NIMASA insists $360m sabotage cash intact amid misappropriation concerns

Onome Amuge

The Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria’s apex maritime regulatory agency, has dismissed any concerns surrounding the integrity of the over $360 million Cabotage Vessel Financing Fund (CVFF). 

Dayo Mobereola, the agency’s director general, assured stakeholders that the fund remains intact and is scheduled to be disbursed to qualified indigenous shipowners, with the aim of driving economic growth in the Nigerian maritime sector.

Mobereola, in response to mounting concerns about the alleged misappropriation of the Cabotage Vessel Financing Fund (CVFF), issued a statement through Edward Osagie, the agency’s head of public relations, reassuring stakeholders that the funds are secure and earmarked for their intended purpose.

The statement denied any truth to the allegations of misappropriated CVFF funds, terming them as “false and misleading.”

The NIMASA DG clarified that the CVFF is safely held in the Central Bank of Nigeria under the Treasury Single Account (TSA). 

“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,” he stated. 

Mobereola elucidated the purpose of the CVFF, which, according to him, was set up under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003. 

The primary aim of the fund, he explained, is to encourage the growth of the indigenous shipping industry in Nigeria by providing credit facilities to local maritime operators.

Reiterating NIMASA’s commitment to transparency and accountability, Mobereola made it clear that the agency would not deviate from its statutory responsibility of managing the CVFF for the development of the Nigerian maritime sector.