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Breaking! Indigenous ship owners to access $700m CVFF in August, 2025– Mobereola

–as NIMASA appoints 12 PLIs to administer the fund
Funso OLOJO
Hope of the indigenous ship owners to access the much elusive Cabotage Vessel Financing Funds(CVFF) after  over  two decade delay, brightens as the Director General of the Nigerian Maritime Administration and Safety Agency(NIMASA) , Dr Dayo Mobereola, has disclosed that the disbursement of the controversial fund with commence in August, 2025.
Mobereola, who was speaking  on Wednesday, April 23rd, 2025 during the over sight visit by the House of Representatives Committee on Maritime Safety, Education and Administration, said the process for the disbursement of the $700m intervention funds has reached an advanced stage with the appointment of 12 Primary Lending Institutions(PLIs) to administer the funds.
Five PLIs were initially appointed by the immediate past administration of the agency led by Dr Bashir Jamoh.
The accelerated process for the disbursement of the funds followed the marching order given by the Minister of Marine and Blue economy, Adegboyega Oyetola, to NIMASA to immediately proceed with the disbursement process.
 “What we have done is to streamline the guidelines according to what has been approved by the Honorable Minister of Marine and Blue Economy in order to ensure that it takes nothing less than three to four months for ship-owners to access the funds.
“What is most important about it is that we are also making use of the banks.
” So it will not be totally a NIMASA project. The banks are going to carry out the initial risk assessment, to be sure that whoever wants to access this fund has the capacity in terms of his own financial capacity.
“The bank is going to lend 35 percent while NIMASA is going to lend the other 50 percent while the remaining 15 percent equity shares will be provided by the beneficiary of the fund.
“So that risk is being taken on by the bank to ensure that whoever is coming to us is a bonafide shipping company, who has capacity to trade and who has the capacity to also repay back because it’s a revolving fund.
“The strength that we do not have, we have handed it over to the bank to help us to manage that side of it.
“Once we start it, before the end of this year, by God’s grace, it will be revolving and it will be just continuous over the years.
“We have expanded the PLIs to 12 banks. We re-advertised and the former ones also applied.
“So we have 12 banks now. And the fact remains that we are still insisting that we want single digits interest rates because we want our shipping companies, our vessels ,to be able to compete with international shipping companies.
“And we need patient capital, meaning that when a loan is given, the loan is given for about 15 years, 20 years, so that a shipowner doesn’t have to be under pressure to pay back immediately. That is one side of it.
“The other part of it is that we are also working to ensure that there is cargo for them to carry.
We are working with the cargo generators, the NNPCs, the NLNGs, the exporters, to make sure they patronise Nigerian vessels that will be available at that time.
” So it’s a win-win and the ship owners are on board with us.”
Speaking earlier, the acting Chairman of the House Committee on Maritime Safety, Education and Administration, Honorable Uduak Odudoh, assured the NIMASA DG of the support of the committee.
 “I can say of the truth that what we’ve seen so far today, starting from the presentations that were made by the DG, that we are impressed.
“We are impressed primarily when the DG was doing his presentation.
“We saw that in the last three years that we’ve not had one single piracy and other maritime crimes.
“And what does that entail? That means people that are doing business in the water now has the opportunity to do their businesses freely.
“And NIMASA will now also have more opportunity to generate more funds to the nation.
“Let me also tell the DG, he’s about one year now on the saddle and a lot of innovations that he has brought into work, we are impressed.
“And what is left for him is for him to improve upon the achievements of his predecessor and even surpass them.
“When he was doing his presentation, he also mentioned some challenges which we had taken so seriously.
“When we get to the National Assembly, we will continue to work, collaborate with NIMASA, collaborate with the Ministry of Marine and Blue Economy, for the success of this present government, the success of Nigeria.” the law maker declared.
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NRC grants Lagos Government permanent approval to operate Red Line rail services

Funso OLOJO, Editor

The Nigerian Railway Corporation (NRC) has granted final approval to the Lagos State Government to operate two of its rail tracks under the Track Sharing Agreement, paving the way for the full operation of the Lagos Rail Mass Transit (LRMT) Red Line project.

The LRMT Red Line commenced passenger operations on October 15, 2024, with morning and evening peak-hour services following its inauguration by President Bola Ahmed Tinubu.

The permanent approval follows the temporary operating approval granted by the NRC in 2025 under the Track Sharing Agreement with the Lagos State Government.

Presenting the Permanent Operating Licence to the Lagos Metropolitan Area Transport Authority (LAMATA) on Tuesday, June 30th, 2026, the Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa, said the approval confers on the Lagos State Government all the rights and obligations contained in the Track Sharing Agreement.

According to him, the licence also empowers the state to operate rail services in line with international best practices.

Opeifa described the milestone as a testament to the mutual trust, cooperation and shared vision that have continued to define the partnership between the NRC and the Lagos State Government.

“Beyond providing access to the tracks, our collaboration has also included the training and capacity development of the Red Line’s operational personnel, demonstrating the immense value of strong institutional partnerships,” he said.

He commended the Lagos State Government for its confidence in the NRC and its sustained commitment to the partnership.

“I also commend the Government for its remarkable investment in public transportation, particularly in the rail subsector, including the acquisition of adequate rolling stock to meet the growing mobility needs of Lagosians,” he added.

The NRC Managing Director noted that the development of modern rail infrastructure requires foresight, substantial capital investment and sustained political will, qualities he said the Lagos State Government has consistently demonstrated.

Opeifa also urged other state governments across the federation to invest in rail infrastructure and services to complement the Federal Government’s efforts to strengthen Nigeria’s railway network.

According to him, expanding rail transportation nationwide would ease congestion on highways, reduce logistics costs, improve passenger mobility, stimulate industrial and commercial activities, and accelerate national economic growth.

He stressed that rail transportation remains the backbone of efficient mass transit systems in major cities around the world.

“Continued investment in rail infrastructure is essential to providing safe, reliable, environmentally sustainable and high-capacity mobility for our growing population, while significantly reducing pressure on our road network,” he said.

Opeifa reaffirmed the NRC’s commitment to fostering productive partnerships that will transform Nigeria’s transport landscape.

“Together, we will continue to build an integrated, efficient, safe and sustainable railway system that serves the aspirations of all Nigerians,” he concluded.

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NPA unveils multi-agency task force to tackle resurgent port access gridlock

Funso OLOJO, Editor

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of the NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said.

“If you look at the international recognition we are receiving, including the World Bank report, we are determined to sustain and even surpass the improvements already recorded in our port system.
“You can be assured that we remain fully committed to achieving the best possible performance from our ports.”

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Customs Steps Up Nationwide Green Tax Awareness Ahead of July 1 Rollout

Funso OLOJO, Editor

The Nigeria Customs Service (NCS) has intensified its nationwide sensitisation campaign ahead of the July 1, 2026 implementation of the Green Tax Surcharge and related fiscal adjustments, aimed at promoting environmental sustainability and encouraging the importation of cleaner vehicles.

The awareness campaign, held on Friday July 26th, 2026 at the Apapa Area Command, brought together Customs officers, licensed customs agents, freight forwarders, importers and other key stakeholders under the theme: “Implementation of the Green Tax Surcharge and Related Fiscal Adjustments.”

Representing the Comptroller-General of Customs, Adewale Adeniyi, the Zonal Coordinator, Zone A, Mohammed Babadende, said the exercise was designed to ensure stakeholders fully understand the policy before its implementation.

“This sensitisation is designed to ensure that every stakeholder clearly understands the policy before implementation. Our objective is to eliminate uncertainty, promote voluntary compliance and guarantee uniform application of the Green Tax Surcharge across all commands,” Babadende stated.

Delivering a technical presentation, the Comptroller in charge of Tariff, System Audit and Coordination, Murtala Muazu, explained that the Green Tax Surcharge is different from conventional fiscal measures and would therefore require a separate assessment process.

He disclosed that the Service has simplified implementation through the HS Code declaration platform to facilitate seamless compliance by importers and clearing agents.

Muazu also revealed that the Federal Government has reduced import levies on vehicles from 20 per cent to 10 per cent, while import duty on used vehicles has been slashed from 15 per cent to five per cent to cushion the impact of the new environmental surcharge.

Area Controllers who participated in the sensitisation urged importers, licensed customs agents and the trading public to embrace the initiative, stressing that the reduction in import levies would lower the cost of doing business, promote legitimate trade and ultimately reduce transportation costs.

Stakeholders welcomed the policy but called for sustained public enlightenment to deepen understanding and ensure seamless compliance ahead of the July 1 commencement date.

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