NIMASA Confirms Cabotage Funds Secure, Dismisses Allegations

The Nigerian Maritime Administration and Safety Agency (NIMASA) says funds accrued under the Cabotage Vessel Financing Fund (CVFF) remain intact.

The director general of NIMASA, Dr Dayo Mobereola, said this in a statement by the agency’s Head of Public Relations, Edward Osagie, in Lagos on Tuesday.

According to him, it is securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA).
He dismissed allegations in a recent publication suggesting that funds had disappeared from the CVFF account as “false and misleading.”

“There has been no disappearance of funds or illegal transactions, as the article suggests,” Osagie said.
He said that the Management of NIMASA would ensure that the CVFF is utilised in line with its statutory purpose, while assuring stakeholders of the safety fund.

“Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds.

“I urge the public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s maritime sector

“The CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators,” he said.

He emphasised NIMASA’s commitment to transparency, accountability, and the development of Nigeria’s maritime sector.