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Oyetola expresses determination to stop granting waiver requests under Cabotage regime

–– vows to resuscitate abandoned National shipping carrier initiative 
Funso OLOJO 
In a determined effort to boost indigenous participation in shipping, the Minister of Marine and Blue economy, Adegboyega Oyetola, has vowed not to entertain any request for waivers under the Cabotage regime.
The Coastal and Inland Shipping Act, also known as the Cabotage Act, restricts domestic coastal shipping to Nigerian-owned, Nigerian-crewed, and Nigerian-built or -flagged vessels.
 However, waivers have often been granted to foreign vessels when local capacity is deemed insufficient.
Over the years, these waivers, which are at the prerogative of the minister, have significantly limited the growth of Nigerian shipping companies, depriving them of critical opportunities in the domestic shipping space.
However, speaking recently while receiving a high-level delegation from NNPC Shipping, Stena Bulk, and Caverton Offshore Support Group at the Ministry in Abuja, Minister Oyetola stated his firm resolve to reverse this trend.
The visit comes on the heels of the formal unveiling of Unity Shipping World (USW), a newly formed joint venture by NNPC Shipping, global maritime giant Stena Bulk, and Nigerian offshore service leader Caverton Offshore Support Group.
The joint venture aims to establish a robust tanker operation capable of transporting crude oil, refined products, and LNG within Nigeria, West Africa, and globally.
“The era of indiscriminate waivers is coming to an end,” Oyetola declared.
“We cannot continue to undermine our local capacity under the guise of temporary foreign intervention.
“It is time to build Nigerian tonnage, support Nigerian jobs, and give indigenous operators a fair chance to thrive. That is the only sustainable path to maritime development.”
As part of this renewed focus on indigenous capacity, the Minister had earlier directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately commence the process that will lead to the disbursement of the Cabotage Vessel Financing Fund (CVFF).
The fund, which has accumulated over the years from Cabotage levies, is intended to assist Nigerian shipowners in acquiring vessels and enhancing their operational capacity.
“The disbursement of the CVFF is no longer optional — it is imperative,” Oyetola stated.
“Our indigenous operators must be empowered to acquire modern vessels and effectively render services that have, for too long, been dominated by foreign shipping concerns.
“As we work to bring the waiver regime to a close, this support becomes even more critical.”
In the meantime, the Minister also reiterated his commitment to resuscitate the moribund national shipping carrier initiative which was initiated and later abandoned during the last administration of President Mohammed Buhari
Also speaking during the visit, the CEO of Caverton Offshore Support Group, Bode Makanjuola, described the joint venture between his company, Stena Bulk and NNPC Shipping as a game-changer for Nigeria’s maritime industry.
He said the newly formed Unity Shipping World (USW) will deliver efficient, reliable, and sustainable maritime transport services.
 According to him, the company will focus on building a modern fleet, acquiring both new and existing vessels, and optimizing cost and operational efficiency.
He said USW’s fleet is expected to primarily support NNPC’s logistics requirements, while also catering to the broader energy sector, including other oil producers and traders.
He emphasized the company’s focus on sustainability, safety, and long-term value creation, highlighting the importance of building capacity for Nigerian seafarers.
“This partnership is the culmination of extensive planning and shared vision,” said Makanjuola.
 “It combines local expertise with international best practices to create a maritime powerhouse. Unity Shipping World will proudly fly the Nigerian flag and play a critical role in training and empowering Nigerian seafarers.”
Managing Director of NNPC Shipping, Panos Gliatis, said, “With this strategic alliance, we are enhancing domestic refining, imports, and exports — reinforcing Nigeria’s pivotal role in global energy logistics,” Gliatis said.
Stena Bulk’s President & CEO, Erik Hånell, echoed the sentiments, noting that the venture aligns with his company’s goals.
“We are committed to operational excellence and expanding into key energy markets,” Hånell stated.
 “This partnership supports our long-term strategy while advancing Nigeria’s energy and shipping landscape.”
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Headlines

Maritime Journalists’ associations fuse, hold unity conference on sectorial reforms

Adegboyega Oyetola

Gloria Odion, Maritme reporter

The Network of Nigerian Maritime Journalists (NNMJ) is set to bring together leading government officials, maritime regulators, industry experts and private sector operators at its Unity Conference scheduled for Friday, November 13th, 2026, in Lagos, to deliberate on reforms and strategies for repositioning Nigeria’s maritime industry.

The conference, scheduled for 11:00 a.m. at the Airport Hotel, Ikeja, will focus on the performance, policy direction and reform agenda of the maritime sector under President Bola Ahmed Tinubu’s administration, with particular emphasis on seaport modernisation, trade facilitation and revenue generation.

Former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barrister Temisan Omatseye, will chair the conference, while the Minister of Marine and Blue Economy, Adegboyega Oyetola, will attend as Special Guest of Honour.

Renowned maritime lawyer, Barrister Emeka Akabogu, SAN, is expected to deliver the keynote address on the theme, “Seaport Modernisation, Trade Facilitation and Revenue.”

The conference is expected to provide a platform for critical engagement among policymakers, industry operators and other stakeholders on practical measures to improve port efficiency, strengthen maritime infrastructure and maximise the sector’s contribution to national economic development.

Deliberations will centre on the modernisation of Nigeria’s seaports, rehabilitation and renewal of critical maritime infrastructure, streamlining of cargo clearance procedures, trade facilitation and initiatives to improve the ease of doing business.

Participants will also examine strategies for enhancing government revenue, plugging financial leakages and tackling operational bottlenecks that continue to affect the efficiency and competitiveness of the maritime industry.

Other issues expected to feature prominently include investment opportunities in the marine and blue economy, employment generation, maritime safety and security, and measures to strengthen Nigeria’s position in the global maritime industry.

The gathering is expected to attract heads of maritime agencies, managing directors of shipping companies, terminal operators, freight forwarders and other key stakeholders across the maritime value chain.

According to the organisers, the Unity Conference is designed to encourage constructive dialogue, deepen public-private sector collaboration and generate policy recommendations capable of improving port operations, facilitating legitimate trade and unlocking the vast economic potential of Nigeria’s maritime sector.

The conference will also underscore the role of maritime journalism in promoting transparency and accountability, providing independent industry analysis and keeping the public informed about government policies, regulatory developments and reforms within the marine and blue economy.

Through the initiative, NNMJ seeks to strengthen professional relationships within the maritime industry, foster greater cooperation among stakeholders and provide a platform for exchanging ideas and developing practical solutions to the challenges confronting the sector.

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Headlines

Mustapha Mohammed leads NANTA delegation to WTM London as NTDA stages comeback

Mustapha Mohammed

Funso OLOJO, Editor 

Nigeria’s organised private tourism sector is taking the lead in restoring the country’s presence on the global tourism stage as the National Association of Nigeria Travel Agencies (NANTA) prepares to showcase the country’s tourism potential at the 2026 World Travel Market (WTM) in London.

The three-day international tourism exhibition, scheduled for November 3 to 5, will see NANTA lead a delegation of Nigerian tourism stakeholders, with the Nigerian Tourism Development Authority (NTDA) also expected to participate, marking Nigeria’s return to the global marketplace after missing last year’s edition.

The renewed participation is particularly significant against the backdrop of Nigeria’s inconsistent presence at the annual exhibition since 2013, following the departure of Otunba Segun Runsewe from the then Nigerian Tourism Development Corporation (NTDC), now NTDA.

The absence of a sustained government-backed presence at the event has, over the years, raised concerns about Nigeria’s visibility, destination marketing and competitiveness in the international tourism market.

In response, NANTA stepped in to sustain the country’s participation, mobilising its members and privately sourced resources to secure Nigeria’s presence at WTM London for three consecutive years between 2022 and 2024, without government funding.

The association subsequently handed over the responsibility to the Federal Government through the then Ministry of Tourism and its relevant agency at a ceremony during the 2024 edition of the exhibition, in the hope of ensuring a more sustainable national participation.

This year’s outing will be led by NANTA’s First Deputy President, Mustapha Mohammed, who is heading a high-powered delegation to London in what represents his first international assignment since his election into the association’s leadership.

Mohammed is representing NANTA President, Dr Yinka Folami, who is currently engaged in another assignment on behalf of the association.

Speaking from London ahead of the exhibition, Mohammed expressed excitement about leading the delegation, commending NANTA members for their commitment and sacrifices towards promoting Nigeria’s tourism industry.

“I feel privileged to lead this great association to the London travel market and, most interestingly, to inspire again the return of Nigeria to the global tourism and travel trade market.

“We are proud to be the only association with a dedicated stand at WTM London, and I must thank our president, Dr Yinka Folami, for making this happen.

“As usual, we expect the teeming numbers of NANTA members to be here to make Nigeria proud. We understand NTDA will be here, and together, Nigeria’s tourism flag will fly again,” he said.

Meanwhile, NANTA’s immediate past president, Susan Akporiaye, has arrived in London ahead of the exhibition. She is reportedly coordinating efforts to facilitate the Federal Government’s participation through the NTDA and ensure a smooth national outing.

Her involvement reflects her continued engagement with the industry’s international promotion efforts, particularly the drive to ensure that Nigeria’s representation at global tourism exhibitions is coordinated by experienced industry stakeholders.

Also expected at WTM London is the Chairman of the Nigeria Tourism Sector Skills Council and immediate past President of the Federation of Tourism Associations of Nigeria (FTAN), Nkereweum Onung.

Onung, who also serves as Honorary Senior Special Adviser on Culture and Tourism to Akwa Ibom State Governor, Pastor Umo Eno, is expected to use the international platform to promote Nigeria’s tourism opportunities and strengthen engagement with global industry players.

He is also expected to unveil a new tourism marketing company, Experience Ibom, later in the year as part of efforts to market Akwa Ibom State as a destination for domestic and international tourists.

The initiative is expected to complement Governor Eno’s tourism development agenda, which includes investments in tourism infrastructure and efforts to position the state as an attractive destination for visitors.

For Nigeria, the return to WTM London presents an opportunity to rebuild international tourism relationships, attract destination-marketing partnerships and draw investment into the country’s largely untapped tourism assets.

Beyond the international attention generated by Afrobeats and Nigeria’s rich culinary heritage, particularly its globally celebrated Jollof rice, stakeholders believe the exhibition offers an avenue to translate the country’s cultural appeal into concrete tourism opportunities.

With NANTA providing a strong private-sector presence, the anticipated participation of the NTDA and the involvement of other industry stakeholders, the focus will be on converting Nigeria’s renewed visibility into business partnerships, investment commitments and increased international visitor arrivals.

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Commentaries

The CVFF Controversy: Why  war of words won’t buy Nigerian ships

Monday Discourse with Ibrahim Nasiru

The ongoing conversation regarding the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping owners has taken a dramatic and highly confusing turn.

For over twenty years, local shipowners have looked forward to this fund as the critical lifeline that would finally allow Nigerians to own high-capacity vessels, dominate our own coastal waters, and stop foreign ships from taking over our maritime economy.

But while the bureaucracy delayed, the narrative became deeply fractured.

The maritime industry was recently rocked by a shocking revelation from former NIMASA Director-General ,Temisan Omatseye, at the 2026 Shipping Correspondents Association of Nigeria (SCAN) Summit.

Omatseye exposed what he described as a legacy structural error, claiming that dollar receipts collected from local operators were historically swept and converted into Naira by the Accountant-General’s office to chase higher domestic interest rates.

In a swift and aggressive counter-response dated November 1, 2026, the current Director-General of NIMASA, Dr. Dayo Mobereola, flatly dismissed the claims.

Mobereola insisted that there has been absolutely no conversion of the dollar-denominated component of the fund, asserting that all USD contributions remain fully intact within the Central Bank of Nigeria (CBN).

This public clash between a former helmsman and the current leadership creates a massive transparency crisis.

In the global maritime industry, shipping assets are priced strictly in US Dollars. If Omatseye’s account of past historical conversion is true, then a massive portion of the fund’s purchasing power has vapourized due to the recent steep devaluation of the Naira.

If Mobereola’s denial is correct, then the full $700 million value remains intact.

To settle this confusion once and for all, the Ministry of Marine and Blue Economy must move beyond mere press statements.

The government must immediately open its financial records and publish the certified CBN account balances of the CVFF.

Stakeholders deserve an independent audit, not a war of words.

Meanwhile, the long-awaited application portal launched by the Ministry continues to run straight into a banking brick wall.

Out of nearly a hundred applications, disbursements remain stalled because Primary Lending Institutions (PLIs) are demanding rigid credit terms, strict 15% cash equity, and long-term cargo guarantees.

As leaders within the Nigerian Indigenous Ship-owners Association (NISA) and the Shipowners Association of Nigeria (SOAN) have long lamented, many local shipowners are already heavily indebted, with their existing assets trapped by AMCON.

Demanding heavy cash equity and unachievable bank conditions to access their own contributed funds is simply setting local operators up to fail.

What does this portend for Nigeria?

Foreign vessels will continue to dominate our coastal waters, taking away billions of dollars in freight capital, while our youth lose out on thousands of seafaring jobs.

Minister Adegboyega Oyetola and NIMASA must stop the endless circular arguments. The government must immediately engage genuine indigenous shipowners, simplify the rigid banking rules, and provide full account transparency.

Our blue economy cannot float on a sea of endless delays and conflicting balance sheets. It is time to let Nigerian shipowners see the books, access the funds, and secure our waters.

Ibrahim Nasiru, a public affairs analyst, writes from Abuja 

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