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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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Headlines

Maritime Journalists’ associations fuse, hold unity conference on sectorial reforms

Adegboyega Oyetola

Gloria Odion, Maritme reporter

The Network of Nigerian Maritime Journalists (NNMJ) is set to bring together leading government officials, maritime regulators, industry experts and private sector operators at its Unity Conference scheduled for Friday, November 13th, 2026, in Lagos, to deliberate on reforms and strategies for repositioning Nigeria’s maritime industry.

The conference, scheduled for 11:00 a.m. at the Airport Hotel, Ikeja, will focus on the performance, policy direction and reform agenda of the maritime sector under President Bola Ahmed Tinubu’s administration, with particular emphasis on seaport modernisation, trade facilitation and revenue generation.

Former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barrister Temisan Omatseye, will chair the conference, while the Minister of Marine and Blue Economy, Adegboyega Oyetola, will attend as Special Guest of Honour.

Renowned maritime lawyer, Barrister Emeka Akabogu, SAN, is expected to deliver the keynote address on the theme, “Seaport Modernisation, Trade Facilitation and Revenue.”

The conference is expected to provide a platform for critical engagement among policymakers, industry operators and other stakeholders on practical measures to improve port efficiency, strengthen maritime infrastructure and maximise the sector’s contribution to national economic development.

Deliberations will centre on the modernisation of Nigeria’s seaports, rehabilitation and renewal of critical maritime infrastructure, streamlining of cargo clearance procedures, trade facilitation and initiatives to improve the ease of doing business.

Participants will also examine strategies for enhancing government revenue, plugging financial leakages and tackling operational bottlenecks that continue to affect the efficiency and competitiveness of the maritime industry.

Other issues expected to feature prominently include investment opportunities in the marine and blue economy, employment generation, maritime safety and security, and measures to strengthen Nigeria’s position in the global maritime industry.

The gathering is expected to attract heads of maritime agencies, managing directors of shipping companies, terminal operators, freight forwarders and other key stakeholders across the maritime value chain.

According to the organisers, the Unity Conference is designed to encourage constructive dialogue, deepen public-private sector collaboration and generate policy recommendations capable of improving port operations, facilitating legitimate trade and unlocking the vast economic potential of Nigeria’s maritime sector.

The conference will also underscore the role of maritime journalism in promoting transparency and accountability, providing independent industry analysis and keeping the public informed about government policies, regulatory developments and reforms within the marine and blue economy.

Through the initiative, NNMJ seeks to strengthen professional relationships within the maritime industry, foster greater cooperation among stakeholders and provide a platform for exchanging ideas and developing practical solutions to the challenges confronting the sector.

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Headlines

Mustapha Mohammed leads NANTA delegation to WTM London as NTDA stages comeback

Mustapha Mohammed

Funso OLOJO, Editor 

Nigeria’s organised private tourism sector is taking the lead in restoring the country’s presence on the global tourism stage as the National Association of Nigeria Travel Agencies (NANTA) prepares to showcase the country’s tourism potential at the 2026 World Travel Market (WTM) in London.

The three-day international tourism exhibition, scheduled for November 3 to 5, will see NANTA lead a delegation of Nigerian tourism stakeholders, with the Nigerian Tourism Development Authority (NTDA) also expected to participate, marking Nigeria’s return to the global marketplace after missing last year’s edition.

The renewed participation is particularly significant against the backdrop of Nigeria’s inconsistent presence at the annual exhibition since 2013, following the departure of Otunba Segun Runsewe from the then Nigerian Tourism Development Corporation (NTDC), now NTDA.

The absence of a sustained government-backed presence at the event has, over the years, raised concerns about Nigeria’s visibility, destination marketing and competitiveness in the international tourism market.

In response, NANTA stepped in to sustain the country’s participation, mobilising its members and privately sourced resources to secure Nigeria’s presence at WTM London for three consecutive years between 2022 and 2024, without government funding.

The association subsequently handed over the responsibility to the Federal Government through the then Ministry of Tourism and its relevant agency at a ceremony during the 2024 edition of the exhibition, in the hope of ensuring a more sustainable national participation.

This year’s outing will be led by NANTA’s First Deputy President, Mustapha Mohammed, who is heading a high-powered delegation to London in what represents his first international assignment since his election into the association’s leadership.

Mohammed is representing NANTA President, Dr Yinka Folami, who is currently engaged in another assignment on behalf of the association.

Speaking from London ahead of the exhibition, Mohammed expressed excitement about leading the delegation, commending NANTA members for their commitment and sacrifices towards promoting Nigeria’s tourism industry.

“I feel privileged to lead this great association to the London travel market and, most interestingly, to inspire again the return of Nigeria to the global tourism and travel trade market.

“We are proud to be the only association with a dedicated stand at WTM London, and I must thank our president, Dr Yinka Folami, for making this happen.

“As usual, we expect the teeming numbers of NANTA members to be here to make Nigeria proud. We understand NTDA will be here, and together, Nigeria’s tourism flag will fly again,” he said.

Meanwhile, NANTA’s immediate past president, Susan Akporiaye, has arrived in London ahead of the exhibition. She is reportedly coordinating efforts to facilitate the Federal Government’s participation through the NTDA and ensure a smooth national outing.

Her involvement reflects her continued engagement with the industry’s international promotion efforts, particularly the drive to ensure that Nigeria’s representation at global tourism exhibitions is coordinated by experienced industry stakeholders.

Also expected at WTM London is the Chairman of the Nigeria Tourism Sector Skills Council and immediate past President of the Federation of Tourism Associations of Nigeria (FTAN), Nkereweum Onung.

Onung, who also serves as Honorary Senior Special Adviser on Culture and Tourism to Akwa Ibom State Governor, Pastor Umo Eno, is expected to use the international platform to promote Nigeria’s tourism opportunities and strengthen engagement with global industry players.

He is also expected to unveil a new tourism marketing company, Experience Ibom, later in the year as part of efforts to market Akwa Ibom State as a destination for domestic and international tourists.

The initiative is expected to complement Governor Eno’s tourism development agenda, which includes investments in tourism infrastructure and efforts to position the state as an attractive destination for visitors.

For Nigeria, the return to WTM London presents an opportunity to rebuild international tourism relationships, attract destination-marketing partnerships and draw investment into the country’s largely untapped tourism assets.

Beyond the international attention generated by Afrobeats and Nigeria’s rich culinary heritage, particularly its globally celebrated Jollof rice, stakeholders believe the exhibition offers an avenue to translate the country’s cultural appeal into concrete tourism opportunities.

With NANTA providing a strong private-sector presence, the anticipated participation of the NTDA and the involvement of other industry stakeholders, the focus will be on converting Nigeria’s renewed visibility into business partnerships, investment commitments and increased international visitor arrivals.

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Commentaries

The CVFF Controversy: Why  war of words won’t buy Nigerian ships

Monday Discourse with Ibrahim Nasiru

The ongoing conversation regarding the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping owners has taken a dramatic and highly confusing turn.

For over twenty years, local shipowners have looked forward to this fund as the critical lifeline that would finally allow Nigerians to own high-capacity vessels, dominate our own coastal waters, and stop foreign ships from taking over our maritime economy.

But while the bureaucracy delayed, the narrative became deeply fractured.

The maritime industry was recently rocked by a shocking revelation from former NIMASA Director-General ,Temisan Omatseye, at the 2026 Shipping Correspondents Association of Nigeria (SCAN) Summit.

Omatseye exposed what he described as a legacy structural error, claiming that dollar receipts collected from local operators were historically swept and converted into Naira by the Accountant-General’s office to chase higher domestic interest rates.

In a swift and aggressive counter-response dated November 1, 2026, the current Director-General of NIMASA, Dr. Dayo Mobereola, flatly dismissed the claims.

Mobereola insisted that there has been absolutely no conversion of the dollar-denominated component of the fund, asserting that all USD contributions remain fully intact within the Central Bank of Nigeria (CBN).

This public clash between a former helmsman and the current leadership creates a massive transparency crisis.

In the global maritime industry, shipping assets are priced strictly in US Dollars. If Omatseye’s account of past historical conversion is true, then a massive portion of the fund’s purchasing power has vapourized due to the recent steep devaluation of the Naira.

If Mobereola’s denial is correct, then the full $700 million value remains intact.

To settle this confusion once and for all, the Ministry of Marine and Blue Economy must move beyond mere press statements.

The government must immediately open its financial records and publish the certified CBN account balances of the CVFF.

Stakeholders deserve an independent audit, not a war of words.

Meanwhile, the long-awaited application portal launched by the Ministry continues to run straight into a banking brick wall.

Out of nearly a hundred applications, disbursements remain stalled because Primary Lending Institutions (PLIs) are demanding rigid credit terms, strict 15% cash equity, and long-term cargo guarantees.

As leaders within the Nigerian Indigenous Ship-owners Association (NISA) and the Shipowners Association of Nigeria (SOAN) have long lamented, many local shipowners are already heavily indebted, with their existing assets trapped by AMCON.

Demanding heavy cash equity and unachievable bank conditions to access their own contributed funds is simply setting local operators up to fail.

What does this portend for Nigeria?

Foreign vessels will continue to dominate our coastal waters, taking away billions of dollars in freight capital, while our youth lose out on thousands of seafaring jobs.

Minister Adegboyega Oyetola and NIMASA must stop the endless circular arguments. The government must immediately engage genuine indigenous shipowners, simplify the rigid banking rules, and provide full account transparency.

Our blue economy cannot float on a sea of endless delays and conflicting balance sheets. It is time to let Nigerian shipowners see the books, access the funds, and secure our waters.

Ibrahim Nasiru, a public affairs analyst, writes from Abuja 

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