Headlines

NIMASA explains simplified ways to access CVFF

Gloria Odion, Maritime Reporter

The Nigerian Maritime Administration and Safety Agency (NIMASA), has explained the simplified ways which interested indigenous ship owners could access the Cabotage Vessels Financing Fund(CVFF).

It could be recalled that the Minister of Marine and Blue Economy, Adegboyega Oyetola, recently launched the application portal for the disbursement of the fund.

In its public awareness campaign on the fund, NIMASA listed the terms and conditions of accessing the loans in a simplified manner.

Excerpts:

For decades, Nigeria ship owners contributed faithfully to the cabotage vessels financing.

A fund designed not as a subsidy but as a strategic instrument to build indigenous maritime capacity.

Today that promise enters a new phase not as an idea but as a process, clear, bankable, accountable, and sustainable the launch of the CVFF application portal max.

A shift from aspiration to execution.This is a significant step toward the final disbursement of the fund, which is aimed at growing Nigeria’s indigenous capacity in the maritime sector.

What follows is not merely access to funding but a disciplined pathway that align ship owners, bank, regulator and government under shared frame work of risk responsibility and reward.

STEP ONE : This is how the CVFF works

The process has been simplified.

The applicant from any part of the world only requires a smartphone or a computer to log on the CVFF application portal where they register and submit an application with any of the pre- qualified primary lending institution.

The PLI: First bank, Zenith bank,Lotus bank, Stanbic bank,Jais bank, UBA, Optimus bank, Fidelity Bank, Sun Trust, Taj bank and Bank of industry.

These banks were selected after a thorough selection process that involved advertisement expression of interest and appointment as a PLI to the fund.

*The applicants must present a bankable feasibility

*Contribute minimus equity of 15 percent of the credit facility required.

*They must demonstrate managerial competence in operational capacity.

*Provide acceptable collateral and any other requirements as the CVFF may demand.

In short, this is capital operators who are ready.

STEP 2

The primary lending institution (PLI) conducts its own preview under internal processes and timelines.

The PLI commits at least 15 percent of the facility while NIMASA participation is up to 70 percent capped at 25 million dollars or its equivalent in the approved currency.

Crucially, the credit risk rests squarely with the banks.

This is not interventions lending, it is structured finance.

A formal terms sheet is issued, the transaction takes place.

STEP 3

At the CVFF secretarial supported by the appointed advisor, NIMASA conducts due diligence and eligibility review.

Where the application qualifies, NIMASA issues a certificate of eligibility.

Transparency is not optional, it is foundational.

STEP 4

With eligibility confirmed, NIMASA proceeds through internal executives approval and approval of the Honorable Minister of Marine and Blue Economy to consummate the transaction.

After the ministerial approval is obtained, NIMASA informs PLI and a substantive offer letter is issued to the applicant to enable it commence activities towards meeting stated terms and conditions.

This would be carried out under the close supervision of the PLIs AND NIMASA.

STEP 5

Fund disbursement upon fulfillment of all conditions precedent, legal, financial and operational, the PLI notifies NIMASA to transmit funds for onward utilization.

Funds are disbursed to the PLIs by NIMASA through a specialized process within 72 hours of receipt of a duly authorized disbursement request from the PLIs.

The facility is deployed strictly under agreed terms.

STEP6

The facility is utilized in line with transaction purpose, repayment commences.

*Interest income is remitted to the cabotage vessels financing fund (CVFF).

*Regular monitoring, performance updates and reporting continuous.

The system is active where obligations are met.

The facility runs it’s full tenor , where challenge arises, recovery rests with the PLIs with NIMASA full institutional support.

At maturity, the applicant is formally discharged and the transaction is closed, capacity has been created.

This is the CVFF, not as promise but as process.

Reward preparedness, discipline and partnership. And the portal that opens the door to those ready to sail through it.

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.