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NIMASA to dilute higher interest rates charged by PLIs on CVFF loan to less than 10 percent rate 

–– as beneficiaries have eight years tenor to pay back with interests

Funso OLOJO 
But for the determination and insistence of the Nigerian Maritime Administration and Safety Agency (NIMASA), to ensure that the Cabotage Vessels Financing Funds (CVFF) loan is given to beneficiaries at a single digit interest rate, the 12 Primary Lending Institutions (PLIs) are not ready to disburse the loan below 10 percent rate.
As a matter of fact, all the 12 PLIs insisted on giving out their own 35 percent equity shares at an interest rate above single digit.
That was their insistence after several months of negotiations with NIMASA.
Mr Yusuf Buhari, the financial consultant to the CVFF, said as much when he declared that the cost of 35 percent equity contribution of the PLIs was above single digit interest rate.
At the one- day stakeholders interactive forum on operationalization of CVFF, held in Lagos on Monday, May 12th,2025, Buhari said there was no way the PLIs would have lent their 35 percent equity below the cost of the fund.
“We would not expect them(PLIs) to lend below their cost of fund.
” The 35 percent equity of the PLIs will be above single digit based on their risk assessment” the financial consultant declared.
However, determined to break the jinx which has over the year bedevilled the disbursement of the CVFF and the desire not to give the loan out above single digit interest rate, the present leadership of NIMASA, with the permission of the Minister of Marine and Blue Economy, Adegboyega Oyetola, agreed to serve as  a buffer for the beneficiaries by agreeing to dilute the higher interest rates insisted on  by the PLIs with its own 50 per cent equity contribution and lower the rate to below 10 percent.
Buhari attested to NIMASA’s sacrifice
” However, what is the diluting factor here is the 50 percent equity share that comes from NIMASA.
” That is strategic. When you add the cost of funding from the PLIs and the cost of funding from NIMASA, we expect that it would not exceed the single digit interest rate.
“This negotiation, calculation will be done before approval letter is issued to the beneficiaries of the loans”
” We would ensure that it will be part of the responsibility of NIMASA to ensure that whatever interest rate your bank is giving you, when diluted by NIMASA’s 50 percent contribution, will be an agreeable rate that will not exceed the single digit interest rate.
” The single digit weighted rate is our target” Buhari declared.
Sources whispered to our reporter that the present management of NIMASA had to bend backward to accept the tough conditions of the bankers as it didn’t want the negotiation to get stalled once again.
It could be recalled that it was at this stage of fixing the interest rate with the initial five PLIs hitherto engaged by NIMASA that the negotiation broke down during the tenure of the estwhile NIMASA DG, Dr Bashir Jamoh.
During that period, the PLIs insisted that they could not offer their own 35 percent equity contribution at single digit interest rate, a position the former NIMASA management opposed, insisting on less that 10 percent interest rate.
” The negotiation later broke down when the two parties maintained their hardline positions.
It was this same hardline position the 12 PLIs brought to the table when negotiations resumed on disbursement process with the present management of NIMASA led by Dr Dayo Mobereola.
Sources further claimed the expansion of the PLIs numbers from initial five to 12  was meant to break their resolve to charge above single digit .
Unfortunately, this strategy did not work as the bankers insisted they could not offer interest rate below the cost of funds they are contributing.
Determined to disburse the funds after several years of delays, the incumbent leadership of NIMASA had to abandon the hardline posture of its predecessor and agreed to the terms and conditions of the PLIs while deciding to use its 50 percent equity contribution as a buffer to dilute the higher interest rates charged by the PLIs.
Meanwhile, Mr Buhari, the financial consultant to the Funds, revealed that each of the successful bidders for the Funds is at liberty to approach any of the 12 approved PLIs to negotiate for a favourable rate that would be brought to NIMASA which will dilute whatever the rate it is to below 10 percent.
By implication, it is obvious that the 12 PLIs will charge different interest rates, which is above 10 percent,while the beneficiaries will get the rate from the PLIs according to his bargaining power.
But what is constant, according to Buhari, is that no matter the rate each of the beneficiaries get from their banks, the loan will be given to them at below 10 percent interest rate, thanks to NIMASA.
“The beneficiaries could use any bank among the 12 PLIs, the one that offers best terms and conditions.
” Negotiate your rate of 35 percent with the banks.
” Whatever rate you get from your bank will be diluted by NIMASA to bring it down to a single digit interest rate.
” The interest rate will be worked out on case to case basis.
” The PLIs will give different rate which would be dependent on their risk assessment but NIMASA will dilute it to less than 10 percent interest rate” Buhari maintained.
In addition, Buhari disclosed that eight years tenor period is given by the banks for the beneficiaries to pay back the loan.
The eight years tenor is the cap period as this could be less, according to the terms and conditions of the banks.
Again, this presupposes that the bargaining power of each of the beneficiaries of the loan will come to play when negotiating for a favourable tenor which will not exceed eight years.
Those with weak bargaining power may get shorter tenor for loan repayment.
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Customs

FOU A bursts 473 smuggling operations in 8 weeks, records major seizures with N5.5billion DPV

– plans relocation to new ultra- modern Iperu headquarters 
Gloria Odion, Maritime reporter 
The Federal Operations Unit of the Nigeria Customs Service, Zone A, Lagos, has foiled about 473 major smuggling operations across its areas of coverage within the last eight week.
Making this disclosure on Tuesday, May 5th, 2026 was the Comptroller of the Unit, Comptroller Gambo Aliyu while giving account of the performance of the Unit.
According to him, the operations led to the seizure of a wide range of prohibited and contraband items, including 8,794 bags of foreign parboiled rice (equivalent to 15 trailer loads), 22 used vehicles, 1,863 used refrigerator compressors and  328 bales of used clothing.
Others were 1,188 kegs of vegetable oil, 31,705 litres of Premium Motor Spirit (PMS), 485 used tyres, 69 cartons of foreign spaghetti, sugar and other food items, as well as 531 cartons of frozen poultry products.
In a major crackdown on drug trafficking, Comptroller Aliyu disclosed that the Unit launched a special operation codenamed Operation Hawk, targeting illicit drug networks.
This resulted in the seizure of 3,340 parcels of cannabis indica, popularly known as “Ghanaian Loud,” weighing 1,540kg.
He emphasized that the operation reflects the Unit’s resolve to dismantle drug trafficking syndicates and curb the spread of illicit substances.
In a related development, officers at the Gbaji outpost, acting on credible intelligence, intercepted a vehicle along the Lagos-Abidjan corridor conveying hard drugs.
The suspect arrested with the prohibited items, a 71-year-old Nigerian, was found in possession of 6.4kg of cocaine and methamphetamine with an estimated street value of ₦2.35 billion.
Several arrests were made across Lagos, Ogun, Oyo, and Ondo States in connection with these seizures.
Comptroller Aliyu disclosed that the seized narcotics have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution, in line with existing inter-agency collaboration frameworks.
The Unit also recorded the seizure of four cylinders of high-grade mercury, a controlled substance under the Minamata Convention, concealed in a vehicle.
The suspect and items has been transferred to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for further action.
Beyond seizures, the Unit achieved significant revenue recovery, recording a Duty Paid Value (DPV) of ₦5,504,039,720 within the review period.
Additionally, ₦97,703,596.55 was recovered through the issuance of Demand Notices on improperly declared consignments.
Comptroller Aliyu highlighted ongoing efforts to modernize operations through the deployment of advanced technologies, including Geographic Information Systems (GIS), satellite imagery, drone surveillance, and predictive analytics.
These tools, he noted, are enhancing intelligence-led enforcement, improving response times, and disrupting smuggling networks across the Zone.
He further disclosed that the Unit will soon commence a phased relocation to its newly commissioned ultra-modern headquarters in Iperu, Ogun State.
The facility is equipped with a state-of-the-art Command and Control Centre designed to support real-time monitoring, data analytics, and improved inter-agency coordination.
Reaffirming the Unit’s dual mandate, Comptroller Aliyu stressed that while enforcement remains a priority, the FOU Zone ‘A’ is equally committed to facilitating legitimate trade and ensuring that compliant traders are not unduly hindered.
He expressed appreciation to the Comptroller-General of Customs, Dr. Bashir Adewale Adeniyi, for his leadership and strategic direction, as well as to stakeholders and the media for their continued support.
The Comptroller reiterated the Unit’s determination to sustain its crackdown on economic sabotage, protect national revenue, and uphold the integrity of Nigeria’s trade environment.
The Comptroller of the Federal Operations Unit (FOU) Zone ‘A’, Nigeria Customs Service (NCS), Comptroller Gambo Aliyu, has reaffirmed the Unit’s commitment to combating smuggling and safeguarding Nigeria’s economy across the South-West region.
Addressing the media on Tuesday, 5 May 2026, Comptroller Aliyu stated that the Unit has strengthened enforcement measures in line with the Federal Government’s fiscal policies and the provisions of the Nigeria Customs Service Act, 2023. He noted that through enhanced surveillance, intelligence sharing, and inter-agency collaboration, the Unit successfully intercepted 473 smuggling attempts within an eight-week period.
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Headlines

Greg Ogbeifun confirms chairmanship of 10th AMSAY Conference Anniversary on May 27th.

Gloria Odion,  Maritime reporter 
The organisers of the Annual Maritime Students and Youth (AMSAY) Conference have announced that  renowned ship owner and Chairman of Starzs Investment Company Ltd, Engr Greg Ogbeifun will chair the 10th anniversary of the event scheduled to hold in Lagos on May 27, 2026.
The announcement comes as preparations intensify for what is widely regarded as a landmark edition of the youth-focused maritime conference.
The 10th AMSAY Conference marks a decade of sustained youth engagement, innovation, and impact in Nigeria’s maritime sector.
It is expected to bring together industry leaders, policymakers, stakeholders, and young professionals from across the maritime ecosystem.
Engr. Ogbeifun’s confirmation as Chairman adds significant weight to the anniversary event.
He previously served as the Pioneer Chairman during the maiden edition of the conference in 2016, and his return ten years later is described by the organisers as both symbolic and strategic.
According to the Convener and CEO of Platforms Communications, Mr Sylvanus Obasi, the decision reflects a deliberate effort to connect the conference’s origins with its current status, noting that the AMSAY Conference has evolved significantly over the past decade.
He highlighted that several key initiatives now associated with the conference were not part of its original design.
 Among these are the Best Graduating Maritime Students Awards (BEGMASA); the  Fola Ojutalayo Annual Maritime Speech-Making Competition (FOAMSC), including the Maritime Career Mentoring Program (M-CAMP).
These programmes, according to him, have become integral components and offshoot of the AMSAY Conference brand.
Speaking further, Obasi stated that the initiatives have delivered measurable impact in youth development and professional capacity building, even as he further described the growth of these programmes as evidence of the conference’s commitment to continuous improvement.
“Bringing Engr. Ogbeifun back after ten years is a strategic move. It gives us the opportunity to reflect on our journey and showcase our achievements.”, the Convener said, adding that the anniversary edition will also provide a platform to draw from Engr Greg’s  wealth of experience and industry insight.
Also speaking, the Chairman, Central Planning Committee of AMSAY Conference, Mr Nnamdi Eronini hinted that the 10th AMSAY Conference is expected to feature robust discussions, mentorship engagements, and knowledge-sharing sessions.
He reaffirmed the organisers commitment to advancing the maritime sector through sustained youth engagement and innovation, noting that the event is positioned as a leading platform for shaping the future of Nigeria’s maritime industry.
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Customs

Oyo/Osun Customs Command collects 27.2billon revenue in Q1 2026

Funso OLOJO,  Editor 
The Oyo/Osun Command of the Nigeria Customs Service (NCS) has posted an impressive 95% increase in revenue collection in the first quarter of 2026 compared to the same period in 2025.
Led by Acting Comptroller Wale Moses Adewole, the command generated ₦27.2 billion between January and March 2026, up from ₦13.97 billion in Q1 2025.
A breakdown of the generated revenue revealed that the command raked in a total sum of N5,977,766,941.65 in January 2026 which was about N2 billion lower (23% down) than the total sum of N7,804,408,776.88 collected in the same period of 2025.
However, despite a dip in January, revenue rebounded strongly in February and March.
 In February , the command’s revenue collection jumped up astronomically to a total sum of N8,767,974,864.40 against the very low total revenue of N2,289,193,870 realized in the corresponding period of 2025.
This year’s February revenue is over 383% higher than the revenue collected the same period last year.
February’s performance was the standout, with collections nearly quadrupling year-on-year.
In March 2026, Acting Comptroller Adewole’s administrative ingenuity and thoroughness further shored up the revenue generation of the command in the month under review to a total sum of N12,454,516,158.62.
 In the corresponding period  of last year, the command’s generated revenue was a patry sum of N3,877,668,667.
This year’s March revenue achievement represents 321% rise over last year’s.
 Acting Comptroller Adewole’s administrative reforms and enforcement measures are credited with driving the surge.
Overall, the command’s Q1 results underscore a significant improvement in efficiency and compliance, positioning Oyo/Osun as one of the strongest performing Customs Commands in the country.
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