Headlines

PLIs seek possession of NIMASA’s 50 percent equity shares of CVFF from CBN

Mr Aburime Ehimare, Zenith Bank

—propose joint monitoring team to oversee utilisation of funds, track and monitor vessels.

Funso OLOJO

The 12 Primary Lending Institutions (PLIs) appointed by the Nigerian Maritime Administration and Safety Agency (NIMASA) have introduced another dimension to the disbursement of the $700million Cabotage Vessels Financing Funds(CVFF).

The disbursement, which had suffered serial delays and postponements, is expected to commence in August, 2025 among successful bidders from the pool of indigenous ship owners.

As the countdown to the disbursement process began, NIMASA held a one- day Stakeholders’ forum on operationalisation of CVFF in Lagos on Monday, May 12th, 2025.

At the forum, which was meant to unfold the structure and modalities of disbursement to stakeholders, Mr Aburime Ehimare, a senior management staff at Zenith Bank, one of the PLIs chosen to disburse the CVFF, made a strong appeal to NIMASA to allow the PLIs take possession of the 50 percent NIMASA’s equity contribution to the CVFF.

It could be recalled that the equity contributions to the disbursement of the

Funds are shared among three parties to the exercise.

NIMASA will contribute 50 percent, the PLIs will contribute 35 percent while the ship owners wishing to access the funds will contribute the remaining 15 percent.

However, the Zenith Bank make a strong appeal that NIMASA’S 50 percent contribution should be warehoused in a consolidated project account that will domicile with the PLIs.

It could be recalled that the $700m CVFF from where NIMASA would fund its 50 percent equity contribution is domiciled in a Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).

However, Mr Ehimare said the funds should be warehoused by the PLIs to engender liquidity assurance and transparent disbursement process.

” In this session and previous sessions, we have largely agreed that the PLIs will bear 100 percent credit risk of the CVFF disbursement, including NIMASA’s 50 percent contribution.

” But we want to propose that to make these investments enduring ones for the PLIs and by extension, all stakeholders, the NIMASA’s 50 percent equity contribution should be warehoused in a designated project account with the PLIs before disbursement.

” That will provide liquidity assurance and improve the project distribution timeline and also accelerate the process of disbursement” the banker argued.

Mr Ehimare, who raised four vital points that should be considered to ensure seamless disbursement process and infuse confidence in the PLIs, also made a proposal for the establishment of what he called post – disbursement Stakeholders working group that would be monitoring the implementation of the project.

” There is need to have a post- disbursement stakeholders working group.

” NIMASA needs to consider a joint implementation committee for post disbursement which shall comprise the PLIs, NIMASA and industry experts so that we can monitor the programme and resolve operational challenges as they come so that the intended purpose of the CVFF could be realized.

The Zenith Bank chief also wanted all the parties involved in the CVFF disbursement to agree on security – sharing framework that will define clearly the public process.

” For instance, if there is a vessel liquidation, what will be the sharing formula between NIMASA and the PLIs because, even though we have shared interests in these vessels, their characteristics and unique features are not the same.

” This with ensure sustainability of interests and investments.

Ehimare also made strong appeal on behalf of his bank, the Zenith and other PLIs that NIMASA should avail them its technical competence to ensure that vessels bought with the CVFF money could be properly tracked and monitored by the PLIs.

” For us at Zenith and I am sure I am speaking for the rest of PLIs, we want to make a strong appeal to NIMASA to allow us leverage its regulatory capacity and technical competence to provide vessel tracking data.

” This will help the the PLIs to do their own bits.

‘”There are some areas we do not have core competence as much as NIMASA.

” This was discussed at our previous engagements that as part of our 100 percent credit risks, the banks have to put in place the relevant technology to track all these vessels and monitor the utilisation of the Funds.

” We shall be depending on NIMASA to carry out such technical responsibilities” he appealed.

The 12 PLIs engaged by NIMASA to disburse the CVFF include Fidelity Bank, Stanbic IBTC, United Bank for Africa (UBA), Zenith Bank, Lotus Bank and Union Bank.

Others are First Bank,Jaiz Bank, Sun Trust Bank, Globus Bank and the Bank of Industry(BOI).

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.

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.

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.