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Disagreement between Ministers of Transportation, Finance stalls CVFF disbursement

— I am handicapped, Ameachi laments

— We are resolving the technical hitches, Jamoh assures

Eyewitness reporter
The distraught indigenous ship owners, who have gone wary of endless wait for over 17 years for the disbursement of the Cabotage Vessels Financing Funds (CVFFN) that never was, may have to brace for a long wait as the controversial funds will not be disbursed any time soon.
The Minister of Transportation, Rotimi Ameachi, has declared that the Minister of Finance, Mrs Zainab Ahmed, has protested against the presidential approval to disburse the funds.
Speaking to journalists Friday in Lagos at the two-day ministerial retreat for agencies under the Ministry, Ameachi pointedly accused the Minister of Finance of truncating the disbursement of the long-awaited CVFF.
“The President has approved, he said go ahead and disburse. The Attorney-General of the Federation said the law says it is private funds and you can go ahead and disburse.
“But the Minister of Finance protested and said no, the money is a public fund and so cannot be dispensed.
“So what do I do?’ the Minister asked rhetorically.
“I am handicapped”, he confessed.
However, he asked the owners of the funds to take their own destiny into their own hands by protesting to the President through a letter which they should copy him to enable him to go back to Mr President on this case.
“The owners of money should therefore write to the President and copy me and I will then go back to the President.
“The law says the money is not public funds. The Minister of Finance does not have the right to advise that it is public funds.
“Now that the owners of the funds are aware, they should write to say ‘we are aware of the approval and we are also aware of the protest by the Minister of Finance.
“If I have the letter, I will go back to the President” Ameachi reiterated.

Zainab Ahmed, Minister of Finance

However,  the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) tried to mitigate the candour and forthright approach of the Minister to the bureaucratic bottleneck that has dogged the CVFF disbursement.
He acknowledged that there are problems of technicalities over the disbursement of the CVFF which his agency was working to resolve before the funds could be disbursed.
“The Minister said he spent two years to get the approval from the President for the disbursement of the funds.
“But he was made to understand between the Ministry of Finance and NIMASA that approval has been tinkered with.
“There were changes to the approval given by the President and that changes have to do with from where the money has to be disbursed.
“NIMASA was not a party to that”
“The money is presently in the TSA and the directive we were given was to disburse the funds from the commercial banks.
“So when the Minister sought the approval of the President to disburse the funds, the Finance Ministry rejected the option of disbursing the funds through the commercial banks.
“So the approval came in the second time but that the disbursement has to be made from the TSA, that is, the CBN.
“What the  Minister was saying is that the guidelines stipulate that the money should be disbursed through the Primary Lending Institution (PLIs) and the CBN is not a PLI because it is not a commercial bank.
“The approval that came in now says disburse it through the CBN.
“What we are doing now is to find out how we can wriggle ourselves out through the utilisation of the TSA, that is, CBN and without tinkering with the existing laws or the guidelines by the National Assembly which says the funds should come through the commercial banks.

Bashir Jamoh, NIMASA DG

“So what did we do?. We still went ahead, advertised expression of interest.
“11 banks applied. We have sent the names of the 11 banks to the Minister.
“According to the guidelines, the Minister will be the one to select the four PLIs among the 11 banks sent to him.
“In doing so, he has directed me to clear some issues which I have already made clear during my presentation at the retreat.
“These are the things he wanted me to do and by the time am finished with the directive, I will revert to him with the answers.
“From that answers, if the Minister is cleared about them, he would now appoint the four PLIs from the 11 shortlisted banks sent to him.
“With the PLIs approved, NIMASA and stakeholders will sit down and say ok, you PLIs, the money is not with you, but with the CBN.
“How do you involve yourselves (PLIs) with this particular transaction without having the funds in your kitty?
“Or are you(PLIs)  going to talk to the CBN, after selecting successful companies?
“The CBN will then forward the money to the PLIs, that is, if a company succeeds in its application for the funds, the money will not be given to such company directly but go through the PLIs because PLIs have to contribute.
“We still abide by the Federal government directive because we are sending it to the successful companies through the PLIs because we have to recover the money, banks have to recover the money.
“This is where we are going. That is why the Minister said there was a problem with the disbursement of the funds.
“That is the problem.
“There are technical hitches.
“The first approval to the Minister was that he could go ahead and disburse.
“He then came and said ok, let us transfer the money in the TSA from the CBN to the commercial banks.
“But the Ministry of Finance said no and they went to the President and said the money should be disbursed directly from the TSA which is domiciled with the CBN.”, concluded Jamoh.
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Tinubu swears in new IGP, Tunde Disu on Wednesday as Police council endorses his appointment

Funso OLOJO,  Editor
President Bola Ahmed Tinubu will on Wednesday, March 4th, 2026 swear- in the new Inspector – General of Police (IGP), Olatunji Rilwan Disu following the endorsement of his appointment by the Nigeria Police Council.
According to the Presidential spokesman, Bayo Onanuga, the  ceremony will take place during the Federal Executive Council meeting, scheduled for the same day.
The Council’s meeting, which took place at the State House, was presided over by President Bola Ahmed Tinubu and had in attendance Vice President Kashim Shettima, state governors and the Chairman of the Police Service Commission, retired DIG Hashimu Argungu, in accordance with the constitution.
Others in attendance were the Secretary to the Government of the Federation, Senator George Akume; the National Security Adviser, Nuhu Ribadu; the Chief of Staff, Femi Gbajabiamila; the Minister of Police Affairs, Senator Ibrahim Gaidam; the FCT Minister, Nyesom Wike; and the head of service, Mrs Esther Didi Walson-Jack.
The President appointed Disu as the new police chief, following the resignation of the former Inspector-General of Police, Kayode Egbetokun.
Governor of Lagos State, Babajide Sanwo-Olu, who spoke glowingly about the Acting Inspector-General of Police, commended Disu for his exemplary services as a policeman, especially when he served as the Commander of the Rapid Response Squad in Lagos State between 2015 and 2021, where his tenure earned him and the RRS recognition for excellence in crime control.
Governor of Nasarawa State, Abdullahi Sule, commended the President’s appointment of Disu, noting that it was based on his excellent career record.
Minister of the Federal Capital Territory and former Governor of Rivers State, Nyesom Wike, also lauded Disu for his professionalism.
Disu served in Wike’s home state of Rivers as Assistant Commissioner, Criminal Investigation Department, and Officer-in-charge, anti-kidnapping unit, between 2014 and 2015.
He later served as Commissioner of Police in the FCT Command when Wike became the minister.
Wike commended him for his efficiency as a crime fighter and for ensuring the command’s strategic impact in addressing security concerns within the territory.
Governor Peter Mbah of Enugu State seconded the motion endorsing Disu’s appointment.
Disu was born on April 13, 1966, in Lagos State and joined the Nigeria Police Force on May 18, 1992, as a Cadet Assistant Superintendent.
He rose through the ranks with multiple qualifications in public administration, forensic investigation, criminology, security, legal psychology, and entrepreneurship-credentials that reflect his commitment to knowledge-driven, modern policing.
The Acting Inspector-General has held critical operational, investigative, and strategic command positions nationwide.
His last position was as Assistant Inspector-General of Police in charge of the Special Protection Unit and the Force CID Annex, Lagos.
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Maersk’s suspension of shipping operations through Strait of Hormuz raises anxiety among Nigerian importers 

Attack on vessel in the Strait of Hormuz
Funso OLOJO, with agency report
The on- going hostilies in the Middle East have continued to stifle international trade as most of the shipping companies have suspended voyage through the troubled Strait of Hormuz.
The joint attacks by the military forces of the United States of America (USA) and Israel on the Islamic Republic of Iran, which resulted in the assassination of its Supreme leader, Ayatollah Ali Khomenei and over 40 top military officers of the Islamic country,have put a strain on shipping operations along the busy vessel route of Strait of Hormuz as the Houthis militias, who are sympathetic to Iran, have threatened to attack vessels on the route.
Strait of Hormuz accounts for one third of the world shipping passage while the route accommodates the world largest crude tankers , despite its narrow width.
As a result of the threats, which have raised safety concerns on the vessels, cargos and crews, major shipping lines have halted their operations along the route.
Maersk, the world’s largest container shipping company, has halted passage of cargo vessels through the Strait of Hormuz for “safety” reasons.

“We are suspending all vessel crossings in the Strait of Hormuz until further notice,” the Danish group said in an online advisory.“The safety of our crews, vessels and customers’ cargo remains our key priority,” it said.

Iran’s Revolutionary Guard had earlier announced the Strait’s closure.

Major Middle Eastern oil and gas exporters rely on it to move supplies to international markets while importing nations depend on its uninterrupted operation.
China, one of the biggest destinations of Nigerian importers, make use of the route for import of the crude oil from the Middle East, especially Iran and export of its manufactured goods to the developing countries, especially Nigeria.
This development has raised anxiety among Nigerian importers who expressed concerns over the implications of the disruption on the route one the cost of imports, especially from China.
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NRC hosts Rotary Club on mobile train

Gloria Odion, Reporter 
The Nigerian Railway Corporation (NRC) has played host to the Rotary Club of Ota by hosting Nigeria’s first-ever Rotary fellowship on a moving train, setting a remarkable benchmark for innovation in civic and humanitarian engagement.
The groundbreaking event brought together members of the club aboard a moving train for fellowship, leadership interaction, and strategic discussion centered on service to humanity, climate action, and sustainable community development.
The fellowship was led by the President of the Rotary Club of Ota, Mr. Charles Umukoro, alongside members of the club’s executive and general membership.
A major highlight of the occasion was the visit of the Railway District Manager, Engr. Rasheed Adedeji, who warmly welcomed the Rotarians on board.
His presence underscored the significance of the event and further strengthened the cordial relationship between the railway management and the Rotary Club.
In a symbolic moment reflecting shared values of service and partnership, Engr. Rasheed Adedeji was formally inducted as a member of the Rotary Club of Ota following his welcome address, adding prestige and deeper institutional collaboration to the landmark fellowship.
The moving-train fellowship was widely described as symbolic of progress, innovation, and forward movement—values that align closely with the transformation agenda of the Nigerian Railway Corporation.
The Nigerian Railway Corporation said it was committed to supporting initiatives that promote national development, environmental sustainability, and community advancement, while showcasing the railway as a safe, modern, and strategic platform for engagement.
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