NIMASA DG says Cabotage Vessel Financing Fund not missing
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has refuted claims that the Cabotage Vessel Financing Fund (CVFF) is missing.
Dr. Mobereola said that the fund is with the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA).
In a statement signed by NIMASA’s Head of Public Relations, Mr. Edward Osagie, Dr. Mobereola described the media reports alleging missing funds as misleading and false.
He added that the narrative appears to be an attempt to undermine NIMASA’s integrity and misinform the public about its operations.
“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria, remains intact. There has been no disappearance of funds or illegal transactions as claimed in the article,” Mobereola clarified.
He assured maritime stakeholders that the funds will be utilized strictly in accordance with their statutory purpose, emphasizing NIMASA’s commitment to managing the CVFF with the highest level of transparency and accountability.
He said: “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. NIMASA will continue to manage it with utmost responsibility, and there are no irregularities or illegal activities surrounding the funds.
“I urge the public to disregard this false narrative and continue trusting the Agency’s dedication to safeguarding Nigeria’s maritime sector.”
The CVFF was established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to support the development of indigenous ship acquisition capacity and provide credit facilities to local maritime operators.
