Connect with us

Headlines

At Portnews Summit, Captain Olubowale raises concern over protracted delay in disbursement of CVFF

Funso OLOJO 
Captain Ladi Olubowale, the President of African Shipowners Association(ASA) has expressed a grave concern over the  continued delay in the disbursement of the Cabotage Vessels Financing funds(CVFF), raising doubt if the fund is still available.
Captain Olubowale, who was the lead speaker at the Portnews 2025 Summit held in Lagos on Thursday, November 6th, 2025 ,lamented that for everyday the disbursement is delayed, Nigeria is losing and its shipyard industry is dying.
The President of African Shipowners Association, who spoke on the theme of the Summit” Nigeria’s Shipping Carriage Gaps, CVFF, and the Fading Manpower” said the the expectant indigenous Shipowners have suffered series of disappointments and failed promises from government whom he accused of insincerity on the disbursement.
“The question we will ask is, is the money still available? Is the money real?
” For every day we spend not using that money, there’s a loss. For every day we spend, our shipyard industry is dying.
 It could be recalled that the successive administration of the Nigerian Maritime Administration and Safety Agency (NIMASA), the agency charged with the disbursement of the fund, have made series of unfulfilled promises since the creation of the fund in 2003.
The latest of such failed promises was made by the incumbent Director- General of NIMASA, Dr Dayo Mobereola, who said he has secured the approval of the Minister of Marine and Blue Economy, Adegboyega Oyetola, to disburse the fund in August,2025.
However Captain Olubowale said the non- disbursement of the fund has created the gap in Nigeria’s  shipping carriage.
According to him, the country carries less than 10 percent of its cargo due to lack of vessels owned by Nigerians.
“Today, Nigeria moves over 150 million tonnes of cargo annually; crude oil, gas, containers, and dry bulk.
“Yet, less than 10% of that trade is carried by Nigerian-owned  vessels.
Foreign shipping lines dominate our trade. This means billions of dollars in freight revenue leave our economy
every year.
” In 2023 alone, freight payments exceeded $9 billion, mostly earned by non-Nigerian operators.
“This dependence makes us vulnerable to global shocks and limits our economic sovereignty.”
“Nigeria exports oil, LNG, and agricultural
products. Yet our shipping presence is
minimal. We’ve become cargo owners without shipping power.
“This gap weakens our trade balance,
employment base, and technical capacity.
“Every vessel we don’t own represents lost jobs, lost taxes, and lost experience” Captain Olubowale lamented.
Prince Wale Oni, the Publisher of Portnews and the convener of the annual maritime summit recalled the cherry years of Nigerian National Shipping Line(NNSL) in the 80s when Nigeria was the proud owners of several sea- going vessels and vibrant Seafarers.
He however lamented that few years after, the NNSL and all its vessels have gone under while the Seafarers of those years have either died or old without much effort of replacement them.
“At the zenith of  its glory, the Nigerian National Shipping Line paraded about thirty ocean going vessels with brilliant and respected master mariners like our captain lheanacho resplendent behind the wheels. Good and shining ambassadors of Nigeria.
“Ironically, this only lasted from the pre oil boom years of the 60s through the 70s up until the 80s.
“But where are we today? Despite the survival stamina of our industry, the NNSL and all its vessels have gone under.
“Where are the hundreds of super trained staff of NNSL and other crew of MV Kudirat Abiola, MV Binta Yaradua? We all remember the fate of MV Abuja” Prince Oni recalled with nostalgia.
He however queried the propriety of keeping huge sum of accrued CVFF idle by NIMASA while indigenous shipping, which is supposed to benefit from the fund are suffering.
“NIMASA is  to superintend the Coastal and lnland Shipping Act of 2003 otherwise known as Cabotage Vessels Finance Fund.
“The Cabotage Vessels Finance Fund primarily  provides funds for indigenous ship owners for medium size coastal vessels acquisition and maintenance.
” The fund was to be sourced through 2 percent surcharge and other levies.
“Between 2003, it is being mouthed that about 800 million dollars has been realized into the CVFF purse
“Some rumour it to be one billion dollars.
“Why can’t government tell us the exact amount? Why this level of opaqueness.
“Why this humongous volume of public money remain idle for so long, especially now that virtually all the indigenous companies in coastal carriage business have gone under ?
” Ask Chief Jolapamo,  ask Otunba Sola Adewunmi of Nigeria l indigenous Ship Owners Association, (NlSA).
“Lets us imagine the volumes of cargo and the revenue being lost to smart foreigners in the West Coast.
“I admit that a few upstarts have taken advantage of  Dangote Refinery and big time tank farms. But on a scrutiny, are they really in charge?
 “Must we continue playing second fiddle even to our West African brothers in this trade?
“At this juncture, l will salute NIMASA for keeping such large sums unscathed in its vault for  over twenty years.
” It is a national record in fidelity.
But, why would a nation deem it wise to save about 800 million dollars for so long without finding it expedient to dispense it for the purpose it was generated?
“When thousands of its skilled seamen, master mariners, professionals trained at exorbitant costs in the best shipping schools around the world are loafing around, wasting away?” the Publisher queried
Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

NIWA partners ICPC to strengthen internal transparency in its operations  

Gloria Odion, Maritime Reporter 
The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.
Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.
The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support  Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.
He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.
Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.
“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.
Continue Reading

Headlines

Navy appoints new Maritime Guard Commander for NIMASA 

Gloria Odion,  Maritime Reporter 

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).
Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence,  brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

 As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.
It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.
He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.
 He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.
He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).
He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

Continue Reading

Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme 

Funso OLOJO,  Editor 
The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.
According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.
This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.
The Programme, according to the NCS,  also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.
According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.
“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.
“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.
“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.
” Overall trade efficiency improved by 77.11 per  through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.
However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.
The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.
The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.
“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.
Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.
The suspended firm engaged in false declaration of consignments contrary to programme obligations.
“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.
The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.
“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.
“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.
Continue Reading

Trending