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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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Dantsoho, Mobereola, Akutah, LASWA GM, Fakolade, Okorefe to headline Primetime Reporters’ 2026 annual lecture

Gloria Odion, Maritme reporter 

Former lecturer at the Nigerian Maritime University, Okerenkoko, Delta State, Dr. Charles Okorefe, has been appointed keynote speaker for the 2026 Primetime Reporters’ Annual Lecture and Awards scheduled to hold in Lagos on October 15.

Okorefe’s appointment comes as a strong line-up of senior maritime, ports, logistics and blue economy stakeholders has been assembled for the annual industry gathering.

Among those expected to speak at the event are the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho; Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; and Director-General of the Nigerian Ports Economic Regulatory Agency (NPERA), Barr. Pius Akutah.

Others are the Special Adviser to the Lagos State Governor on Blue Economy and General Manager of the Lagos State Waterways Authority (LASWA), Mr. Oluwadamilola Emmanuel; Managing Director of Trucks Transit Park (TTP), Mr. Jama Onwubuariri; and National Coordinator of the National Single Window Secretariat, Mr. Tola Fakolade.

The 2026 lecture, organised by Primetime Reporters, will bring together policymakers, regulators, industry operators and other stakeholders to examine emerging issues shaping Nigeria’s maritime, ports, logistics and blue economy sectors.

The event is themed: “Smarter Gateways, Greener Logistics: Leveraging the Port Community System and National Single Window for Zero-Emission Trade.”

The theme is expected to focus attention on the need to accelerate digital transformation across Nigeria’s ports and logistics ecosystem through greater integration, automation, data sharing and technology-driven trade processes.

Okorefe’s selection as keynote speaker is expected to bring an academic and industry perspective to the discourse, given his experience in maritime education and professional practice.

His presentation is expected to examine the opportunities and challenges associated with developing smarter, more connected and environmentally sustainable maritime gateways, while highlighting the role of digital integration in improving port efficiency and trade facilitation.

Okorefe, who is Managing Director and Chief Executive Officer of Kamany Marine Services Limited, is the author of ABC of Shipping and Ports’ Operation in Nigeria. He also serves as South-South Coordinator of the Chartered Institute of Transport Administration of Nigeria.

The other speakers are expected to bring sector-specific perspectives to discussions around port administration, maritime regulation, inland waterways transportation, logistics, digital trade facilitation and the implementation of the National Single Window.

Speaking on the significance of the event, Managing Director and Editor-in-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, said the annual lecture would provide a platform for stakeholders to assess ongoing reforms in the maritime sector and develop practical strategies for improving port efficiency and Nigeria’s trade competitiveness.

He said discussions would also focus on reducing cargo dwell time, strengthening trade facilitation and positioning Nigeria as a competitive maritime hub.

Particular attention is expected to be devoted to the Port Community System (PCS) and National Single Window (NSW), which are being developed as key instruments for streamlining cargo clearance, reducing paperwork, enhancing transparency and connecting stakeholders across the maritime and trade ecosystem.

The event will also feature the presentation of the Primetime Reporters’ 2026 Maritime and Blue Economy Awards to individuals and organisations recognised for their contributions to the development of Nigeria’s maritime industry.

Nwadinamuo said the awards would be based on merit, professional track record and measurable contributions to the sector, stressing that they were not for sale.

The 2026 Annual Lecture and Awards is scheduled for Thursday, October 15, 2026, at Rockview Hotels, GRA, Apapa, Lagos, beginning at 10:00 a.m.

A former Director-General of NIMASA, Barr. Temisan Omatseye, is expected to chair the event.

The gathering is expected to attract senior government officials, regulators, terminal operators, freight forwarders, shipping companies, logistics practitioners, academics, professional associations, journalists and other stakeholders across Nigeria’s maritime and trade sectors.

Nwadinamuo called on government agencies, professional associations, corporate organisations, maritime stakeholders and individuals to partner with Primetime Reporters to ensure the success of the 2026 Annual Lecture and Awards.

He said partnership opportunities include advertisement placements in the event brochure and other event materials, sponsorship of the entire programme or specific segments, as well as other opportunities associated with the event.

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Ehingbeti summit seeks coastal resilience fund for Nigeria’s littoral communities

 Funso OLOJO, Editor

Stakeholders at the 4th Ehingbeti Maritime Hub Summit have called for the establishment of a dedicated Coastal Resilience Fund to finance coastal protection, infrastructure development and livelihood-support programmes in communities threatened by environmental degradation and inadequate infrastructure.

The stakeholders said such a financing mechanism would provide a sustainable funding window for strengthening Nigeria’s coastal communities while enabling them to participate more actively in the emerging marine and blue economy.

The call was made at the 4th Ehingbeti Maritime Hub Summit held Thursday at the Oriental Hotel, Victoria Island, Lagos, where experts, policymakers and industry players examined the legal, regulatory, security and investment frameworks required to unlock Nigeria’s blue economy potential.

Delivering the keynote address, President of the Maritime Arbitrators Association of Nigeria (MAAN), Chief Jean Chiazor Anishere, SAN, said Nigeria needed to move beyond policy declarations and develop practical financing mechanisms capable of addressing the infrastructure and environmental challenges confronting its coastal communities.

Anishere urged the Federal Government to leverage international financing opportunities, including climate funds, development finance institutions and multilateral organisations, to scale up investments in coastal resilience and community development.

She said sustained investment in coastal infrastructure would protect livelihoods, strengthen economic assets and create an enabling environment for coastal communities to benefit directly from the blue economy.

The Senior Advocate of Nigeria also stressed the importance of effective governance, saying Nigeria’s blue economy could only thrive where there was a predictable legal and institutional framework for investment, innovation and sustainable exploitation of marine resources.

She called for a regulatory regime that would provide certainty and security for investors while remaining flexible enough to encourage innovation, environmentally responsible enough to protect marine resources and inclusive enough to deliver benefits to coastal populations.

According to her, security, sustainability and governance would remain critical pillars of Nigeria’s blue economy development.

Anishere further advocated improved waste-management infrastructure, sustainable fishing practices, recycling education and environmental stewardship programmes targeted at coastal communities.

She also urged greater private-sector participation in blue tourism, resilient infrastructure and marine-based enterprises, stressing the need for appropriate incentives, streamlined regulations and public-private partnerships.

Representing Lagos State Governor, Mr Babajide Sanwo-Olu, the Permanent Secretary, Lagos State Ministry of Tourism, Arts and Culture, Mrs Bopo Oyekan-Ismaila, said the state was committed to an inclusive approach to blue economy development.

She noted that although the Ehingbeti initiative was historically associated with Lagos Island, the state’s blue economy agenda would extend to communities across Lagos.

Oyekan-Ismaila said Governor Sanwo-Olu had encouraged participants to collaborate in producing a communiqué that would provide practical recommendations for advancing the blue economy agenda of Lagos State.

The Convener of the Ehingbeti Maritime Hub and Founder of the Ocean Ambassadors Foundation, Hon. Olaitan Violet Williams, said the Hub was established in 2023 to reconnect Lagos with its rich maritime history.

According to her, Ehingbeti represents an important chapter in the evolution of Lagos from its early trading history to the modern-day Eko.

Williams identified inland waterways as one of the most immediate opportunities available to Nigeria under the blue economy agenda, but lamented that the country’s estimated 10,000 kilometres of waterways remained largely underutilised.

She called for increased investment and stronger legal protection for investors, arguing that Nigeria could not unlock the economic value of its waterways while large sections remained unnavigable.

The Chairman of the occasion and Chairman of the NIWA Governing Board, Alhaji Mukhtar Shehu Shagari, represented by a member of the Board, Capt. Tajudeen Alao, commended Williams for her commitment to the development of Nigeria’s marine and blue economy.

Shagari said coastal communities must remain at the centre of blue economy policies and called for an appropriate legal framework to accelerate the development of Nigeria’s littoral states.

Representing the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Mustapha, Rear Admiral N.C. Okon called for stronger maritime regulation and effective enforcement of existing laws.

Okon identified “sea blindness” as one of the factors limiting Nigeria’s ability to fully exploit its maritime potential.

He said effective collaboration among government agencies, coastal communities and development partners was essential to building a sustainable maritime economy.

According to him, Nigeria’s blue economy ambitions could not be sustained in an environment characterised by insecurity, environmental degradation, illicit maritime activities and regulatory uncertainty.

He reaffirmed the Nigerian Navy’s commitment to providing the secure maritime environment necessary for commerce, investment and the sustainable exploitation of the country’s marine resources.

Also speaking, Chairman of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ekeoma Ezeibe, described insurance as a critical component of maritime and blue economy development.

She said adequate insurance protection was necessary to safeguard maritime assets, infrastructure and businesses against the wide range of risks associated with marine operations.

A major highlight of the summit was the launch of the 28 Inland Waterways Investment Jigsaw, an initiative designed to identify and showcase viable investment opportunities across Nigeria’s inland waterways and provide a structured pathway for increased private-sector participation.

The initiative is expected to support investment in water transportation and other marine-related businesses by drawing attention to specific opportunities across the country’s inland waterways.

The summit brought together government representatives, maritime professionals, security agencies, legal practitioners, insurers, traditional rulers, academics, private-sector operators and representatives of coastal communities.

Participants reaffirmed the need for stronger regulation, enhanced maritime security, sustainable financing, infrastructure investment and community inclusion if Nigeria is to translate its vast blue economy potential into sustainable economic growth and improved livelihoods.

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NPERA initiates move for smooth hand over of Inland Dry ports to NPA

–as Akutah proposes inter-agency committee to avert jurisdictional clashes, streamline cargo movement

Funso OLOJO Editor 

The Nigerian Ports Authority (NPA) and the Nigerian Ports Economic Regulatory Agency (NPERA) have begun moves to prevent jurisdictional conflicts and operational disruptions in the management of Nigeria’s Inland Dry Ports (IDPs) as the Federal Government implements sweeping reforms in the port regulatory architecture.

The two agencies agreed to strengthen collaboration and establish a coordinated framework for the transition during a high-level meeting between their management teams at the NPA Corporate Headquarters in Lagos.

The meeting was convened at the instance of the Minister of Marine and Blue Economy,  Adegboyega Oyetola, against the backdrop of recent reforms arising from the enactment of the Nigerian Ports Economic Regulatory Agency Act, 2026.

The development followed the Minister’s September 3rd, 2026 directive on the transfer of Inland Dry Ports-related functions, as the Federal Government moves to establish a clearer delineation of responsibilities among agencies responsible for port regulation, development and operations.

The new NPERA Act rebranded and expanded the mandate of the former Nigerian Shippers’ Council, creating a new regulatory framework for Nigeria’s port economic activities.

Receiving the NPERA delegation led by its Director-General/Chief Executive Officer, Dr. Pius Akutah, the NPA Managing Director, Dr. Abubakar Dantsoho, congratulated Akutah on the enactment of the legislation and reaffirmed NPA’s readiness to work closely with NPERA during the transition.

Dantsoho stressed the need for closer coordination among agencies under the Ministry of Marine and Blue Economy, noting that the transition provided an opportunity to strengthen Nigeria’s national logistics chain and improve cargo evacuation from seaports to the hinterland.

“This transition represents a critical step forward in optimising our national logistics ecosystem,” Dantsoho said.

According to him, greater institutional alignment would help eliminate operational friction, improve port efficiency and unlock the economic potential of trade and logistics across the country.

Earlier, Akutah highlighted the strategic importance of NPA to the development and sustainability of Inland Dry Ports, describing the facilities as critical infrastructure for extending maritime logistics and cargo distribution beyond the seaports into Nigeria’s hinterland.

“The Nigerian Ports Authority remains a cornerstone in ensuring our Inland Dry Ports function as effective centres for cargo transit and distribution to the hinterlands,” Akutah said.

He explained that the NPERA delegation’s visit was aimed at building a common understanding among the relevant agencies and stakeholders to ensure an orderly, uninterrupted and efficient transition in the management and regulation of Inland Dry Ports.

Inter-agency committee proposed

In a move aimed at preventing institutional rivalry and duplication of responsibilities, Akutah proposed the establishment of a Joint Inter-Agency Committee in the form of a Technical Working Group.

The proposed committee will comprise representatives of the Federal Ministry of Marine and Blue Economy, NPA, NPERA, the Nigerian Maritime Administration and Safety Agency (NIMASA), the National Inland Waterways Authority (NIWA) and the Nigerian Railway Corporation (NRC).

The committee, he said, would provide a platform for identifying and resolving potential operational conflicts, harmonising administrative procedures and eliminating overlapping responsibilities in the operation and development of Inland Dry Ports across the country.

The initiative is also expected to strengthen coordination among the agencies responsible for the various components of Nigeria’s multimodal transport chain, particularly seaports, rail, inland waterways and dry ports.

Both chief executives subsequently reaffirmed their commitment to implementing the Minister’s policy directives and aligning their respective institutional frameworks to promote trade facilitation, sustainable economic growth and greater efficiency across Nigeria’s port and logistics system.

The latest development comes as the Federal Government seeks to reposition the country’s port and logistics architecture, with Inland Dry Ports expected to play a greater role in decongesting seaports, taking cargo closer to markets and strengthening Nigeria’s connectivity with its hinterland.

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