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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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Customs

How Auditor-General goofed in N62.2bn under-remittance allegation against Customs

Funso  OLOJO, Editor

The Nigeria Customs Service (NCS) has exposed what it described as a misunderstanding of Customs revenue collection procedures by the Office of the Auditor-General of the Federation, which led to the allegation that the Service failed to remit N62.2 billion to the Federation Account.

In its 2019 audit report, the Auditor-General’s Office alleged that out of the N691.242 billion generated by the NCS in 2017, only N629.23 billion was remitted to the Federation Account, leaving an outstanding balance of N62.2 billion.

The allegation resulted in a query being issued to the Service and was subsequently escalated to the Senate Committee on Public Accounts for investigation.

Appearing before the committee during an investigative hearing on Tuesday, June 16, 2026, the Comptroller-General of Customs, Adewale Adeniyi, dismissed the allegation, insisting that the purported N62.2 billion under-remittance never existed.

According to him, the Auditor-General’s Office arrived at the figure through a misclassification of revenues and levies collected by the Service during the period under review.

Defending the financial integrity of the NCS, Adeniyi explained that while some levies collected by Customs are statutorily remitted into the Federation Account, others are earmarked for specific purposes and therefore do not form part of Federation Account revenue.

“The under-remittance of N62.2 billion levelled against Customs in the 2019 audit report was wrongly arrived at through the misclassification of levies collected by the Service,” Adeniyi told the committee.

“While most of the levies are collected and remitted into the Federation Account, others, including levies on the local production of wheat, textiles, wines and similar products, are not paid into the Federation Account.

The cumulative value of these special-purpose levies accounted for the alleged N62.2 billion under-remittance,” he explained.

Following the Customs chief’s clarification, which addressed the first three major audit queries raised against the Service, members of the committee expressed concern that such technical issues had been allowed to escalate to the level of a Senate investigation.

One of the committee members, Senator Babangida Hussaini, noted that the matter should ordinarily have been resolved during the preliminary audit stage.

Drawing from his experience as a former civil servant, Hussaini observed that the issues involved straightforward technical interpretations that could have been clarified without legislative intervention.

Satisfied with the explanations provided by the Customs management, the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, subsequently cleared the Nigeria Customs Service of the allegation of under-remitting N62.2 billion.

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Customs

PTML Customs Chief reaffirms support for COWA as Nabila Nura Miko assumes office as chairperson

Gloria Odion, Maritime Reporter

The Customs Area Controller of the Ports Terminal Multiservices Limited (PTML) Command, Deputy Comptroller N.I. Miko, has reaffirmed the Command’s commitment to supporting the new leadership of the Customs Officers’ Wives Association (COWA), PTML Chapter, in achieving its objectives.

Deputy Comptroller Miko made the pledge on Thursday, June 18th, 2026, during the official handover ceremony of the association’s leadership at the PTML Customs Command.

At the event, Hajiya Nabila Nura Miko formally assumed office as Chairperson of the PTML Chapter of COWA, succeeding Mrs. Ifeoluwa Anani.

Speaking at the ceremony, the Customs Area Controller described the occasion as more than a mere leadership transition, noting that it symbolized continuity, service, and the enduring contributions of Customs officers’ spouses to the Nigeria Customs Service family.

He commended the immediate past Chairperson, Mrs. Ifeoluwa Anani, for her exemplary leadership and the successful execution of impactful projects during her tenure.

According to him, the achievements recorded under her administration strengthened the association and positively impacted members as well as the wider Customs community.

Beyond infrastructural and welfare initiatives, Deputy Comptroller Miko highlighted COWA’s critical role in fostering stability on the home front, thereby enabling Customs officers to effectively discharge their statutory responsibilities of revenue generation, trade facilitation, and anti-smuggling operations.

“While officers are engaged in the discharge of their official duties, COWA members ensure that our homes remain stable, peaceful, and productive.

“A stable home is the foundation of effective service delivery, and for this invaluable contribution, we remain profoundly grateful,” he stated.

Congratulating Hajiya Nabila Nura Miko on her assumption of office, the Controller expressed confidence in her ability to build upon the achievements of her predecessor and lead the association to greater accomplishments.

He further assured the association of the Command’s readiness to provide the necessary assistance within its capacity, including logistical, operational, and moral support, to facilitate the successful implementation of its programmes and initiatives.

In her acceptance remarks, the new Chairperson, Hajiya Nabila Nura Miko, expressed gratitude to God for the opportunity to serve, describing her appointment as both an honour and a responsibility.

She paid glowing tribute to the National President of COWA, Mrs. Kikelomo Adeniyi, commending her visionary leadership and unwavering commitment to the growth and development of the association nationwide.

According to her, Mrs. Adeniyi’s guidance and dedication have continued to inspire members and strengthen COWA’s role as a platform for empowerment, welfare support, and impactful community engagement.

Hajiya Miko also acknowledged the contributions of her predecessor, noting that her tenure was marked by dedication, integrity, and remarkable achievements that significantly strengthened the PTML Chapter.

“I am committed to consolidating on the successes of the previous administration while introducing new initiatives that will further promote the objectives of COWA and enhance the welfare of Customs officers’ wives,” she said.

Highlighting some of the notable programmes undertaken by the chapter in recent years, she cited the International Women’s Day Celebration, the COWA Healthy Wife, Wealthy Life Sensitisation Workshop, Breast Cancer Awareness Campaigns, End-of-Year Outreach Programmes, participation in the Green Border Initiative School Adoption Programme, and Environmental Sensitisation Lectures.

She described these initiatives as evidence of the chapter’s commitment to social impact and member development, adding that they provide a strong foundation for future growth.

Outlining her administration’s agenda, Hajiya Miko said the chapter would focus on three strategic pillars: welfare, through strengthened support systems for members and their families; empowerment, through expanded skills acquisition and economic development programmes; and community service, through sustained interventions in health, education, and environmental sustainability.

She called for the continued support, cooperation, and prayers of COWA members, PTML Command management, and other stakeholders, emphasizing that collective effort would be essential to achieving the chapter’s goals and advancing the association’s mission.

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Customs

Customs, American Business Council strengthen strategic partnership to advance trade facilitation.

Gloria Odion, Maritime reporter 

The Nigeria Customs Service (NCS) and the American Business Council (ABC) have reinforced their commitment to fostering stronger trade relations and resolving operational challenges affecting businesses through sustained collaboration between the public and private sectors.

This commitment was reaffirmed during a quarterly stakeholder engagement held on  June 16th, 2026 at the NCS Headquarters in Abuja,where both parties deliberated on measures to enhance trade facilitation,strengthen supply chain security, and deepen economic cooperation between Nigeria and the United States.

Addressing participants at the meeting, the Comptroller-General of Customs (CGC), Adewale Adeniyi, underscored the value of continuous stakeholder engagement, describing it as a critical driver of effective policy implementation and improved service delivery.

He disclosed that the engagement would be institutionalised as a regular feature of the Service’s operational calendar.

“It is our intention to institutionalize this engagement as a permanent feature of the Customs calendar because of the importance we attach to this kind of interaction,” Adeniyi stated.

The CGC also provided updates on several key trade facilitation initiatives being implemented by the Service, including the Advance Ruling System, the Authorised Economic Operator (AEO) Programme, Post Clearance Audit mechanisms, the B’Odogwu platform,as well as ongoing enhancements in scanning integration and cargo clearance processes designed to improve efficiency, transparency, and compliance.

Representatives of the American Business Council commended the reforms introduced by the Service and acknowledged the positive impact of the ongoing modernisation efforts.

They also advocated for faster resolution mechanisms to address lingering business concerns and further improve the operating environment for investors.

Speaking on behalf of the Council, ABC President, Nneka Enwereji, described the engagement as highly productive and lauded the Customs leadership for its proactive approach to facilitating trade and improving the ease of doing business in Nigeria.

“This session has been exceptional and clearly reflects your commitment to improving the ease of doing business.

“The Service has set a commendable standard, and there is much that can be learned from these initiatives,” she said.

The meeting further underscored the shared commitment of both organisations to strengthening dialogue, enhancing trade efficiency, and creating a more conducive environment for economic growth and investment

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