing international trade with 20th-century paper trails is dying. The future belongs to the builders of automated, transparent systems.
Chief Ibrahim Nasiru, a public affairs analyst,  writes from Abuja 
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Headlines

NANTA Exco embarks on seven-day Ghana retreat, fam trip to deepen regional tourism partnership

Gloria Odion, Reporter

The National Executive Council (NEC) of the National Association of Nigeria Travel Agencies (NANTA) has commenced a seven-day executive retreat and familiarisation (fam) trip to Ghana, hosted by Safari World, as part of efforts to strengthen regional tourism partnerships and expand cross-border travel opportunities.

The NANTA delegation was received at Safari World Homes in Accra by the Chairman of the Safari World Group, Mr. Ernest Gyekye, who expressed delight at hosting the Nigerian travel trade leaders.

He assured the delegation of a memorable experience throughout their week-long stay.

Speaking on the significance of the visit, NANTA President, Mr. Yinka Folami, described the retreat and familiarisation tour as a strategic initiative aimed at fostering stronger business relationships and promoting collaborative tourism development across Africa.

“This mission is not a leisure trip,” Folami said. “It is a deliberate step to implement and expand our association’s marketing advocacy for Nigerian brands across borders.”

He noted that Nigeria and Ghana share deep historical, cultural and commercial ties that should be leveraged to drive tourism growth on the continent.

“Nigeria and Ghana share history, culture, trade and people. The future of our tourism cannot be built in silos,” he said.

“This retreat is about moving from policy to practice—creating real products, real partnerships and real movement of travellers between Accra and Lagos.”

As part of the programme, the NANTA executives will engage in strategic business-to-business (B2B) meetings with their Ghanaian counterparts, tour key tourism destinations under the Safari World brand, and participate in cultural exchange activities designed to promote stronger bilateral tourism cooperation.

The itinerary spans Safari World’s three flagship destinations, including Safari Homes in Accra, the Aqua Safari riverfront experience, Safari Island Cruise, Safari Nautica, and Safari Recreation and Sports facilities in Ada, as well as the Safari Valley Eco Resort and Safari Eco Park in Dawu.

Operating under the brand promise, “One World, Three Destinations, Over 20 Unique Experiences,” Safari World is leveraging the visit to strengthen its footprint in the Nigerian travel market while positioning Ghana as a premier destination for leisure tourism, conferences, group travel, family holidays and premium tourism experiences.

A major highlight of the visit will be the Executive Dinner scheduled for July 21 at the Safari Valley Eco Resort, where key stakeholders from Nigeria and Ghana’s tourism industries will deliberate on strategies for deepening travel trade and advancing regional tourism development.

The familiarisation tour is expected to provide NANTA’s leadership with first-hand knowledge of Safari World’s tourism offerings, paving the way for the development of attractive travel packages and stronger business partnerships that will benefit Nigerian travellers and the wider West African tourism industry.

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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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