Connect with us

Headlines

Repayment plan: the burden of CVFF Disbursement

Chika Chukwudi
The long-anticipated disbursement of Nigeria’s Cabotage Vessel Financing Fund (CVFF) marks a defining moment for the nations maritime sector. Approved by President Bola Ahmed Tinubu GCFR, the release of the fund signals more than policy execution it reflects a strategic effort to reposition Nigeria as a formidable maritime nation by empowering indigenous shipowners.
Established under the Cabotage Act and administered by the (NIMASA), the CVFF was conceived as a revolving fund to provide financial support for vessel acquisition, thereby strengthening local participation in coastal and inland shipping. For years, its implementation remained stalled, making the current move both significant and symbolic.
Yet, beyond the excitement surrounding its disbursement lies a more critical conversation one that centers on responsibility, discipline, and long-term national interest.
At its core, the CVFF is not a grant; it is a loan facility designed to be repaid. This distinction is crucial. The sustainability of the fund depends entirely on a strong repayment culture among beneficiaries. Without it, the very foundation of the scheme risks collapse.
For individual beneficiaries, defaulting on repayment carries immediate and tangible consequences.
 Financial institutions involved in the disbursement process may enforce recovery measures, including the seizure of financed assets. Beyond asset loss, defaulters risk reputational damage that could limit access to future financing opportunities, both locally and internationally.
In an industry where credibility is currency, such setbacks can be difficult to overcome.
However, the implications of default extend far beyond individual losses. A breakdown in repayment culture would weaken the revolving structure of the CVFF, depriving future applicants of access to critical funding. In effect, todays defaults could shut the door on tomorrows opportunities, slowing the growth of indigenous shipping capacity and reinforcing dependence on foreign vessels.
The ripple effects would also be felt at a national level, particularly in Nigerias standing within the global maritime community.
As a member of the (IMO), Nigeria occupies a Category C seat, a position reserved for countries with special interests in maritime transport and a demonstrated commitment to its development.
Maintaining this status is not automatic. It requires continuous proof of progress, institutional credibility, and adherence to global best practices.
The effective management of initiatives like the CVFF plays a critical role in shaping international perception. A pattern of loan defaults, fund mismanagement, or weak regulatory enforcement could erode confidence in Nigeria’s maritime governance framework.
Such a scenario may weaken the countrys bid to retain its Category C seat at the IMO, ultimately reducing its influence in global maritime decision-making. For a country with vast coastal resources and strategic shipping potential, this would represent a significant setback.
Conversely, disciplined utilization and timely repayment of the CVFF can yield transformative results.
A successful cycle of funding and repayment would enable continuous reinvestment, expanding opportunities for more operators, increasing fleet capacity, and generating employment. It would also demonstrate Nigerias readiness to manage large-scale maritime interventions effectively, strengthening its voice on the global stage.
In this context, the CVFF becomes more than a financing tool it becomes a test of collective responsibility. Beneficiaries are not just loan recipients; they are key stakeholders in a national project with international implications.
As disbursement begins, the message to applicants is clear: prudent use of funds, strict adherence to approved purposes, and unwavering commitment to repayment are non-negotiable.
The future of Nigeria’s maritime industry and its standing in the global maritime community may well depend on it.
The opportunity is historic. The responsibility is immense. And the consequences of failure are far-reaching.
Chika Chukwudi, an Assistant Director in the Public Relations Unit of NIMASA, Abuja Zonal Office writes from Abuja 
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Oyetola seeks stronger public -private sector collaboration to unlock Nigeria’s blue economy potential

Gloria Odion, Maritime reporter 

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has called for stronger collaboration among the Federal Government, state governments, the private sector and development partners to accelerate the implementation of Nigeria’s National Policy on Marine and Blue Economy.

He stressed that active sub-national participation is critical to unlocking the country’s vast marine resources and driving sustainable economic growth.

Oyetola made the call on Thursday at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement organised by the Federal Ministry of Marine and Blue Economy at Eko Hotel and Suites, Victoria Island, Lagos.

The event, themed “From Policy to Action: Mobilising Sub-National Governments for Effective Implementation of Nigeria’s National Policy on Marine and Blue Economy,” attracted government officials, diplomats, development partners, industry leaders, academics and representatives of state governments.

The Minister said Nigeria had moved beyond policy formulation and must now focus on coordinated implementation capable of delivering measurable economic outcomes.

He described the National Policy on Marine and Blue Economy as a strategic framework for harnessing the nation’s oceans, inland waterways, fisheries and coastal resources, noting that its success would depend largely on effective collaboration across all tiers of government.

According to him, many of Nigeria’s marine and blue economy assets are located within states and local communities, making state governments indispensable partners in attracting investment, creating jobs, strengthening food security and promoting environmental sustainability.

Oyetola said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda had improved stakeholder engagement, attracted fresh investments, enhanced maritime safety and strengthened the competitiveness of Nigeria’s ports.

Highlighting recent achievements, he cited the 2025 Container Port Performance Index by the World Bank and S&P Global Market Intelligence, which ranked Tin Can Island Port as the world’s 10th most improved port and Lagos Port Complex, Apapa, as the 12th most improved between 2020 and 2025.

He added that ongoing port modernisation projects and the planned development of new deep seaports in Akwa Ibom, Bayelsa, Cross River, Lagos and Ondo states would further consolidate Nigeria’s position as West Africa’s leading maritime hub.

The minister also noted that improved port operations had contributed to Nigeria recording consistent trade surpluses since 2024.

On inland waterway safety, Oyetola said the ministry had intensified collaboration with relevant agencies and state governments, distributed life jackets nationwide and urged states to replace unsafe wooden passenger boats with modern fibre boats.

He further encouraged coastal states to align their development strategies with the National Policy on Marine and Blue Economy while urging investors to explore emerging opportunities in fisheries, aquaculture, maritime transport, coastal tourism, shipbuilding, renewable energy and marine biotechnology.

Delivering the keynote address, Bayelsa State Governor, Senator Douye Diri, commended President Tinubu for establishing the Federal Ministry of Marine and Blue Economy, describing it as a strategic step towards diversifying Nigeria’s economy.

Diri said Bayelsa demonstrated its commitment by creating a State Ministry of Marine and Blue Economy in June 2024 to drive the blue economy component of its A-S-S-U-R-E-D Prosperity Agenda.

He disclosed that the state had commenced large-scale fish production at the Bayelsa Aquaculture Village in Yenegwe, where a functional hatchery now produces high-quality catfish fingerlings and juveniles to boost food security and employment.

The governor also said the state had expanded its marine transport fleet and was aggressively pursuing the development of the proposed Agge Deep Seaport as a strategic maritime gateway for the Niger Delta.

He outlined five key measures for coastal states to maximise blue economy opportunities: establishing dedicated ministries for marine and blue economy, enacting enabling legislation, mapping and securing maritime domains, strengthening data collection and analysis, and investing in skills development, innovation, markets and logistics infrastructure.

Speaking on private sector investment and industrialisation, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said sustained private sector participation would be crucial to achieving the objectives of the National Policy on Marine and Blue Economy.

Represented by the Managing Director of Dangote Port Operations, Simeon Akin Omole, Dangote said the policy targets the creation of three million jobs within its first four years, annual sectoral growth of seven per cent, and the reservation of at least 50 per cent of new jobs for young people between the ages of 18 and 35.

He stressed that industrial transformation would require policy consistency, world-class infrastructure, access to finance and investor confidence, identifying infrastructure-led industrialisation, value-chain development and stronger public-private partnerships as the key drivers for unlocking the sector’s vast potential.

Dangote also described the fisheries value chain as one of Nigeria’s most promising investment opportunities, noting that despite rising domestic production, the country still spends nearly one billion dollars annually on fish imports because of supply shortages.

He said strategic investments in aquaculture, hatcheries, feed production, processing, cold chain logistics and export infrastructure could significantly reduce imports, conserve foreign exchange, create more than 500,000 jobs and position Nigeria as a major exporter of fisheries products.

Dangote further emphasised that public-private partnerships should extend beyond financing to include strategic collaboration among government, investors, research institutions and coastal communities, adding that coastal industrial clusters supported by modern ports, Special Economic Zones and digital infrastructure would accelerate industrialisation and attract long-term investment.

Goodwill messages were delivered by the Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi; the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun; representatives of the governors of Ondo and Borno states; and private sector operators, all of whom reaffirmed their commitment to supporting the effective implementation of Nigeria’s marine and blue economy agenda.

Continue Reading

Customs

Customs, NDLEA bust major drug syndicate, seize 9 containers of illicit goods worth N53.39 Billion at Apapa port

Funso OLOJO and Gloria Odion

The Nigeria Customs Service (NCS), in collaboration with the National Drug Law Enforcement Agency (NDLEA), has recorded a major breakthrough in the fight against illicit trade with the interception of nine containers laden with narcotics, expired pharmaceutical products and falsified medicines valued at N53.391 billion at the Apapa Port in Lagos.

Speaking during the unveiling of the seizures on Wednesday, July 1st, 2026, the Comptroller-General of Customs, Adewale Adeniyi, said the operation was made possible through intelligence sharing, inter-agency collaboration and the deployment of non-intrusive inspection technology.

According to Adeniyi, the containers, which initially appeared to contain legitimate imports, were subjected to detailed intelligence analysis and verification that exposed sophisticated concealment methods used by the syndicate.

The seizures comprised:
A 40-foot container (CAAU7569127) containing 3,639 parcels of Cannabis Sativa (Canadian Loud) weighing 1,819.5 kilograms, concealed alongside three imported vehicles and assorted automobile spare parts.

Another 40-foot container (HAMU3246311) conveying 9,918 sachets of Cannabis Sativa weighing approximately 4.95 metric tonnes, hidden with two imported vehicles and household items.


A 40-foot container (MRKU3816476) loaded with 1,700 cartons (170,000 bottles) of Codeine Syrup, concealed with 38 cartons of insulated casserole dishes.

Another container (TGBU5399178) containing 1,698 cartons (169,800 bottles) of Codeine Syrup, hidden inside 36 cartons of casserole products.

Container HASU4519480 carrying 1,300 cartons of expired pharmaceutical products, including Tramadol (Timakadol).

Container MRKU4961275 containing 1,269 cartons of expired pharmaceutical products, including Oxytocin injections, Mexclor Eye Drops and Carbamazepine tablets (Termigral brand).

Container PCIU8771576 conveying expired pharmaceutical products, including Cloxicillin capsules, Cynamine Vitamin B12 injections and Becoline B-Complex injections.

A 20-foot container (MRKU6964435) loaded with Piccan Teething Powder.

Container TCKU7000791 carrying 1,100 packages of CHACOLD Chlorpheniramine Maleate Capsules bearing a fake NAFDAC registration number (04-6646) and an expiry date of December 2028.

Adeniyi explained that the narcotic consignments would be handed over to the National Drug Law Enforcement Agency (NDLEA), while the expired and falsified pharmaceutical products would be transferred to the National Agency for Food and Drug Administration and Control (NAFDAC) for further investigation, regulatory action and safe disposal.

“In accordance with the Nigeria Customs Service Act, 2023, narcotic drugs falling within the statutory jurisdiction of the NDLEA will today be formally handed over to the Agency for further investigation and prosecution.

“Similarly, expired pharmaceutical products will be transferred to NAFDAC for regulatory action and safe disposal.

“The remaining goods shall remain in the custody of the Nigeria Customs Service for seizure, forfeiture, condemnation, revenue recovery and other enforcement actions as provided by law,” the CGC stated.

He stressed that the seizures represented far more than their monetary value.

“These seizures represent far more than monetary value. They represent lives protected, families preserved, communities secured and countless young Nigerians shielded from the devastating consequences of drug abuse and unsafe medicines,” Adeniyi said.

The Customs boss commended officers and men of the Apapa Area Command for their professionalism, vigilance and dedication, while also praising the sustained collaboration among the NCS, NDLEA, NAFDAC and other security agencies.

“We shall continue to intercept, expose and prosecute all those who threaten our economy, compromise public health or undermine the security of our nation.

“Together with our partner agencies, we remain steadfast in protecting our borders, facilitating legitimate trade, preserving the health of our citizens and securing the future of our country,” he added.

 

The Chairman/Chief Executive of the NDLEA, Buba Marwa, disclosed that the interception of 6,778.5 kilograms of Canadian Loud was the outcome of a painstaking intelligence-driven operation undertaken by the agency’s Special Investigation Unit and Marine Intelligence Unit in collaboration with foreign partners, particularly the Royal Canadian Mounted Police.

According to Marwa, intelligence gathering and surveillance lasted for more than four months before the containers were intercepted.

“Over four months, actionable intelligence was carefully developed, and our marine surveillance officers tracked the vessels and containers throughout their journey until both were successfully intercepted,” he said.

The operation underscores the growing effectiveness of inter-agency cooperation and international intelligence sharing in disrupting transnational drug trafficking networks and preventing dangerous narcotics and counterfeit medicines from reaching the Nigerian market.

Continue Reading

Customs

Wale Adeniyi, CGC, bags one-year tenure extension as WCO Council Chairman

Funso OLOJO, Editor

Few days after President Bola Ahmed Tinubu extended the tenure of the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, by an additional six months, the World Customs Organization (WCO) has also renewed his tenure as Chairman of its Council for another one year.

The decision was unanimously endorsed by member countries during the 147th and 148th sessions of the WCO Council held in Brussels, Belgium, reaffirming the confidence of the global customs community in Adeniyi’s leadership.

Addressing members of the NCS management team who gave him a rousing welcome on his return to Nigeria on Monday, June 29, 2026, Adeniyi revealed that he had travelled to Brussels expecting to hand over the chairmanship but was instead entrusted with another one-year mandate.

“I sincerely appreciate your support. I went to Brussels believing I was going to hand over, but the outcome was different. The Council renewed my tenure for another one year, and I dedicate this achievement to the entire Nigeria Customs Service,” he said.

Adeniyi made history in June 2025 when he became the first Nigerian to be elected Chairman of the WCO Council, the highest decision-making body of the global customs organisation.

The renewal of his international mandate comes just days after President Tinubu approved a six-month extension of his tenure as Comptroller-General of Customs, a development widely seen as a strong endorsement of his leadership, reform initiatives and outstanding performance both nationally and internationally.

In recognition of the milestone, the NCS management team presented the Comptroller-General with a symbolic souvenir to celebrate his exemplary leadership and contributions to the transformation of the Service.

Responding to the gesture, Adeniyi expressed appreciation to the management team for their unwavering support, describing the honour as a reflection of the unity, professionalism and shared commitment that exist within the Nigeria Customs Service.

The renewed confidence reposed in him by both the Federal Government and the international customs community is expected to further strengthen the Nigeria Customs Service’s ongoing reform agenda, deepen global partnerships, enhance trade facilitation and reinforce Nigeria’s growing influence in international customs administration.

Continue Reading

Trending