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NIMASA, banks disagree over interest rates on CVFF loans, opens discussion with NNPC Shipping.

––invites Afrexim bank, AfDB, American Express Bank.

–– promises fresh disbursement date.

The Eyewitness Reporter
The disagreement between the Nigerian Maritime Administration and Safety Agency (NIMASA) and the five Primary Lending Institutions( PLIs) selected as vehicles for the disbursement of the controversial Cabotage Vessels Financing Funds( CVFF) may have contributed to the continued delay in releasing the funds to the beneficiaries.
It could be recalled that the former administration of President Mohammudu Buhari, had approved five banks, namely, Zenith, Polaris, Jaiz, Union and UBA as the Primary Lending Institutions(PLIs) to drive the disbursement of the funds.
But the process was stalled, after painstaking preparations for the disbursement, following the disagreement between NIMASA, the custodian of the funds and the banks on the interest rate chargeable on the loans.
According to Dr. Bashir Jamoh, the Director General of NIMASA, the five PLIs insisted on collecting 7.5 percent interest from the beneficiaries while NIMASA insisted on a 6.7 percent interest rate.
The uncompromising stand of the two parties has led to the delay in the disbursement of the funds.
Dr. Jamoh, who was speaking Tuesday, January 23rd, 2024 during the visit of the Managing Director of NNPC Shipping, Mr Panos Gliatis, disclosed that three new banks have shown interest in the disbursement process.
Even though, he did not disclose the level of involvement of the new banks neither did he mention at what rate they are willing to disburse, he however gave a tentative six-month take off of the disbursement.
According to him, Afrexim Bank, African Development Bank, and American Express Bank have all agreed to offer assistance towards the disbursement of the funds.
It could be recalled that the disbursement of the fund rests on a tripartite contributory quota.
NIMASA is expected to contribute 50 percent, the Primary Lending Institutions (PLIs) will contribute 35 percent and the beneficiaries are expected to contribute 15 percent.
However, Dr. Jamoh said there is renewed hope for the disbursement of the funds with the discussion currently going on with the NNPC Shipping.
He explained that NIMASA and NNPC Shipping have agreed to open discussion on reviving the stalled disbursement.
While briefing the new helmsman of the Organization, Mr Gliatis, Dr Jamoh expressed hope that the new MD will continue from where his predecessor stopped on the matter of CVFF.
Jamoh recalled the contributions of the NNPC Shipping towards the success of the CVFF which he described as a milestone in the disbursement of the fund.
According to him, the organization has promised to provide cargo for the beneficiary indigenous ship owners because according to him, acquiring a vessel will be useless without access to cargo.
Also, NNPC Shipping has decided to contribute nine percent of the 15 percent contribution of the indigenous beneficiary while he takes the remaining six percent in a bid to share the risks.
Jamoh further disclosed that with the commitment of NNPC Shipping and the buy-in of the new man at the helm of affairs of the company, he expressed hope that the six-month timeline for the disbursement of the fund is achievable.
 The MD of NNPC Shipping, Panos Gliatis said the organisation is committed to the success of the CVFF and promised to work towards its sustainability.
”We shall work diligently towards the success of the project”, he enthuased.
NIMASA DG however warned that the timeline was not sacrosanct as its realization is dependent on the exigency of the prevailing situation and subject to the pleasure of the Minister of Marine and Blue Economy, Adegboyega Oyetola.
” We proposed six six-month timeline for the commencement of the disbursement of the CVFF but that date is not sacrosanct.
“I am not promising, it is just a proposal because it is only the Minister who has the power to give a definitive date.
” NIMASA is just an agency under the supervision of the minister, we merely carry out his orders.
“We need to brief and convince him on this matter” he declared.
Jamoh however expressed optimism about the interest of the minister on the disbursement of the funds as a result of his warning that the CVFF should not go the way of the Anchor Borrower Fund of the Central Bank of Nigeria(CBN).
” The Minister has warned that CVFF should not become another Anchor BorrowerFund” Jamoh stated.
He further disclosed that the proposed Maritime Bank is another avenue to further assist indigenous ship owners.
According to him, preparations have reached an advanced stage for the takeoff of the Bank.
“NIMASA’s  Abuja office has been mandated to provide office accommodation for the bank by dedicating a whole floor to the Bank” Jamoh disclosed.

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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.

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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.
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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.
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