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

May Day: Mobereola salutes maritime workers for passion, dedication to building virile industry

Gloria Odion, Maritime reporter

The Director – General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has saluted the courage , passion and dedication of maritime workers to building strong and virile industry.

In his message at the Workers’ day on May 1st, 2026, the NIMASA DG extolled the virtues of workers and acknowledged the distinguished service of various stakeholders whose efforts he noted continue to significantly contribute to the development of the Nigerian maritime industry.

Dr. Mobereola, while wishing stakeholders a Happy Workers’ Day said “to all the amazing officers and stakeholders in the maritime sector who bring their passion and expertise to work daily.

“Thank you for your dedication and invaluable contributions”.

He emphasized that as a regulator, the Agency remains committed to its oversight function of regulating maritime labour activities in the industry in line with extant instruments and the expectations of the theme of the 2026 Workers’ Day, which focuses on safety, dignity and productivity.

Customs

Kaila, Seme Customs CAC, seeks collaboration with stakeholders to achieve seemless trade along border corridor

Funso OLOJO, Editor

The new Area Controller of the Seme Command of the Nigeria Customs Service, Comptroller Abdullahi Kaila, has reached out to traditional rulers and sister agencies at the border communities to ensure the achievement of his mandate of detection, determent of smuggling, revenue generation and trade facilitation along the border corridor.

To achieve these objectives, Comptroller Kaila went on tour of the communities within the border corridor where he met and sought for the support and cooperation of major critical stakeholders, including the traditional rulers and sister agencies.

According to him, his objective was to eradicate trade hindrances affecting free movement of goods and services along the Lagos-Abidjan business corridor.

Speaking at the Palace of Oba Akran of Badagry Kingdom, the Customs Area Controller condoled with the royal family and entire people of Badagry kingdom on the passing away of HRM De Wheno Aholu Menu Toyi I who was a well recognized traditional ruler across the border communities.

“”The purpose of my visit is to introduce myself as the Area Controller of Seme Command and to equally seek your royal blessing and support to achieve the core mandate of the service.

“Our priority remains to generate revenue, facilitate trade, and suppress smuggling.

“And we in the Customs believe that without due support and co-operation from traditional rulers, we can not have effective performance of our functions as Customs officers” he said

The King Regent, Chief Abel Ogunbiyi, who described Kaila as the son of the soil, added that “We have listened to your request.

” Know that Badagry is a very peaceful town, and we will keep collaborating with you in safeguarding our borders and in promoting legitimate trade, ” he stated.

Comptroller Kaila also visited the Onibereko of Ibereko Awori-Kingdom, where the monarch, Oba Israel Okoya, signifies his commitment to fostering the service relationship with residents living within the border communities

“I welcome you to Badagry and be rest assured that I will always talk to my people whenever the need is required.

” In our town, our youth does not engage in illegalities as I have no other choice than to assist you in achieving the government mandate, ” he mentioned

While at the Palace of Alapa of Apa Kingdom, the king HRM Oba Oyekan Ajose Ilufemiloye commended and described the CAC, Comptroller Kaila as a professional, seasoned and well respected officer as described by indigenes of border communities.

“I promise you that I will always assist you in my area for anything that you need.

“Our border here has been peaceful because our youth always listen to the elders, and I know with your presence here, things will change for the better, ” he said

In his efforts to consolidate on existing synergy between sister security agencies, Kaila also visited Headquarters of 653 Nigerian Air force base, Ahanve-Badagry.

The Commanding Officer, Group Captain Hungruy Medugu,expressed the readiness of the formation to always support the command in achieving its mandate.

“Our collaboration has been key to various successes we have recorded in our area of responsibility.

” Your presence here strengthens existing bonds of inter-agency collaboration between both Services, and we will not take it for granted ,” he said

The Area Controller then ended his familirisation tour with seeking for mutual cooperation with a visit to the Republic of Benin Police office, showing his readiness to eradicate hindrances affecting the free movement of goods and services across the border.

Headlines

Opeifa decries encroachment on NRC properties across the country

— praises collaboration with Abia, Enugu govts.

Funso OLOJO, Editor

The Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has reiterated his displeasure over the widespread practice of encroachment on the properties of the Nigerian Railways Corporation across the country, warning that such action would not be tolerated by his administration.

Opeifa was speaking during the separate meetings he recently had with the governments of both Abia and Enugu states.

Represented by the Railway District Manager, Eastern District, Mr. Agwonye Francis Ejike, the NRC boss quickly condemned the occupation of the Corporation’s right- of – way by squatters in Umuahia, while correcting the wrongly- held belief that the Railway is defunct.

Opeifa however applauded the cordial and collaborative relationship between the Corporation and the governments of both Abia and Enugu.

According to him, such productive harmony can only yield even greater positive results for the benefit of the people.

During the Umuahia meeting, Dr. Opeifa strongly praised the Abia State Government for its crucial assistance in clearing the NRC’s right-of-way within Umuahia.

He reiterated unequivocally that no one is permitted to build any structure on railway property without obtaining express approval from his office.

Appealing directly to the public, he urged for greater patience, stressing that the plans for the critical track extension from Aba, through Umuahia to Enugu and beyond, remain very much on course.

Responding on behalf of the Abia State Government, Mr. Kingsley Agomoh stated that the State Government is actively engaging all stakeholders by providing alternative, seamless locations for those currently conducting business on the railway right-of-way.

He further revealed that the state government has already finalized plans to plant trees along the route, creating a leisurely and aesthetically conducive environment for relaxation, replacing previous commercial activities.

The high-powered team then embarked on an extensive inspection of the alternative relocation site for displaced persons; the demolition site where iron barrier installation is progressing; the Umuahia Central Bus Terminal; the site for the new Umuahia Railway Station; and the route for the proposed link road passing through the existing railway station.

The meeting also explored the provision of a temporary location for the Railway Police and the PTO, pending the construction of the new Umuahia Station, which is designed to include a police station and other NRC offices.

The same impactful message was delivered to Enugu State, where the Commissioner of Transportation, Dr. Obi Ozoh (representing the State Government), equally assured the NRC MD of the Enugu State Government’s unwavering commitment to collaborating with the Corporation to achieve its aims and objectives.

Describing Dr. Opeifa as a personal friend from their private sector days, Dr. Ozoh lauded him as a leader who “knows perfectly well what he is doing.”

He further assured the NRC that the Enugu State Government will actively assist in demolishing any obstruction on the Corporation’s right-of-way, stressing that the state eagerly awaits the flag-off to recommence construction of the rail line from Aba to Enugu and beyond.