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NIMASA assures shipowners of disbursement of CVFF at single- digit interest rate 

Funso OLOJO 
As the August commencement  date for the disbursement of Cabotage Vessels Financing Funds(CVFF) draws nearer, the Nigerian Maritime Administration and Safety Agency (NIMASA) has assured that  interested indigenous ship owners will access the Funds at a single – digit interest rate.
The Director General of the agency, Dr Dayo Mobereola, made the pledge on Monday,May 12th, 2025 during a one- day Stakeholders’ forum on the operationalisation of CVFF held in Lagos.
According to Mobereola, the CVFF is not a grant, but a strategic investment in Nigeria’s maritime future.
He therefore urged all prospective applicants to follow the established procedures through partner financial institutions.
“The primary objective of bringing you together today is to formally announce and discuss the imminent disbursement of the CVFF and to demonstrate the established clear frameworks for transparent, efficient, and impactful fund utilization that will empower indigenous shipowners.
“I urge all prospective applicants to follow the established procedures through our partner financial institutions.
” The CVFF is not a grant program but a strategic investment in Nigeria’s maritime future.
” It is a loan with single digit interest. We will monitor fund utilization to ensure they achieve the intended objectives.”
Mobereola further stated that NIMASA has secured necessary approval that would facilitate the disbursement of the fund to successful beneficiaries.
He also stated that apart from boosting local content in the maritime sector, the CVFF disbursement would also create employment opportunities for Nigerian seafarers.
“The CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide financial support to indigenous shipowners for vessel acquisition and capacity development.
” Despite nearly two decades of regulatory challenges and bad experience of the past, I am delighted to announce that under President Bola Tinubu’s leadership and with the support of the Minister of Marine and Blue Economy, Gboyega Oyetola, we have secured the necessary approvals for disbursement.”
“This disbursement will be transformative for our industry as it stands to empower indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers and strengthening ancillary maritime services.”
Speaking earlier, the Executive Director, Maritime Labour and Cabotage Services, Jubril Abba, said the disbursement of CVFF underscores the agency’s commitment to empowering local shipowners and operators.
He also disclosed that the disbursement would reduce the nation’s reliance on foreign vessels by providing accessible financing options.
“The CVFF is designed to benefit indigenous ownership of marine assets that would be deployed to boost activities within the Nigerian Cabotage space.
“It is with a deep sense of appreciation that we recognise the presence of shipping companies and Shipowners who have taken time out of their tight schedules to honour our invitation to this engagement session.
“Your presence here, we are certain, would add excellent value to the insightful discussions.
“This also underscores NIMASA’s unwavering commitment to empowering local shipowners and operators, stimulating domestic maritime commerce, and reducing our reliance on foreign vessels by providing accessible financing options.”
“The potential of the nation’s Marine and Blue economy when harnessed, would be a significant contributor to the nation’s GDP and catalyse activities in other sectors that would lead to rapid economic growth and development, in line with the renewed Hope Agenda of this Administration.”
Abba however, called on stakeholders to rally round NIMASA in achieving a shared vision for a vibrant and self-reliant maritime sector.
“ The clarion call is for collaborative partnerships to ensure the success of this journey to harness the full potential of our domestic shipping and ensure the sustainable growth of the maritime industry.
“As I close my remarks, we call on all stakeholders to rally round NIMASA as we pledge our renewed dedication, innovation, and partnership in achieving a shared vision for a vibrant and self-reliant maritime sector.”

In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, and other industry stakeholders commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the management of NIMASA for their efforts in facilitating the disbursement of the funds.

Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.

Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
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Customs

FOU A bursts 473 smuggling operations in 8 weeks, records major seizures with N5.5billion DPV

– plans relocation to new ultra- modern Iperu headquarters 
Gloria Odion, Maritime reporter 
The Federal Operations Unit of the Nigeria Customs Service, Zone A, Lagos, has foiled about 473 major smuggling operations across its areas of coverage within the last eight week.
Making this disclosure on Tuesday, May 5th, 2026 was the Comptroller of the Unit, Comptroller Gambo Aliyu while giving account of the performance of the Unit.
According to him, the operations led to the seizure of a wide range of prohibited and contraband items, including 8,794 bags of foreign parboiled rice (equivalent to 15 trailer loads), 22 used vehicles, 1,863 used refrigerator compressors and  328 bales of used clothing.
Others were 1,188 kegs of vegetable oil, 31,705 litres of Premium Motor Spirit (PMS), 485 used tyres, 69 cartons of foreign spaghetti, sugar and other food items, as well as 531 cartons of frozen poultry products.
In a major crackdown on drug trafficking, Comptroller Aliyu disclosed that the Unit launched a special operation codenamed Operation Hawk, targeting illicit drug networks.
This resulted in the seizure of 3,340 parcels of cannabis indica, popularly known as “Ghanaian Loud,” weighing 1,540kg.
He emphasized that the operation reflects the Unit’s resolve to dismantle drug trafficking syndicates and curb the spread of illicit substances.
In a related development, officers at the Gbaji outpost, acting on credible intelligence, intercepted a vehicle along the Lagos-Abidjan corridor conveying hard drugs.
The suspect arrested with the prohibited items, a 71-year-old Nigerian, was found in possession of 6.4kg of cocaine and methamphetamine with an estimated street value of ₦2.35 billion.
Several arrests were made across Lagos, Ogun, Oyo, and Ondo States in connection with these seizures.
Comptroller Aliyu disclosed that the seized narcotics have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution, in line with existing inter-agency collaboration frameworks.
The Unit also recorded the seizure of four cylinders of high-grade mercury, a controlled substance under the Minamata Convention, concealed in a vehicle.
The suspect and items has been transferred to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for further action.
Beyond seizures, the Unit achieved significant revenue recovery, recording a Duty Paid Value (DPV) of ₦5,504,039,720 within the review period.
Additionally, ₦97,703,596.55 was recovered through the issuance of Demand Notices on improperly declared consignments.
Comptroller Aliyu highlighted ongoing efforts to modernize operations through the deployment of advanced technologies, including Geographic Information Systems (GIS), satellite imagery, drone surveillance, and predictive analytics.
These tools, he noted, are enhancing intelligence-led enforcement, improving response times, and disrupting smuggling networks across the Zone.
He further disclosed that the Unit will soon commence a phased relocation to its newly commissioned ultra-modern headquarters in Iperu, Ogun State.
The facility is equipped with a state-of-the-art Command and Control Centre designed to support real-time monitoring, data analytics, and improved inter-agency coordination.
Reaffirming the Unit’s dual mandate, Comptroller Aliyu stressed that while enforcement remains a priority, the FOU Zone ‘A’ is equally committed to facilitating legitimate trade and ensuring that compliant traders are not unduly hindered.
He expressed appreciation to the Comptroller-General of Customs, Dr. Bashir Adewale Adeniyi, for his leadership and strategic direction, as well as to stakeholders and the media for their continued support.
The Comptroller reiterated the Unit’s determination to sustain its crackdown on economic sabotage, protect national revenue, and uphold the integrity of Nigeria’s trade environment.
The Comptroller of the Federal Operations Unit (FOU) Zone ‘A’, Nigeria Customs Service (NCS), Comptroller Gambo Aliyu, has reaffirmed the Unit’s commitment to combating smuggling and safeguarding Nigeria’s economy across the South-West region.
Addressing the media on Tuesday, 5 May 2026, Comptroller Aliyu stated that the Unit has strengthened enforcement measures in line with the Federal Government’s fiscal policies and the provisions of the Nigeria Customs Service Act, 2023. He noted that through enhanced surveillance, intelligence sharing, and inter-agency collaboration, the Unit successfully intercepted 473 smuggling attempts within an eight-week period.
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Headlines

Greg Ogbeifun confirms chairmanship of 10th AMSAY Conference Anniversary on May 27th.

Gloria Odion,  Maritime reporter 
The organisers of the Annual Maritime Students and Youth (AMSAY) Conference have announced that  renowned ship owner and Chairman of Starzs Investment Company Ltd, Engr Greg Ogbeifun will chair the 10th anniversary of the event scheduled to hold in Lagos on May 27, 2026.
The announcement comes as preparations intensify for what is widely regarded as a landmark edition of the youth-focused maritime conference.
The 10th AMSAY Conference marks a decade of sustained youth engagement, innovation, and impact in Nigeria’s maritime sector.
It is expected to bring together industry leaders, policymakers, stakeholders, and young professionals from across the maritime ecosystem.
Engr. Ogbeifun’s confirmation as Chairman adds significant weight to the anniversary event.
He previously served as the Pioneer Chairman during the maiden edition of the conference in 2016, and his return ten years later is described by the organisers as both symbolic and strategic.
According to the Convener and CEO of Platforms Communications, Mr Sylvanus Obasi, the decision reflects a deliberate effort to connect the conference’s origins with its current status, noting that the AMSAY Conference has evolved significantly over the past decade.
He highlighted that several key initiatives now associated with the conference were not part of its original design.
 Among these are the Best Graduating Maritime Students Awards (BEGMASA); the  Fola Ojutalayo Annual Maritime Speech-Making Competition (FOAMSC), including the Maritime Career Mentoring Program (M-CAMP).
These programmes, according to him, have become integral components and offshoot of the AMSAY Conference brand.
Speaking further, Obasi stated that the initiatives have delivered measurable impact in youth development and professional capacity building, even as he further described the growth of these programmes as evidence of the conference’s commitment to continuous improvement.
“Bringing Engr. Ogbeifun back after ten years is a strategic move. It gives us the opportunity to reflect on our journey and showcase our achievements.”, the Convener said, adding that the anniversary edition will also provide a platform to draw from Engr Greg’s  wealth of experience and industry insight.
Also speaking, the Chairman, Central Planning Committee of AMSAY Conference, Mr Nnamdi Eronini hinted that the 10th AMSAY Conference is expected to feature robust discussions, mentorship engagements, and knowledge-sharing sessions.
He reaffirmed the organisers commitment to advancing the maritime sector through sustained youth engagement and innovation, noting that the event is positioned as a leading platform for shaping the future of Nigeria’s maritime industry.
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Customs

Oyo/Osun Customs Command collects 27.2billon revenue in Q1 2026

Funso OLOJO,  Editor 
The Oyo/Osun Command of the Nigeria Customs Service (NCS) has posted an impressive 95% increase in revenue collection in the first quarter of 2026 compared to the same period in 2025.
Led by Acting Comptroller Wale Moses Adewole, the command generated ₦27.2 billion between January and March 2026, up from ₦13.97 billion in Q1 2025.
A breakdown of the generated revenue revealed that the command raked in a total sum of N5,977,766,941.65 in January 2026 which was about N2 billion lower (23% down) than the total sum of N7,804,408,776.88 collected in the same period of 2025.
However, despite a dip in January, revenue rebounded strongly in February and March.
 In February , the command’s revenue collection jumped up astronomically to a total sum of N8,767,974,864.40 against the very low total revenue of N2,289,193,870 realized in the corresponding period of 2025.
This year’s February revenue is over 383% higher than the revenue collected the same period last year.
February’s performance was the standout, with collections nearly quadrupling year-on-year.
In March 2026, Acting Comptroller Adewole’s administrative ingenuity and thoroughness further shored up the revenue generation of the command in the month under review to a total sum of N12,454,516,158.62.
 In the corresponding period  of last year, the command’s generated revenue was a patry sum of N3,877,668,667.
This year’s March revenue achievement represents 321% rise over last year’s.
 Acting Comptroller Adewole’s administrative reforms and enforcement measures are credited with driving the surge.
Overall, the command’s Q1 results underscore a significant improvement in efficiency and compliance, positioning Oyo/Osun as one of the strongest performing Customs Commands in the country.
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