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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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Taiwo Afolabi maritime conference marks 10 years, holds July 20–21

Taiwo Afolabi

Gloria Odion, Maritime Reporter

The Taiwo Afolabi Annual Maritime Conference (TAAM) will celebrate its 10th anniversary on July 20–21, 2026, with organisers set to host what has grown into West Africa’s largest student-led maritime conference at the University of Lagos.

Organised by the Maritime Forum, University of Lagos, in partnership with SIFAX Group, the conference is expected to attract more than 2,000 participants drawn from government, academia, the maritime industry, corporate organisations and the media.

Over the past decade, SIFAX Group has remained the conference’s foremost supporter, helping to transform TAAM into a leading platform for youth engagement, maritime policy dialogue, industry collaboration and capacity development.

The milestone edition will be held under the theme, “Ten Tides of Impact: Raising a Generation to Position Nigeria as Africa’s Blue Giant,” reflecting the conference’s commitment to nurturing future maritime leaders and advancing Nigeria’s blue economy aspirations.

This year’s programme will feature keynote presentations, panel discussions and policy dialogues involving prominent stakeholders, including maritime lawyer Dr. Emeka Akabogu; the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; the Vice-Chancellor of the University of Lagos, Prof. Folasade Ogunsola; Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi; President of the Women’s International Shipping and Trading Association (Nigeria), Dr. Odunayo Ani; as well as representatives of the Danish Consulate and other leading maritime organisations.

President of the Maritime Forum, Dare Tunde Damilola, described the 10th anniversary edition as more than a commemorative event, saying it represents a legacy platform aimed at strengthening collaboration between academia and industry while preparing the next generation of maritime professionals and policymakers.

According to him, the conference seeks to stimulate meaningful conversations on the future of Nigeria’s maritime industry, bridge the gap between classroom learning and industry practice, encourage innovation and leadership among young people, deepen stakeholder engagement across the maritime ecosystem, and create opportunities for networking, mentorship and career development.
Also speaking, Olumuyiwa Akande, Group Head, Corporate Communications at SIFAX Group, said the company’s sustained support for the conference underscores its commitment to developing human capital for the maritime sector.
He noted that TAAM has become a strategic platform for connecting academic knowledge with practical industry experience while inspiring university students to pursue careers in the maritime industry.
A major highlight of this year’s event will be the anniversary edition of the Blueprint Debate Competition, one of the conference’s flagship intellectual programmes.
Since its inception alongside the conference in 2016, the competition has evolved into a nationally recognised platform where university students engage in rigorous debates on maritime, economic, governance and public policy issues, further reinforcing TAAM’s role in shaping informed future leaders for Nigeria’s maritime secto

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As NRC recovers ₦200m stolen railway assets, Opeifa vows diligent prosecution of suspects

— assures sustained collaboration with security agencies 

 Funso OLOJO, Editor

The Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has reaffirmed the Corporation’s commitment to protecting railway infrastructure through sustained collaboration with the Nigeria Police Force and other security agencies, following the recovery of stolen railway materials valued at about ₦200 million.

Dr. Opeifa gave the assurance during a courtesy visit to the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, at the Command Headquarters, Eleyele, Ibadan.

The NRC boss, who was accompanied by the Commissioner of Police, Nigeria Railway Police Command, CP Lasisi Titilola, stressed that the Corporation would ensure the diligent prosecution of all suspects arrested for vandalising railway facilities to serve as a strong deterrent against future acts of sabotage.

He praised the Oyo State Police Command and the Nigeria Railway Police Command for their professionalism and swift response, which led to the arrest of three suspected railway vandals and the recovery of railway materials worth approximately ₦200 million.

According to him, the suspects were apprehended during an intelligence-led operation while allegedly transporting vandalised railway materials from Niger State to Lagos.

Describing the operation as a significant breakthrough in the fight against railway vandalism, Dr. Opeifa said it underscored the effectiveness of the growing partnership between the NRC and security agencies in safeguarding critical national infrastructure.

He reiterated the Corporation’s resolve to deepen collaboration with the Police, other security agencies, state governments, host communities and relevant stakeholders to curb vandalism, theft and other criminal activities capable of disrupting railway operations across the country.

The NRC Managing Director also appealed to members of the public to support the campaign against railway vandalism by providing credible and timely information to security agencies.

“The Nigerian Railway Corporation remains committed to delivering safe, reliable and sustainable rail transportation while working closely with security agencies and other stakeholders to protect the nation’s railway infrastructure,” Dr. Opeifa said.
In his response, the Commissioner of Police, Oyo State Command, CP Olugbenga Ayodeji Abimbola, called on the National Assembly to strengthen existing laws protecting critical national infrastructure by prescribing stiffer penalties for vandals.
He warned criminals to steer clear of Oyo State, assuring that the Command would continue to track, arrest and prosecute anyone involved in the destruction or theft of public assets.
CP Abimbola disclosed that the three suspects, along with the recovered railway materials, would be handed over to the Nigeria Railway Police Command for further investigation and prosecution.

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NSC marks 31 years of maritime judicial capacity building with 18th international seminar for Judges

Gloria Odion, Maritime reporter 

The Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, will commemorate 31 years of judicial capacity development in Nigeria’s maritime sector as it hosts the 18th International Maritime Seminar for Judges from July 22 to 24, 2026, in Abuja.

The biennial seminar, organised in collaboration with the National Judicial Institute (NJI), will take place at the Ballroom of the Ladi Kwali Conference Centre, Abuja Continental Hotel, from 9:00 a.m. to 3:00 p.m. daily.

Established in 1995, the International Maritime Seminar for Judges has become Nigeria’s foremost judicial capacity-building programme in maritime law and admiralty practice, providing a platform for strengthening the administration of maritime justice and aligning the country’s legal framework with evolving global standards.

This year’s edition is expected to bring together senior judicial officers, maritime law experts, policymakers, regulators and industry stakeholders from Nigeria and across Africa to deliberate on contemporary legal issues affecting the maritime industry.

The Secretary to the Government of the Federation, Senator George Akume, will chair the event, while the Minister of Marine and Blue Economy, Adegboyega Oyetola, will serve as the Chief Host.

The Minister of the Federal Capital Territory, Nyesom Wike, is the Host of the seminar.

The Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, will attend as the Distinguished Guest of Honour, while the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, will participate as the Special Guest of Honour.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), will grace the occasion as the Guest of Honour.

The seminar is designed to enhance the capacity of judges and legal practitioners in maritime adjudication, promote consistency in judicial decisions and strengthen the legal environment required to facilitate international trade, attract investment and support the sustainable growth of Nigeria’s marine and blue economy.

Participants will examine a wide range of emerging issues in maritime law through presentations by distinguished jurists, renowned maritime lawyers, academics and international experts.

Key discussion areas include the implementation of the Admiralty Jurisdiction (Procedure) Rules, 2023, ship mortgages and judicial sale of ships, maritime cargo claims under the port concession regime, arbitration and hybrid dispute resolution mechanisms, as well as the legal implications of demurrage, detention and storage charges in international shipping.

The seminar will also explore how Nigeria’s maritime dispute resolution system can be better aligned with international best practices to improve investor confidence and enhance the competitiveness of the country’s maritime sector.

In a demonstration of its growing continental relevance, the event is expected to attract Chief Justices from The Gambia, Ghana, Kenya, Liberia and Sierra Leone, alongside judges from their respective judiciaries.

Also expected are Justices of the Supreme Court and Court of Appeal, Judges of the Federal and State High Courts, legal advisers, in-house counsel, maritime practitioners, academics, regulators and other stakeholders from across the maritime industry.

The Nigerian Shippers’ Council said the seminar underscores its enduring commitment to strengthening maritime justice through continuous judicial engagement, knowledge sharing and the development of a robust legal framework capable of supporting efficient dispute resolution, facilitating trade and advancing Nigeria’s marine and blue economy agenda.

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