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.

Customs

MACI hails Customs’ anti-corruption framework, demands full implementation

Funso OLOJO, Editor

The Media Anti-Corruption Initiative (MACI) has applauded the Comptroller-General of Customs, Adewale Adeniyi, for introducing a comprehensive anti-corruption framework aimed at identifying institutional vulnerabilities, strengthening internal controls and promoting integrity across the operations of the Nigeria Customs Service (NCS).

The initiative, which MACI described as a significant milestone in the fight against corruption within the Service, is anchored on three key documents signed by the Customs chief: the Standard Operating Procedure (SOP) for Internal Corruption Risk Analysis and Mapping (ICRAM), the ICRAM Handbook and the Integrity Action Plan (IAP).

In a statement jointly signed by MACI President, Funso Olojo, and Project Coordinator, Lod Onyeji, the organisation described the development as a “pivotal moment in the fight against corruption within the Nigeria Customs Service.”

Mr Olojo, who commended the initiative of the Customs, noted that the stance of the agency on corruption is in alignment with the aims and objectives of MACI which is an advocate for corruption- free society.

The signing ceremony, held on October 6th, 2026, at the NCS Headquarters in Abuja, also witnessed the inauguration of the ICRAM Steering Committee, which is responsible for identifying, assessing and mapping corruption risks across the Service’s operations.

According to the statement, the framework represents a proactive institutional approach to tackling corruption by identifying vulnerabilities in Customs processes and establishing measures to prevent abuse of office, improve accountability and strengthen public confidence in the Service.

The Comptroller-General, Adeniyi, disclosed that the framework was developed in collaboration with the World Customs Organisation (WCO) and partner administrations, including His Majesty’s Revenue and Customs (HMRC) of the United Kingdom.

He explained that the documents provide practical guidance for Customs officers operating at seaports, land borders and airports, equipping them with procedures and controls designed to promote integrity, transparency and accountability in the discharge of their responsibilities.

MACI noted that the introduction of the framework followed a pilot programme conducted across seven Customs Commands and Units, covering 66 processes spanning regulatory activities, core Customs operations and support functions.

The exercise culminated in the development of a comprehensive Integrity Action Plan containing 101 action items and 295 sub-actions designed to address identified corruption risks and strengthen institutional safeguards.

Key measures outlined in the plan include increased automation and improved audit trails, stronger supervisory mechanisms, clearer accountability structures, effective segregation of duties, regular staff rotations and targeted training programmes.

The framework also seeks to strengthen controls governing interactions between Customs officers and stakeholders, an area considered critical to reducing opportunities for corrupt practices and improving compliance with established procedures.

MACI commended the Customs leadership for adopting a risk-based approach to corruption prevention, noting that identifying and addressing institutional weaknesses before they are exploited is essential to building a transparent and accountable public institution.

The organisation, however, stressed that the effectiveness of the initiative would ultimately depend on the consistent implementation of the prescribed measures across all commands and operational units of the Service.

It therefore urged Customs management, officers, stakeholders and relevant partner institutions to support the full implementation of the framework to ensure that the initiative delivers measurable improvements in institutional integrity.

MACI expressed confidence that effective implementation of the ICRAM framework and Integrity Action Plan would strengthen internal controls, reduce corruption risks, promote ethical conduct and enhance public trust in the Nigeria Customs Service.

The organisation emphasised that the new framework should not merely remain a collection of policy documents but should translate into tangible changes in operational practices, staff conduct and the overall culture of accountability within the Service.

Headlines

NIMASA flaunts automation process of Nigerian ship registry at 2- day webinar with stakeholders

Funso OLOJO Editor

The Nigerian Maritime Administration and Safety Agency (NIMASA) will host a two-part stakeholder webinar on October 6 and 8, 2026, to showcase the ongoing automation of the Nigerian Ship Registry as part of efforts to modernise ship registration services and enhance the competitiveness of the Nigerian flag.

The webinars will provide shipowners, operators, maritime professionals, financial institutions, insurers and other stakeholders with insights into the new digital registration platform and its potential to significantly improve the speed, transparency and efficiency of ship registration and related services.

The automated system is designed to enable 24/7 access to registration services, streamline application and approval processes, and facilitate faster issuance of electronic certificates, thereby reducing administrative delays associated with conventional paper-based procedures.

A key feature of the platform is its capacity to provide secure, real-time tracking of ship mortgages and related registry transactions. This will strengthen transparency and provide greater visibility for stakeholders, including financial institutions and other parties involved in vessel financing.

The automation initiative is also expected to make interaction with the Nigerian Ship Registry more seamless for local and international shipowners, while improving the Agency’s ability to deliver efficient, responsive and globally competitive flag-state services.

Speaking on the initiative, the Director-General/Chief Executive Officer of NIMASA, Dr Dayo Mobereola, said the automation of the Ship Registry was part of the Agency’s broader commitment to transforming the Nigerian flag and creating an enabling environment for increased participation in the global shipping industry.

“The automation of the Nigerian Ship Registry represents a significant step in our commitment to providing efficient, transparent and globally competitive services to shipowners and other maritime stakeholders.

“Our objective is to make the Nigerian flag more accessible, responsive and attractive through technology-driven processes that meet international standards,” Mobereola declared.

The ongoing user-testing phase is focused on validating the platform’s functionality, security and user experience ahead of its official deployment.

NIMASA said the webinars would also provide an opportunity for stakeholders to understand the platform, experience its key features and provide feedback as the Agency moves towards full implementation.

The Agency is inviting shipowners, ship managers, maritime professionals, financial institutions, insurers, legal practitioners, classification societies and other interested stakeholders to participate in the webinars.

Headlines

NRC joins global community to celebrate customers’ loyalty

Funso OLOJO, Editor

For the first time in its 128 years of existence, the Nigerian Railway Corporation(NRC) joins the global community to commemorate 2026 Customer Service Week from October 5 to 9, with a renewed commitment to putting passengers at the centre of its operations.

The week, being celebrated under the theme, “The Extra Mile,” marks a significant milestone for the 128-year-old Corporation, which is observing Customer Service Week for the first time in its history.

For the NRC, the celebration goes beyond appreciating its passengers. It is also an opportunity to recognise employees who have demonstrated exceptional commitment to service delivery while reinforcing a culture of customer-centricity across the Corporation.

The initiative is in line with the vision of the Managing Director of the NRC, Dr. Kayode Opeifa, who has consistently emphasised the need to place passengers at the heart of the Corporation’s operations and improve their overall travel experience.

Opeifa said the experiences of the Corporation in recent times had further underscored the importance of listening to customers and responding more effectively to their needs.

“Customers are at the heart of everything we do. Their feedback, trust and partnership challenge us to keep improving and delivering value every day.

“Customer Service Week is an opportunity to recognise that relationship and remind ourselves that great service must go beyond expectations,” he said.

According to the NRC, the theme, “The Extra Mile,” reflects the changing expectations of modern train passengers and the need for service providers to go beyond routine obligations.

Going the extra mile, the Corporation noted, could mean listening more attentively to passengers, resolving complaints more quickly, providing clearer and timely information, anticipating customer needs, simplifying processes or demonstrating empathy when it matters most.

The NRC said the commitment would apply across all its operational areas nationwide, with emphasis on providing passengers with a consistent, responsive and dependable experience regardless of where or how they interact with the Corporation.

The Corporation also pledged to strengthen its customer-feedback mechanisms and establish a closer link between passenger insights and continuous improvements in service delivery.

It said its objective was to ensure that exceptional customer service becomes an everyday practice rather than an activity reserved for Customer Service Week.

“Every interaction presents an opportunity to listen better, respond faster, show genuine care and create greater value for our customers,” the Corporation stated.

For the NRC, therefore, “The Extra Mile” is more than a theme for a week-long celebration. It represents a commitment to making every passenger interaction count and ensuring that customers enjoy a safer, more responsive and rewarding experience throughout their journey on Nigerian trains.