Headlines

22 years after, Federal government renews commitment to disbursement of CVFF

—as Oyetola dispatches NIMASA DG to Finance Minister to discuss modalities for disbursement.

Funso OLOJO

In what has become a sing- song for successive administrations to disburse the Cabotage Vessels Financing Fund(CVFF) 22 years after its establishment, the President Bola Ahmed Tinubu government has again raised the hope of indigenous ship owners over the controversial fund.

Established in 2003 under the Coastal and Inland Shipping Act(Cabotage), the CVFF was meant to empower indigenous operators through the disbursement of the fund accrued from the two percent Cabotage contract contributions made into the pool.

But for the past 22 years, it has always been a waiting game as no disbursement had even been made.

However, President Tinubu seems determined to change the negative narrative as he has reaffirmed its determination to break the jinx and disburse the fund.

This promise was made through the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun while engaging Dr. Dayo Mobereola, the Director -General of Nigerian Maritime Administration and Safety Agency (NIMASA) and his team in a discussion in Abuja.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has asked Mobereola to meet with Mr Edun to smoothe the rough edges and discuss on how to remove all impediments to facilitate the disbursement of the fund.

Mr. Edun emphasized that the CVFF disbursement remains a priority, as it is expected to have a positive ripple effects on the economy, drive growth, create employment opportunities, and strengthen Nigeria’s position as a major maritime hub in Africa.

Dr. Mobereola however stated that the Ministry of Marine and Blue Economy has identified the CVFF disbursement as a key performance indicator (KPI) for 2025.

“The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries.

” This administration is committed to unlocking the sector’s full potential,” Dr. Mobereola said.

He further noted that the funds have been domiciled with the Central Bank of Nigeria (CBN) since the implementation of the Treasury Single Account (TSA).

As part of efforts to accelerate the process, the Minister of Finance has approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee on CVFF disbursement, under the supervision of the Ministry of Marine and Blue Economy.

The Finance Minister also stressed the importance of regular updates and transparency in the utilization of the fund, ensuring that contributors and key stakeholders benefit efficiently while positioning Nigeria’s maritime industry for sustainable growth.

Headlines

Maersk’s suspension of shipping operations through Strait of Hormuz raises anxiety among Nigerian importers

Attack on vessel in the Strait of Hormuz

Funso OLOJO, with agency report

The on- going hostilies in the Middle East have continued to stifle international trade as most of the shipping companies have suspended voyage through the troubled Strait of Hormuz.

The joint attacks by the military forces of the United States of America (USA) and Israel on the Islamic Republic of Iran, which resulted in the assassination of its Supreme leader, Ayatollah Ali Khomenei and over 40 top military officers of the Islamic country,have put a strain on shipping operations along the busy vessel route of Strait of Hormuz as the Houthis militias, who are sympathetic to Iran, have threatened to attack vessels on the route.

Strait of Hormuz accounts for one third of the world shipping passage while the route accommodates the world largest crude tankers , despite its narrow width.

As a result of the threats, which have raised safety concerns on the vessels, cargos and crews, major shipping lines have halted their operations along the route.

Maersk, the world’s largest container shipping company, has halted passage of cargo vessels through the Strait of Hormuz for “safety” reasons.

“We are suspending all vessel crossings in the Strait of Hormuz until further notice,” the Danish group said in an online advisory.“The safety of our crews, vessels and customers’ cargo remains our key priority,” it said.

Iran’s Revolutionary Guard had earlier announced the Strait’s closure.

Major Middle Eastern oil and gas exporters rely on it to move supplies to international markets while importing nations depend on its uninterrupted operation.

China, one of the biggest destinations of Nigerian importers, make use of the route for import of the crude oil from the Middle East, especially Iran and export of its manufactured goods to the developing countries, especially Nigeria.

This development has raised anxiety among Nigerian importers who expressed concerns over the implications of the disruption on the route one the cost of imports, especially from China.

Headlines

NRC hosts Rotary Club on mobile train

Gloria Odion, Reporter

The Nigerian Railway Corporation (NRC) has played host to the Rotary Club of Ota by hosting Nigeria’s first-ever Rotary fellowship on a moving train, setting a remarkable benchmark for innovation in civic and humanitarian engagement.

The groundbreaking event brought together members of the club aboard a moving train for fellowship, leadership interaction, and strategic discussion centered on service to humanity, climate action, and sustainable community development.

The fellowship was led by the President of the Rotary Club of Ota, Mr. Charles Umukoro, alongside members of the club’s executive and general membership.

A major highlight of the occasion was the visit of the Railway District Manager, Engr. Rasheed Adedeji, who warmly welcomed the Rotarians on board.

His presence underscored the significance of the event and further strengthened the cordial relationship between the railway management and the Rotary Club.

In a symbolic moment reflecting shared values of service and partnership, Engr. Rasheed Adedeji was formally inducted as a member of the Rotary Club of Ota following his welcome address, adding prestige and deeper institutional collaboration to the landmark fellowship.

The moving-train fellowship was widely described as symbolic of progress, innovation, and forward movement—values that align closely with the transformation agenda of the Nigerian Railway Corporation.

The Nigerian Railway Corporation said it was committed to supporting initiatives that promote national development, environmental sustainability, and community advancement, while showcasing the railway as a safe, modern, and strategic platform for engagement.

Headlines

In Malmo, Sweden, NIMASA renews capacity development partnership with WMU

Gloria Odion, Maritime Reporter

The Nigerian Maritime Administration and Safety Agency (NIMASA), has renewed its strategic capacity development partnership with the World Maritime University (WMU), Malmö, Sweden, through the signing of a four-year Memorandum of Understanding (MoU) aimed at strengthening Nigeria’s maritime human capital and institutional capacity.

Speaking at the MoU signing ceremony, the Director General of NIMASA, Dr. Dayo Mobereola, described the partnership as a critical pillar in NIMASA’s human capital development framework and a strategic investment in Nigeria’s maritime future.

“This collaboration has significantly strengthened our technical and regulatory capabilities over the years.

“Officers trained at WMU have enhanced our effectiveness in maritime safety administration, environmental compliance, maritime law, and shipping management.

“Their expertise has also reinforced Nigeria’s participation at the International Maritime Organization and other international maritime platforms,” he stated.

Under the renewed MoU, which was first signed in 2022, NIMASA will sponsor at least ten officers annually for the 14-month Master of Science programme at WMU in Malmö for the 2026–2029 intakes, as well as at least one officer for the Master of Philosophy (MPhil) programme jointly delivered by WMU and the International Maritime Law Institute (IMLI), Malta.

The MoU also provides for distance learning, executive professional development courses, research collaboration and technical assistance to strengthen NIMASA’s capacity in maritime safety, environmental management, seafarer certification and implementation of international maritime instruments.

WMU will further seek additional fellowships from international donors for qualified NIMASA candidates.

Dr. Mobereola endorsed the MoU on behalf of NIMASA with the President of WMU, Professor Maximo Q. Mejia Jr signing on behalf of the University while Executive Director Finance and Administration, NIMASA ,Chudi Offodile and the Registrar of WMU, Mr. Peter Marriott both signed as witnesses.

Established in 1983 by the International Maritime Organization, WMU was mandated to strengthen global maritime capacity, particularly in developing countries.

The University has since become a leading centre of excellence, and Nigeria has benefited significantly through the training of NIMASA officers who continue to enhance national maritime governance and international engagement.