Nigerian Maritime Agency Denies Claims of Missing $350 Million from Vessel Fund
The Nigerian Maritime Administration and Safety Agency (NIMASA) has refuted allegations that $350 million from the Cabotage Vessel Financing Fund (CVFF) is missing. The agency clarified on Tuesday that the entirety of the fund is safely held in its designated account at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA).
The statement from NIMASA’s Head of Public Relations, Osagie Edward, dismissed recent media reports alleging misappropriation, labeling them “misleading and false.” He emphasized, “The Cabotage Vessel Financing Fund, securely held in NIMASA’s account at the CBN, remains intact. There has been no disappearance of funds, nor any illegal transactions, as suggested in the article. This misinformation appears aimed at discrediting NIMASA’s integrity and misrepresenting its operations.”
NIMASA’s Director-General, Dr Dayo Mobereola, also assured stakeholders of the CVFF’s security and continued alignment with its statutory purpose of supporting indigenous vessel acquisition. “The CVFF account at the Central Bank is safe, intact, and secure. NIMASA remains committed to managing it with the utmost integrity. I urge the public to disregard this unfounded narrative and continue to trust our commitment to transparency and accountability in Nigeria’s maritime sector,” said Mobereola.
Established under section 42 of the Coastal and Inland Shipping Act of 2003, the CVFF supports local maritime operators by facilitating credit access for ship acquisition. The fund consists of both naira and dollar contributions, with the current balance, as announced in December 2022 by former NIMASA DG DrBashir Jamoh, at approximately N16 billion and $350 million.
