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NIMASA, banks disagree over interest rates on CVFF loans, opens discussion with NNPC Shipping.

–invites Afrexim bank, AfDB, American Express Bank.

– promises fresh disbursement date.

The Eyewitness Reporter
The disagreement between the Nigerian Maritime Administration and Safety Agency (NIMASA) and the five Primary Lending Institutions( PLIs) selected as vehicles for the disbursement of the controversial Cabotage Vessels Financing Funds( CVFF) may have contributed to the continued delay in releasing the funds to the beneficiaries.
It could be recalled that the former administration of President Mohammudu Buhari, had approved five banks, namely, Zenith, Polaris, Jaiz, Union and UBA as the Primary Lending Institutions(PLIs) to drive the disbursement of the funds.
But the process was stalled, after painstaking preparations for the disbursement, following the disagreement between NIMASA, the custodian of the funds and the banks on the interest rate chargeable on the loans.
According to Dr. Bashir Jamoh, the Director General of NIMASA, the five PLIs insisted on collecting 7.5 percent interest from the beneficiaries while NIMASA insisted on a 6.7 percent interest rate.
The uncompromising stand of the two parties has led to the delay in the disbursement of the funds.
Dr. Jamoh, who was speaking Tuesday, January 23rd, 2024 during the visit of the Managing Director of NNPC Shipping, Mr Panos Gliatis, disclosed that three new banks have shown interest in the disbursement process.
Even though, he did not disclose the level of involvement of the new banks neither did he mention at what rate they are willing to disburse, he however gave a tentative six-month take off of the disbursement.
According to him, Afrexim Bank, African Development Bank, and American Express Bank have all agreed to offer assistance towards the disbursement of the funds.
It could be recalled that the disbursement of the fund rests on a tripartite contributory quota.
NIMASA is expected to contribute 50 percent, the Primary Lending Institutions (PLIs) will contribute 35 percent and the beneficiaries are expected to contribute 15 percent.
However, Dr. Jamoh said there is renewed hope for the disbursement of the funds with the discussion currently going on with the NNPC Shipping.
He explained that NIMASA and NNPC Shipping have agreed to open discussion on reviving the stalled disbursement.
While briefing the new helmsman of the Organization, Mr Gliatis, Dr Jamoh expressed hope that the new MD will continue from where his predecessor stopped on the matter of CVFF.
Jamoh recalled the contributions of the NNPC Shipping towards the success of the CVFF which he described as a milestone in the disbursement of the fund.
According to him, the organization has promised to provide cargo for the beneficiary indigenous ship owners because according to him, acquiring a vessel will be useless without access to cargo.
Also, NNPC Shipping has decided to contribute nine percent of the 15 percent contribution of the indigenous beneficiary while he takes the remaining six percent in a bid to share the risks.
Jamoh further disclosed that with the commitment of NNPC Shipping and the buy-in of the new man at the helm of affairs of the company, he expressed hope that the six-month timeline for the disbursement of the fund is achievable.
 The MD of NNPC Shipping, Panos Gliatis said the organisation is committed to the success of the CVFF and promised to work towards its sustainability.
”We shall work diligently towards the success of the project”, he enthuased.
NIMASA DG however warned that the timeline was not sacrosanct as its realization is dependent on the exigency of the prevailing situation and subject to the pleasure of the Minister of Marine and Blue Economy, Adegboyega Oyetola.
” We proposed six six-month timeline for the commencement of the disbursement of the CVFF but that date is not sacrosanct.
“I am not promising, it is just a proposal because it is only the Minister who has the power to give a definitive date.
” NIMASA is just an agency under the supervision of the minister, we merely carry out his orders.
“We need to brief and convince him on this matter” he declared.
Jamoh however expressed optimism about the interest of the minister on the disbursement of the funds as a result of his warning that the CVFF should not go the way of the Anchor Borrower Fund of the Central Bank of Nigeria(CBN).
” The Minister has warned that CVFF should not become another Anchor BorrowerFund” Jamoh stated.
He further disclosed that the proposed Maritime Bank is another avenue to further assist indigenous ship owners.
According to him, preparations have reached an advanced stage for the takeoff of the Bank.
“NIMASA’s  Abuja office has been mandated to provide office accommodation for the bank by dedicating a whole floor to the Bank” Jamoh disclosed.
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Tompolo pays glowing tribute to Wike on his 58th birthday.

Funso OLOJO 
High Chief  Government Oweizide Ekpemupolo, popularly known as Tompolo, has eulogised the uncommon courage, resilience and unwavering sense of duty of Barrister Nyesom Wike, the Minister of Federal Capital Territory(FCT), describing these attributes as those that align with the Tantita’s objectives and work ethic.
Tompolo, the Chairman of Tantita Security Services Nigeria Limited, make this observation in his message to Wike on his 58th birthday, where he paid a glowing tribute to the FCT Minister.
According to him, Wike’s  public life is a reflection of courage, conviction and an unwavering sense of duty.
Tompolo said Wike’s journey through public service—marked by legal brilliance, political audacity and firm decision-making—has consistently demonstrated that true leadership is defined by impact, not rhetoric.
He noted that from Wike’s formative years in public administration through his tenure as Governor of Rivers State and now as FCT Minister, his performance has remained anchored on results, resilience and a relentless commitment to public good.
“In the Federal Capital Territory, your presence is already being massively felt.
” The renewed focus on infrastructure, order, and accountability speaks to a hands-on leadership style that understands Abuja’s symbolic and practical importance to Nigeria’s unity and governance,” Tompolo said.
The TSSNL founder commended Wike for recognising the intrinsic connection between security, development and national stability, stressing that the minister’s insistence on law, order and institutional discipline aligns strongly with Tantita’s mission of protecting critical assets and fostering a safe environment for sustainable growth.
He added that Wike’s reputation as “Mr. Project” was well-earned, given his consistent record of performance and the courage to take difficult decisions when duty demanded it.
“In moments that demand firmness, you have chosen responsibility over convenience, standing by your convictions even when the path was difficult,” he said.
Tompolo prayed for renewed strength, sharper vision and continued success for the minister as he marks another year, expressing confidence that Wike’s service would continue to leave a lasting imprint on national development.
“Please accept my sincere best wishes for good health, wisdom, and continued success. May the years ahead bring fulfilment and further contributions to the progress and unity of Nigeria,” he added.
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Nigeria denies ownership of detained vessel

VLCC SKIPPER
Funso OLOJO 
 The management of the Nigerian Maritime Administration and Safety Agency (NIMASA) has clarified the status of a tanker vessel, MT SKIPPER, currently intercepted and detained by the United States Coast Guard(USCG) over alleged oil theft and other transnational crimes.
According to the statement from the Nigeria’s maritime industry apex regulatory agency, the vessel , Very Large Crude Carrier,is not a Nigerian – flagged vessel while its purported owners, Thomarose Global Ventures Limited, are not registered with NIMASA as a shipping company.
“An analysis of the vessel’s movement, monitored through the Agency’s Command, Control, Communication, Computers and Intelligence (C4i) Centre, shows that the vessel was last sighted in Nigerian waters on 1st July 2024.

“After departing Nigerian waters, the vessel continued on its international voyage pattern and was tracked operating in the Arabian Sea (Asia) and later in the Caribbean region, where the U.S. interdiction eventually took place.

“Records indicate that SKIPPER which was formerly owned by Triton Navigation Corp, has undergone multiple name changes over time.

“The Director General of NIMASA, Dr. Dayo Mobereola, reaffirmed the Agency’s commitment to collaborate with all relevant stakeholders, including U.S. authorities, in the ongoing investigations. He emphasized that criminality will not be tolerated in Nigerian waters” NIMASA stated in a public statement.

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Adeniyi, Akutah, Fakolade, Warredi, Maiwada headline 10th anniversary of seminar for maritime journalists in Lagos 

Funso OLOJO 
First Mediacon media group, the convener of the annual seminar for maritime journalists, has lined up an array of industry’s stakeholders to sharpen the intellectual capacity of maritime journalists at this year’s workshop.
The annual event, which is the 10th edition this year, holds December 17th, 2025 in Lagos.
According to the organisers of the programme, the cream of the maritime industry have been lined up to engage the industry’s media in intellectual discussions that will deepen the knowledge of its practitioners in digital trade facilitation, regulatory efficiency and the economic reforms.
Key speakers at the event include the Comptroller- General of the Nigeria Customs Service, Adewale Adeniyi, the Executive Secretary of the Nigerian Shippers Council, Barrister Akutah Ukeyima who is expected to deliver the keynote address, Mr Tola Fakolade, Director of the National Single Window, Mr Warredi Eniosuoh, who is expected to chair the event and Deputy Comptroller of Customs and the National Public Relations Officer of the NCS, Abdullahi Maiwada.
Maiwada is expected to deliver a practical training on “Data Analysis for Effective Maritime Reporting”
According to Mr. Sesan Onileimo, CEO of First Mediacon Network Limited and convener of the seminar, “the past decade has proven that accurate, data-driven journalism is vital to the growth of the maritime economy.
“This platform empowers journalists with the tools to properly analyse reforms, interrogate investments and provide the business community with credible information.”
Now in its tenth year, the seminar has become a major business intelligence platform, equipping maritime journalists with the technical insight required to analyse policy decisions, market trends and operational performance within the nation’s blue economy.
Over the years, it has helped strengthen the information value chain that supports investment decisions across ports, logistics, shipping, and inland trade corridors.
This year’s edition comes at a time when Nigeria’s maritime economy is undergoing significant transformation, driven by digitalisation, regulatory restructuring and demand for greater operational transparency.
Marking a decade of consistent impact, the organisers reaffirm their commitment to strengthening the professional capacity of the maritime media, while promoting a more transparent, efficient and investment-friendly maritime environment.
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