Connect with us

Headlines

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.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

NIMASA DG, Mobereola, briefs Tinubu on maritime development in Nigeria

Funso OLOJO, Editor

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, has briefed President Bola Ahmed Tinubu on the agency’s efforts to develop Nigeria’s maritime industry.

Mobereola, who met with the President at the State House, Abuja, also briefed him on developments within NIMASA over the past two years, highlighting the progress recorded by the agency as well as the challenges confronting the maritime sector.

Following the briefing, President Tinubu reaffirmed his administration’s commitment to the continuous development of Nigeria’s maritime industry, stressing the strategic importance of the sector to the nation’s economic growth.

The President noted that the creation of the Ministry of Marine and Blue Economy was a deliberate policy initiative aimed at unlocking the enormous potential of the maritime sector and increasing its contribution to Nigeria’s Gross Domestic Product (GDP).

While commending NIMASA for the progress recorded so far, President Tinubu charged Mobereola and his management team to sustain the momentum and remain focused on delivering reforms capable of transforming the maritime sector.

He urged the agency to intensify its efforts towards strengthening Nigeria’s maritime administration, improving the operating environment for stakeholders and positioning the sector as a major driver of economic growth and national development.

The meeting further underscored the Federal Government’s determination to harness Nigeria’s vast maritime resources as part of its broader economic diversification and blue economy agenda.

Continue Reading

Headlines

Oyetola inaugurates technical committee to drive sustainable fish production in Nigeria

Gloria Odion, Maritime reporter

The Federal Ministry of Marine and Blue Economy has inaugurated a Technical Committee on accelerating fish production in Nigeria, with a mandate to develop a practical roadmap for boosting sustainable domestic fish production and strengthening the country’s fisheries and aquaculture value chain.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, inaugurated the committee in Abuja on Thursday, August 27th, 2026 .

He charged members to move beyond policy recommendations and develop coordinated interventions capable of delivering measurable results in fish production, food security and job creation.

Oyetola said fish remains an important source of animal protein for millions of Nigerians, while the fisheries and aquaculture sector provides livelihoods across production, processing, marketing, transportation and related services.

However, he noted that domestic fish production remains substantially below national demand, creating implications for food security, household incomes and the country’s foreign exchange resources.

“Fish is an important source of animal protein for millions of Nigerians. The fisheries and aquaculture sector sustains livelihoods across production, processing, marketing, transportation and related services.

“However, domestic production remains substantially below national demand, with consequences for food security, household incomes and foreign exchange resources,” the Minister said.

He identified the high cost of production, particularly fish feed, inadequate access to quality fish seed and broodstock, weak fish health and biosecurity systems, post-harvest losses, and inadequate cold-chain and storage facilities among the major challenges confronting the sector.

Other constraints, according to him, include limited access to affordable finance, gaps in research and innovation, weak data systems, inadequate standards and traceability, as well as underdeveloped markets.

Oyetola said the transfer of fisheries and aquaculture functions to the Federal Ministry of Marine and Blue Economy had provided a stronger institutional platform for tackling these challenges within the broader framework of Nigeria’s blue economy development.

He reaffirmed the Ministry’s commitment to increasing sustainable domestic fish production, strengthening the fisheries value chain and progressively reducing the country’s dependence on imported fish.

The Minister recalled that the Ministry, in collaboration with the National Institute for Policy and Strategic Studies (NIPSS), convened a strategic roundtable on October 29, 2025, to examine ways of accelerating fish production in Nigeria.

The roundtable produced a number of recommendations aimed at addressing constraints affecting fish production and the wider fisheries and aquaculture value chain.

Oyetola explained that the newly inaugurated committee was constituted to critically assess those recommendations and translate viable proposals into a practical and prioritised implementation roadmap.

“Your assignment is not to develop another policy or establish a parallel programme,” Oyetola told members of the committee.

He directed the committee to assess the recommendations against the National Policy on Marine and Blue Economy, the National Fisheries and Aquaculture Policy, relevant legislation, existing government programmes and the statutory mandates of relevant institutions.

The committee is expected to scrutinise each recommendation and determine whether it should be adopted, refined, integrated into existing frameworks, subjected to further study or set aside where found to be unviable.

It will also map existing initiatives across the public, private and development sectors to strengthen proven interventions and prevent duplication in the deployment of scarce resources.

“Your final output should include a clear implementation roadmap and matrix setting out the priority interventions, responsible institutions, timelines, indicative costs, funding options, performance indicators and required approvals.

“It should also identify credible opportunities for private-sector investment, public-private partnerships, development finance and other sustainable funding arrangements,” the Minister said.

Oyetola urged members, drawn from government, academia, professional bodies, research institutions and industry, to approach the assignment with urgency, objectivity and a strong focus on results.

He stressed that the committee’s recommendations must be realistic, evidence-based and financially responsible, while delivering tangible gains in fish production, employment and food security.

The Minister assured the committee of the Ministry’s full institutional support and expressed confidence that its work would provide a practical pathway for accelerating sustainable growth in Nigeria’s fisheries and aquaculture sector.

Speaking earlier, the Permanent Secretary of the Federal Ministry of Marine and Blue Economy and Chairman of the committee, Mrs. Fatima Sugra Mahmood, assured that members would approach the assignment with a strong sense of responsibility.

Mahmood said the committee would thoroughly review the strategic roundtable’s recommendations and translate them into practical interventions capable of delivering measurable results.

She added that the committee would work closely with relevant government institutions, researchers, industry stakeholders and development partners to identify priority actions, address existing gaps and develop a realistic implementation roadmap.

According to her, the committee’s work would focus on accelerating sustainable fish production, strengthening the fisheries value chain and contributing to Nigeria’s food security and economic development.

Also speaking on behalf of other members, Prof. Akintola Shehu Latunji, a Professor of Fisheries at Lagos State University, thanked the Minister for the opportunity to serve.

He assured that the committee would collaborate with relevant stakeholders to fulfil its mandate and support efforts to catalyse fish production across the country.

Members of the committee include the Permanent Secretary of the Federal Ministry of Marine and Blue Economy, Mrs. Fatima Sugra Mahmood, as Chairman; Mr. Omoragbon Wellington, Director, Federal Department of Fisheries and Aquaculture, Abuja; Mr. Garba Usman, Director, Federal Department of Fisheries and Aquaculture, Lagos Office; Prof. Ayo Omotayo, Director-General, National Institute for Policy and Strategic Studies; and Prof. Sule Abiodun, Executive Director, Nigerian Institute for Oceanography and Marine Research.

Others are Prof. Akintola Shehu Latunji of Lagos State University; Prof. Sadiku Suleiman Omeiza of the Federal University of Technology, Minna; Dr. Faith Izibenua Zibs-Godwin, Bayelsa State Commissioner for Marine and Blue Economy; Dr. Charles Okaga, Technical Assistant to the Minister of Marine and Blue Economy; Dr. Ebinimi Ansa, President of the Fisheries Society of Nigeria; Mr. Onoja Sunday, President of the Catfish Farmers Association of Nigeria; Mr. Mashi Gabriel Sani, President of the Fisheries Cooperative Federation of Nigeria; Mr. Remi Ahmed, President of the Tilapia Development Association of Nigeria; and Dr. Charles Iyangbe, Country Representative of WorldFish Nigeria.

The committee has eight weeks to submit its report to the Ministry.

Continue Reading

Headlines

NIMASA tightens enforcement of Cabotage regime to protect indigenous ship owners

Funso OLOJO, Editor

The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced stricter enforcement of statutory requirements governing indigenous participation in Nigeria’s Cabotage trade, in a move aimed at protecting local ship owners and creating more opportunities for Nigerians in the maritime sector.

The Agency disclosed this in a Marine Notice issued pursuant to its statutory mandate to enforce applicable maritime laws, including the NIMASA Act 2007 and the Coastal and Inland Shipping (Cabotage) Act 2003, as well as relevant Cabotage regulations and implementation guidelines.

Under the enhanced enforcement regime, all individuals and entities requiring vessels for Cabotage operations are required to engage vessels that comply with Nigeria’s ownership, registration, manning and construction requirements and are duly registered in the Special Register for Vessels and Ship Owning Companies engaged in Cabotage.

NIMASA also directed all vessels, owners, operators, charterers, managers and other stakeholders participating in Cabotage activities to maintain valid statutory certificates, licences, registrations and other required documentation.

The Agency stressed that Cabotage vessels must, where applicable, be wholly owned by Nigerian citizens, duly registered in the relevant Special Register, manned by Nigerian citizens and built in Nigeria.

However, deployment of vessels that do not satisfy these requirements may only be considered where the requisite Nigerian capacity is unavailable and the statutory conditions for such deployment have been established and verified by NIMASA.

The Agency said it would continue to monitor compliance with the Cabotage Act, its regulations and applicable guidelines, stressing that the objective is to strengthen maritime governance and ensure that employment opportunities reserved for Nigerians are not outsourced to foreign interests.

The Marine Notice, which takes immediate effect, further underscores NIMASA’s commitment to promoting indigenous participation in Nigeria’s local and international shipping trade, strengthening domestic maritime capacity and ensuring that Cabotage operations contribute meaningfully to the nation’s economic development.

The enhanced enforcement comes amid persistent concerns over foreign dominance of Nigeria’s Cabotage trade and the limited capacity of indigenous operators to fully take advantage of the opportunities created by the law.

NIMASA said the renewed enforcement would help deepen local participation, promote investment in the Nigerian shipping industry and advance the development of a stronger indigenous fleet capable of supporting the country’s maritime and blue economy ambitions.

Continue Reading

Trending