Connect with us

Headlines

NIMASA assures shipowners of disbursement of CVFF at single- digit interest rate 

Funso OLOJO 
As the August commencement  date for the disbursement of Cabotage Vessels Financing Funds(CVFF) draws nearer, the Nigerian Maritime Administration and Safety Agency (NIMASA) has assured that  interested indigenous ship owners will access the Funds at a single – digit interest rate.
The Director General of the agency, Dr Dayo Mobereola, made the pledge on Monday,May 12th, 2025 during a one- day Stakeholders’ forum on the operationalisation of CVFF held in Lagos.
According to Mobereola, the CVFF is not a grant, but a strategic investment in Nigeria’s maritime future.
He therefore urged all prospective applicants to follow the established procedures through partner financial institutions.
“The primary objective of bringing you together today is to formally announce and discuss the imminent disbursement of the CVFF and to demonstrate the established clear frameworks for transparent, efficient, and impactful fund utilization that will empower indigenous shipowners.
“I urge all prospective applicants to follow the established procedures through our partner financial institutions.
” The CVFF is not a grant program but a strategic investment in Nigeria’s maritime future.
” It is a loan with single digit interest. We will monitor fund utilization to ensure they achieve the intended objectives.”
Mobereola further stated that NIMASA has secured necessary approval that would facilitate the disbursement of the fund to successful beneficiaries.
He also stated that apart from boosting local content in the maritime sector, the CVFF disbursement would also create employment opportunities for Nigerian seafarers.
“The CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide financial support to indigenous shipowners for vessel acquisition and capacity development.
” Despite nearly two decades of regulatory challenges and bad experience of the past, I am delighted to announce that under President Bola Tinubu’s leadership and with the support of the Minister of Marine and Blue Economy, Gboyega Oyetola, we have secured the necessary approvals for disbursement.”
“This disbursement will be transformative for our industry as it stands to empower indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers and strengthening ancillary maritime services.”
Speaking earlier, the Executive Director, Maritime Labour and Cabotage Services, Jubril Abba, said the disbursement of CVFF underscores the agency’s commitment to empowering local shipowners and operators.
He also disclosed that the disbursement would reduce the nation’s reliance on foreign vessels by providing accessible financing options.
“The CVFF is designed to benefit indigenous ownership of marine assets that would be deployed to boost activities within the Nigerian Cabotage space.
“It is with a deep sense of appreciation that we recognise the presence of shipping companies and Shipowners who have taken time out of their tight schedules to honour our invitation to this engagement session.
“Your presence here, we are certain, would add excellent value to the insightful discussions.
“This also underscores NIMASA’s unwavering commitment to empowering local shipowners and operators, stimulating domestic maritime commerce, and reducing our reliance on foreign vessels by providing accessible financing options.”
“The potential of the nation’s Marine and Blue economy when harnessed, would be a significant contributor to the nation’s GDP and catalyse activities in other sectors that would lead to rapid economic growth and development, in line with the renewed Hope Agenda of this Administration.”
Abba however, called on stakeholders to rally round NIMASA in achieving a shared vision for a vibrant and self-reliant maritime sector.
“ The clarion call is for collaborative partnerships to ensure the success of this journey to harness the full potential of our domestic shipping and ensure the sustainable growth of the maritime industry.
“As I close my remarks, we call on all stakeholders to rally round NIMASA as we pledge our renewed dedication, innovation, and partnership in achieving a shared vision for a vibrant and self-reliant maritime sector.”

In his remarks, the President of the Nigerian Chamber of Shipping, Aminu Umar, and other industry stakeholders commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the management of NIMASA for their efforts in facilitating the disbursement of the funds.

Former Director General of NIMASA, Temisan Omatseye, who had previously doubted the realization of the CVFF, also joined others in commending the NIMASA Management and the Honourable Minister of Marine and Blue Economy.

Other issues being addressed by NIMASA in collaboration with the PLIs include insurance, fund security, flexible tenures, and the reduction of sundry fees to the barest minimum at subsidized rates.
Related Topics:
Continue Reading
Click to comment

Leave a Reply

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

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.
Continue Reading

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.

Continue Reading

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.
Continue Reading

Trending