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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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Customs

Customs PR officers dominate NCCSC graduation, clinch overall best honours

Gloria Odion, Maritime reporter 

The Public Relations Unit of the Nigeria Customs Service has recorded a rare academic feat as two of its officers emerged the top graduating students at the Nigeria Customs Service Command and Staff College (NCCSC), Gwagwalada.

At the graduation ceremony for Senior Course 14 held on Friday,June 26th, 2026,  Chief Superintendent of Customs (CSC) Ridwan Yusuf was named the Overall Best Graduating Student, capping an outstanding performance by winning three additional awards.

His colleague, CSC Nuruddeen Sa’idu, was named the Second Best Graduating Student, completing a remarkable sweep by officers from the Service’s Public Relations Unit.

The double honour highlights the intellectual depth, leadership capacity and professionalism within the Customs Public Relations Unit, demonstrating that its officers excel not only in strategic communication but also in administration, operational management and policy leadership.

Beyond the accolades, the achievement is expected to open another chapter in their careers, as both officers may be retained by the College as Directing Staff, in keeping with the institution’s tradition of engaging its highest-performing graduates to mentor future participants.

If confirmed, the appointments would recognise their exceptional academic and professional abilities while entrusting them with the responsibility of shaping the next generation of Customs leaders, although their absence would be keenly felt within the Public Relations Unit.

The Nigeria Customs Service Public Relations Unit congratulated both officers on their outstanding accomplishments and wished them continued success as they assume greater responsibilities in service to the nation.

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Headlines

Stakeholders hail commitment of NIMASA to welfare of Nigerian seafarers as salaries jump by 150 percent 

 Funso OLOJO, Editor

The Nigerian Maritime Administration and Safety Agency (NIMASA) has won widespread acclaim from key maritime stakeholders for its sustained commitment to improving the welfare, remuneration and professional development of Nigerian seafarers, with reforms that have increased their earning capacity by over 150 per cent.

The commendations came on Thursday, June 25th, 2026 during the 2026 Day of the Seafarer celebration in Lagos, where government officials, lawmakers and labour leaders unanimously applauded the agency’s efforts to reposition Nigerian seafarers for global competitiveness.

Leading the tributes were the Minister of Marine and Blue Economy, Adegboyega Oyetola, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshilokin,  Chairman of the House Committee on Maritime Safety, Education and Administration, Khadija Bubar Abba Ibrahim, represented by her Deputy, Uduak Alphonsus Odudou and President-General of the Maritime Workers Union of Nigeria (MWUN), Comrade Francis Bunu Abi.

They praised NIMASA for implementing policies and programmes that have significantly improved the welfare, working conditions and international recognition of Nigerian seafarers.

Earlier, the Director-General of NIMASA, Dr. Dayo Mobereola, highlighted the agency’s strategic interventions, revealing that over 2,459 cadets have been trained or are currently undergoing training in reputable maritime institutions across the world under the Nigerian Seafarers Development Programme (NSDP).

Mobereola disclosed that Nigerian seafarers’ earning capacity has risen by more than 150 per cent following NIMASA’s successful enforcement of the Maritime Labour Convention (MLC) 2006 and the integration of the National Joint Industrial Council (NJIC) agreement into the International Transport Workers’ Federation/International Labour Organization (ITF/ILO) wage framework.

The development, he explained, has effectively placed Nigerian seafarers on internationally recognised wage scales and improved their conditions of service.

“At NIMASA, the welfare, safety, security and professional advancement of seafarers remain central to our maritime governance agenda.

“We recognise that protecting and empowering seafarers is not merely a regulatory obligation but a moral imperative and a strategic necessity for sustaining the growth and resilience of the maritime industry.

“In line with this commitment, the Agency has continued to champion strategic initiatives aimed at enhancing the global competitiveness of Nigerian seafarers,” Mobereola said.

He called for stronger collaboration among governments, maritime administrations, shipowners, employers, training institutions, labour unions and other industry stakeholders to build a maritime ecosystem that prioritises safety, dignity, inclusion, wellbeing and professional excellence of seafarers.

According to him, the complex risks faced by seafarers require a collective and sustained response from all stakeholders.

The NIMASA boss described the annual Day of the Seafarer celebration as more than a ceremonial event, saying it should serve as a renewed commitment to ensuring that every seafarer is respected, protected, fairly treated and empowered to realise his or her full potential.

He paid glowing tribute to seafarers for their invaluable contributions to global commerce despite the enormous challenges they confront at sea.

“Beyond transporting cargo, seafarers navigate unpredictable weather conditions, demanding working environments, evolving security threats and increasing geopolitical realities.

“They endure prolonged separation from their families and loved ones while coping with the physical and psychological demands inherent in life at sea.

“Yet they continue to demonstrate exceptional resilience, professionalism and unwavering commitment,” he said.

Addressing Nigerian seafarers and their counterparts across the world, Mobereola added:

“You are not only the backbone of global trade but also proud ambassadors of our maritime nation. Your contributions continue to strengthen the maritime sector, support economic growth and enhance Nigeria’s standing within the international maritime community.”

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Headlines

FG to Shipping Firms: End abuse of Nigerian Seafarers now or face consequences

— as Oyetola vows zero tolerance for poor welfare of seafarers , unveils national carrier plan to boost jobs, sea-time training

Funso OLOJO, Editor

The Federal Government has issued a stern warning to shipping companies, crewing agencies and shipowners against the maltreatment of Nigerian seafarers, declaring that any practice that undermines their welfare, safety and dignity will no longer be tolerated.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, delivered the warning at the 2026 Day of the Seafarer celebration held in Lagos on Thursday, June 25th,2026, where he reaffirmed the government’s commitment to protecting Nigerian seafarers and improving their welfare.

The event, themed “Carrying World Trade, Carrying the Risk,” drew key stakeholders from across the maritime industry, including heads of maritime agencies, members of the National Assembly, shipping companies, crewing agencies, ministry officials, maritime labour unions and seafarers.

Speaking through the Director of Maritime Safety and Security in the Ministry, Mr. Makoji Musa, Oyetola said the era of neglecting Nigerian seafarers must come to an end.

“Let me send a clear message to all shipping companies, crewing agencies and employers of seafarers.

“Our seafarers must be treated with dignity, fairness and respect at all times.

“The era of neglecting the welfare of seafarers, denying them their legitimate entitlements, or subjecting them to unacceptable working conditions must come to an end.

“The well-being of our maritime workforce is non-negotiable,” the minister declared.

Oyetola described seafarers as the backbone of global commerce, noting that they facilitate over 85 per cent of world trade despite operating under difficult and often hazardous conditions.

“Behind every successful voyage lies a story of commitment, endurance and sacrifice,” he said.

“Seafarers spend long periods away from their families, work under demanding conditions and navigate increasingly complex operational and security challenges.

“Their profession requires not only technical competence but also courage, discipline and exceptional resilience.”

He stressed that celebrating seafarers should go beyond ceremonial speeches and translate into concrete actions that improve their working conditions, strengthen safety standards and safeguard their rights.

The Minister reiterated the Federal Government’s commitment to advancing maritime safety, security and decent work through reforms targeted at improving maritime education and training, raising certification standards, expanding employment opportunities for Nigerian seafarers and ensuring full compliance with international maritime conventions.

In a major policy announcement, Oyetola disclosed that the Ministry is in the final stages of establishing a national shipping carrier under a Public-Private Partnership (PPP) arrangement.

According to him, the initiative is designed to reduce the country’s dependence on foreign shipping lines, curb capital flight, strengthen indigenous shipping capacity and, crucially, create more employment opportunities for Nigerian seafarers.

He explained that the proposed national carrier would also address one of the biggest challenges confronting Nigerian cadets by providing adequate sea-time training required for international certification and employment.

“The Ministry is finalizing plans to establish a national shipping carrier through a Public-Private Partnership arrangement.

“This strategic initiative will help stem the enormous capital flight associated with the dominance of foreign shipping lines, enhance Nigeria’s participation in international maritime trade and strengthen our national shipping capacity.

“Importantly, the initiative will create new opportunities for Nigerian seafarers by expanding sea-time placements, increasing employment prospects, developing local maritime expertise and providing a sustainable platform for career advancement,” Oyetola said.

The Minister maintained that protecting the welfare and rights of seafarers remains central to the Federal Government’s vision of building a globally competitive maritime sector and unlocking the full potential of Nigeria’s blue economy.

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