Headlines

Oyetola flags off application process for CVFF disbursement

– as NIMASA says process does not confer approval for fund.

Funso OLOJO

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has flagged off the process for the disbursement of the Cabotage Vessel Financing Fund(CVFF) 23 years after the fund was established.

Towards this end, the Minister on Thursday 22nd, January 2026 ,officially launched and unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal, marking a historic step in Nigeria’s long-awaited journey to operationalise structured financing for indigenous ship ownership.

The event, held at Eko Hotel and Suites in Victoria Island, Lagos, drew senior government officials, maritime industry leaders, legislators and key stakeholders from across the sector.

Declaring the portal open, Dr Oyetola described the occasion as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”

He noted that the launch aligned with the broader national objective of diversifying the economy and unlocking the vast potential of Nigeria’s maritime domain, coastal resources and inland waterways.

“The maritime sector remains the backbone of global commerce, yet despite Nigeria’s strategic geographic location and vibrant entrepreneurial base, our participation in coastal and inland trade has remained limited,” the Minister said.

“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership.

Today, we are changing that narrative.”

Oyetola recalled that the Cabotage Vessel Financing Fund, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners.

However, he acknowledged that institutional and structural considerations over the years delayed its operationalisation.

He stated that upon assuming office, his Ministry adopted a clear policy objective to strengthen Nigeria’s maritime capacity and ensure that the CVFF is implemented strictly in line with sound governance and financial principles.

“The CVFF is structured as a strategic development instrument,” he said.

“By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels in our coastal trade, improve retention of value within the domestic economy, create employment opportunities for Nigerian seafarers, and stimulate growth in allied sectors such as shipbuilding, ship repair, and maritime services.”

He further emphasised that the Fund’s impact extends beyond economics, noting that a stronger indigenous fleet would enhance maritime safety and security while supporting national efforts to maintain a regulated and efficient maritime domain.

Stressing accountability, he reminded potential beneficiaries that the CVFF is a revolving fund that must be prudently utilised and repaid to ensure sustainability for future generations of maritime entrepreneurs.

The Minister explained that the newly launched digital portal would serve as the institutional gateway for transparent administration of the Fund.

“Through this platform, eligible Nigerian shipowners can submit applications that will be assessed against clearly defined criteria, supported by robust due diligence and professional financial oversight through approved Primary Lending Institutions,” he said.

He added that the portal aligns with the Federal Government’s e-Government agenda and efforts to reduce bureaucratic bottlenecks and improve ease of doing business.

“By digitising the end-to-end CVFF application and evaluation process, we are simplifying access, improving predictability, and ensuring service delivery is efficient, transparent, and responsive,” he said.

“I am confident that this initiative will strengthen our shipping industry, empower Nigerian enterprise, and contribute meaningfully to national growth,” he said.

Also speaking at the event, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, reaffirmed the agency’s commitment to ensuring the CVFF delivers on its purpose.

He however warned that application by interested ship owners does not confer approval for the fund.

Mobereola stated that NIMASA has established a dedicated CVFF unit to drive implementation, manage applications, coordinate with financial institutions and ensure strict adherence to eligibility, compliance and risk management procedures.

“Our objective is to make the CVFF work as a practical and reliable financing window for Nigerian shipowners to acquire vessels at competitive long-term financing rates,” he said.

He assured that the agency will ensure professional handling of applications, continuous engagement with Primary Lending Institutions, rigorous due diligence, and transparent monitoring of the entire process.

He said the agency is determined to build confidence in the system and ensure that every disbursement follows clear rules, measurable criteria and global best practice.

Goodwill messages were delivered by the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinloku, and the Chairman of the House Committee on Maritime Safety, Education and Administration, Hon. Khadija Bukar Abba Ibrahim.

Both legislators commended Minister Oyetola and NIMASA for what they described as a landmark achievement that responds to longstanding demands of the maritime community.

They pledged continued legislative support to ensure effective implementation of the Fund and sustained reforms in the sector.

Industry stakeholders also expressed strong support for the initiative. The President of the Nigerian Maritime Law Association, Mike Igbokwe (SAN); President of the Nigerian Chamber of Shipping, Aminu Umar; President of the Nigerian Shipowners Association, Sola Adewunmi, and President of the Shipowners Association of Nigeria, Sonny Eja, all praised the Minister and NIMASA for their commitment to finally unlocking the CVFF.

They described the portal launch as a turning point for indigenous ship ownership, capacity development and investor confidence in Nigeria’s maritime sector.

The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 as a vital instrument to provide structured financing for Nigerian shipping companies to acquire vessels and participate meaningfully in domestic maritime trade.

However, for more than two decades, the Fund remained largely inaccessible, leaving indigenous operators dependent on costly foreign financing or foreign-flagged vessels.

Recall that in 2025, Dr Oyetola directed NIMASA to commence the process of disbursing the CVFF, signalling a firm commitment to actualising the Fund’s original intent and unlocking its immense potential for national economic growth.

Responding to this directive, NIMASA issued a Marine Notice inviting eligible Nigerian shipping companies to submit applications.

Qualified applicants will have the opportunity to access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet stringent international safety and performance standards.

The Fund’s administration will be conducted in close collaboration with carefully vetted and approved Primary Lending Institutions, ensuring a professional, efficient and accountable disbursement process.

With the unveiling of the CVFF Application Portal, stakeholders believe Nigeria has taken a long-awaited step towards building a robust indigenous fleet, retaining maritime value within the national economy and positioning the country as a stronger player in the global marine and blue economy.

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.

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.

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.