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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
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Analyses

The invisible toll gates:Why National Single Window is Nigeria’s ultimate economic battleground

Monday Discourse with  Ibrahim Nasiru
Walk into any market in Nigeria today, from the commercial hubs of Lagos to the roadside stalls in Yola, and ask why a bag of rice or an imported spare part costs three times what it did last year.
The typical public commentator will blame global inflation, floating currencies, or macro-economic shocks.
But those who understand logistics know the real truth lies buried under layers of paper, manual stamps, and artificial delays at our seaports.
Nigeria’s international trade is suffocating not from a lack of deep water, but from a deliberate design of convenience.
The recent operational rollout of the National Single Window (NSW) has triggered behind-the-scenes panic among Port cartels, and for good reason.
For decades, keeping our clearing processes fragmented, manual, and dependent on desk-to-desk human interaction was the perfect business model for syndicates.
When cargo dwell times drag on for 21 days, those delays are money in the pockets of the gatekeepers and a death sentence for local businesses.
Let us look at the raw field realities. The push by the Nigeria Customs Service to aggressively crash clearance times down to global 48-hour standards is meeting fierce internal resistance.
Why? Because a unified digital ecosystem means you cannot easily manipulate documentation, hide illicit cargo, or demand “mobilization fees” before signing off a container.
The outcry and protests from certain freight-forwarding syndicates aren’t about technical glitches; they are about the sudden closure of invisible toll gates.
This is exactly why governance at our national gateways can no longer be left to the mercy of transactional bureaucratic habits.
Building deep-sea infrastructure like Lekki Port is a massive physical achievement, but concrete and cranes are useless if the administrative processes at the gate remain backward.
 Real structural reform requires turning our Ports into automated, friction-free pipelines that prioritize production over rent-seeking.
If Nigeria wants to survive this fiscal squeeze, the National Single Window cannot just be treated as another glossy IT project launched in Abuja.
 It requires unyielding administrative enforcement to completely dismantle the corrupt cartels managing the manual desk chains.
The invisible toll gates at our Ports must be completely demolished, and that exact same structural discipline must be scaled across our border stations and trade corridors.
The era of managing international trade with 20th-century paper trails is dying. The future belongs to the builders of automated, transparent systems.
Chief Ibrahim Nasiru, a public affairs analyst,  writes from Abuja 
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Headlines

NANTA Exco embarks on seven-day Ghana retreat, fam trip to deepen regional tourism partnership

Gloria Odion, Reporter

The National Executive Council (NEC) of the National Association of Nigeria Travel Agencies (NANTA) has commenced a seven-day executive retreat and familiarisation (fam) trip to Ghana, hosted by Safari World, as part of efforts to strengthen regional tourism partnerships and expand cross-border travel opportunities.

The NANTA delegation was received at Safari World Homes in Accra by the Chairman of the Safari World Group, Mr. Ernest Gyekye, who expressed delight at hosting the Nigerian travel trade leaders.

He assured the delegation of a memorable experience throughout their week-long stay.

Speaking on the significance of the visit, NANTA President, Mr. Yinka Folami, described the retreat and familiarisation tour as a strategic initiative aimed at fostering stronger business relationships and promoting collaborative tourism development across Africa.

“This mission is not a leisure trip,” Folami said. “It is a deliberate step to implement and expand our association’s marketing advocacy for Nigerian brands across borders.”

He noted that Nigeria and Ghana share deep historical, cultural and commercial ties that should be leveraged to drive tourism growth on the continent.

“Nigeria and Ghana share history, culture, trade and people. The future of our tourism cannot be built in silos,” he said.

“This retreat is about moving from policy to practice—creating real products, real partnerships and real movement of travellers between Accra and Lagos.”

As part of the programme, the NANTA executives will engage in strategic business-to-business (B2B) meetings with their Ghanaian counterparts, tour key tourism destinations under the Safari World brand, and participate in cultural exchange activities designed to promote stronger bilateral tourism cooperation.

The itinerary spans Safari World’s three flagship destinations, including Safari Homes in Accra, the Aqua Safari riverfront experience, Safari Island Cruise, Safari Nautica, and Safari Recreation and Sports facilities in Ada, as well as the Safari Valley Eco Resort and Safari Eco Park in Dawu.

Operating under the brand promise, “One World, Three Destinations, Over 20 Unique Experiences,” Safari World is leveraging the visit to strengthen its footprint in the Nigerian travel market while positioning Ghana as a premier destination for leisure tourism, conferences, group travel, family holidays and premium tourism experiences.

A major highlight of the visit will be the Executive Dinner scheduled for July 21 at the Safari Valley Eco Resort, where key stakeholders from Nigeria and Ghana’s tourism industries will deliberate on strategies for deepening travel trade and advancing regional tourism development.

The familiarisation tour is expected to provide NANTA’s leadership with first-hand knowledge of Safari World’s tourism offerings, paving the way for the development of attractive travel packages and stronger business partnerships that will benefit Nigerian travellers and the wider West African tourism industry.

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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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