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House of Reps gives NIMASA green light to disburse CVFF –appoints audit firm to coordinate, monitor  disbursement

Hon. Legor Idagbo
The eyewitness reporter
The House of Representatives has given the Nigerian Maritime Administration and Safety Agency (NIMASA) a clean bill of health over the controversial Cabotage Vessels Financing Funds(CVFF) and consequently directed the agency to disburse the funds.
It would be recalled that the lawmakers, a few weeks ago, halted the planned disbursement after long and painstaking groundwork made by the Ministry of Transportation and NIMASA towards the disbursement process.
The House had raised concerns over the funds, said to be about #700m, and decided to ask its committee on Nigerian Contents Development and Monitoring to investigate the funds.
This followed a motion during its sitting last month on the matter and subsequently directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to stop the planned disbursement of the fund.
However, after concluding its investigation, the House found tenable the need to disburse the funds to the eligible indigenous ship owners.
Addressing journalists in Abuja Thursday, the Chairman of the committee, Hon. Legor Idagbo said that its investigations indicated that due process was followed, informing that the disbursement can now be made.
“The House of Representatives at its sitting on Tuesday, 4 May 2023, deliberated on a motion on the Planned Disbursement of $700 Million Cabotage Vessel Finance Fund, and investigate the Total Accrual of the Fund, and referred same to the House Committee on Nigerian Content Development and Monitoring to, amongst other resolutions, investigate and urge the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately stop the planned disbursement of $700 million to Nigerian citizens and companies and to lay before the floor of the House, an audited statement of account showing all monies that have accrued to the Cabotage Vessel Finance Fund not later than fourteen (14) days from the date of this resolution.
“The Committee requested the Nigerian Maritime Administration and Safety Agency and the Ministry of Transportation to provide detailed information on the total amount accrued to the Fund and disbursements since inception.
“The Committee met with the Minister of Transportation and the Director-General of the Nigerian Maritime Administration and Safety Agency ({NIMASA) on Thursday, 11 May 2023 to find out about the details concerning the matter.
” After a thorough analysis of the various submissions on the matter coupled with the explanations given by the Ministry and NIMASA, the Committee discovered that due process was followed in the planned disbursement of the Cabotage Vessel Finance Fund.
“The Committee notes that the Cabotage Vessel Finance Fund (CVFF) is a fund that was set up in 2003 by the Coastal and Inland Shipping Act.
” The Fund was established for the purpose of developing indigenous ship acquisition capacity, and to provide financial assistance to indigenous shipping operators.
“The Committee further notes that there is a lack of Capacity amongst indigenous/ Domestic Coastal operators in Nigeria, thus the reason Nigerian National Petroleum Corporation Limited (NNPC) still awards contracts to foreign shipping Companies in contravention of the Cabotage and Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
“Some of these awards have been previously investigated by the Committee which led to their cancellation.
“It was also discovered that the total funds of $360m in the Cabotage Vessel Finance Fund (CVFF) account with the Central Bank of Nigeria (CBN) represents 50%, while the remaining counterpart funds of 50% is from stakeholders and Banks which is 15% and 35% respectively.
“NIMASA should go ahead with the disbursement of the Cabotage Vessel Finance Fund (CVFF) in compliance with the extant laws and laid down guidelines for the said disbursement.
“To ensure the disbursement does not violate any of the extant laws made by the National Assembly, the following persons were nominated to supervise the disbursement process:
“Rt. Hon. (Barr.) Legor Idagbo  – Chairman ii. Hon. Henry Nwawuba – Member iii. | Mrs. Kehinde Bolade Olaiya – Committee Clerk.
“An Audit firm, Stratford Hill and Co. was appointed by the committee as the coordinating enforcement auditor for the CVFF.
“The Committee applauds NNPC for its commitment to awarding the shipping contracts to indigenous companies that have built capacity to the level where they can successfully execute these contracts.
“The Committee is grateful to the leadership of the House for the confidence bestowed on it to carry out the investigation”.
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Analyses

Beyond The Lagos Communique: Can West Africa’s $27 Billion Port Rhetoric Outrun Gridlock?

Ibrahim Nasiru
The Monday Discourse with NASIRU focuses on the take away from the just concluded PMAWCA board meeting in Lagos.
Last week, maritime leaders gathered in Lagos for the PMAWCA conference, celebrating a staggering $27 billion infrastructure boom and drawing up plans to replicate the seamless digital models of Rotterdam and Singapore.
But for the average importer, agent, or truck driver trapped in the chaos of Apapa or Tin Can, the disconnect is jarring.
West African Ports are masterful at planning, but historically abysmal at executing.
A multi-billion-dollar Deep Sea Port is just an expensive parking lot for containers if the surrounding rail and road infrastructure remains broken.
True competitiveness will not be won by the nation that signs the largest contract; it will be won by the nation that actually clears a container without corruption, extortion, or manual delays.
It is time to move past courtroom style policy curation and deploy an execution squad.
Read full details tomorrow on why West Africa’s maritime sector needs dockyard discipline over boardroom eloquence.
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Headlines

Sallah celebration: Osun govt offers free train ride to indigenes as NRC increases Lagos–Ibadan Train Trips for Sallah

Gloria Odion, maritime reporter 
The Osun State government has made full payment to the Nigerian Railway Corporation( NRC) for the use of its narrow gauge rail services to transport the indigenes of the state free of charge for the Sallah celebration.
The annual gesture was confirmed by the management of the Corporation while announcing a temporary increase  in train services on the Lagos–Ibadan Train Service (LITS) corridor for Tuesday, May 26, 2026, ahead of the Sallah celebration.
The NRC revealed that the Osun government free train ride will be on its narrow gauge corridor.
The special train will depart from Iddo Station, Lagos, on Tuesday, May 26, 2026, while the return trip from Osogbo to Lagos will take place on Thursday, May 28, 2026.
The service, which is usually operated during festive periods, is being sponsored by the Osun State Government through a paid arrangement with the Nigerian Railway Corporation to convey Osun indigenes free of charge for the Sallah celebration.
Meanwhile, the Corporation has announced an adjustment to its schedule on its Lagos–Ibadan Train Service (LITS) corridor for Tuesday, May 26, 2026, ahead of the Sallah
The temporary adjustment is aimed at accommodating the expected increase in passenger movement as many Nigerians travel to celebrate the festive season with their families and loved ones.
Under the special arrangement, the Corporation will operate six train trips on Tuesday, May 26, 2026, instead of the usual four trips currently operated on the corridor.
For the day, train departures from the Lagos end will be at 7:45am, 1:40pm and 4:00pm, while departures from the Ibadan end will be at 8:00am, 10:50am and 4:30pm.
The Management clarified that this arrangement is strictly temporary and applies only to the Sallah travel period.
 Immediately after the celebration, the normal Tuesday timetable of four trips will resume.
Similarly, the recently introduced Thursday six-trip operations will be temporarily adjusted next week, as only four trips will operate on Thursday May,  28th during the period under review.
The regular six-trip Thursday schedule will however resume the following week.
The NRC reassured passengers of its commitment to providing safe, efficient and reliable rail transportation services across the country and wishes all Nigerians a peaceful and memorable Sallah celebration.
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Headlines

NRC expresses fresh concerns over consistent railway vandalism in the North 

Funso OLOJO,  Editor 
The Nigerian Railway Corporation (NRC) has raised serious concern over renewed and coordinated attacks on railway infrastructure in parts of the country.
This followed fresh incidents of vandalism recorded in Plateau and Bauchi States.
The Corporation described the disturbing development as a direct attack on critical national infrastructure and an affront on public safety, economic growth and national security.
In one of the latest incidents recorded on May 21, 2026, a truck reportedly loaded with vandalized railway materials became stuck between Kuru and Science School, Kuru in Plateau State, exposing the dangerous activities of criminal elements involved in the destruction and illegal movement of railway materials.
Similarly, along Zango, in Bauchi State, between Kilometer 878 and 889, railway slippers were completely removed on both sides of a level crossing, leaving behind few disjointed rail pieces.
The Corporation warned that such acts could result in catastrophic train accidents, disruption of rail services, loss of lives and destruction of government investments worth billions of naira.
The NRC emphasized that railway tracks, slippers, clips, fastenings and signaling materials are critical national assets built with taxpayers’ money to facilitate transportation, trade, economic activities and national development, and should never be treated as scraps for illegal business.
The Managing Director/CEO of the NRC, Dr. Kayode Opeifa, strongly condemned the persistent attacks on railway facilities, describing the trend as sabotage against national progress and a serious threat to the safety of passengers and railway personnel.
According to him, the increasing incidents of vandalism in the North Central and North East corridors indicate a dangerous pattern that requires urgent collective action from security agencies, state governments, traditional rulers, community leaders and residents living along railway lines.
Dr. Opeifa appealed to Nigerians to see railway infrastructure as a national symbol and strategic economic asset that must be protected at all times.
He warned vandals, scrap dealers and individuals involved in the illegal purchase, movement or destruction of railway materials to desist immediately, stressing that anyone caught would face the full weight of the law.
The Corporation also called on security agencies to intensify surveillance and enforcement operations around railway corridors nationwide, while urging members of the public to remain vigilant and promptly report suspicious activities around railway facilities.
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