No monies missing in Cabotage Vessel Financing Fund — NIMASA
By Seun Ibiyemi
The Nigerian Maritime Administration and Safety Agency (NIMASA) has clarified that the funds under the Cabotage Vessel Financing Fund (CVFF) are intact and securely held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).
This clarification was made in a statement made available to Nigerian NewsDirect by NIMASA’s Head of Public Relations, Osagie Edward, FNIPR, following a misleading report alleging that funds had disappeared from the CVFF account.
The statement read, “Contrary to the false and misleading publication suggesting that funds have gone missing from the CVFF account, we would like to set the record straight. The report of missing funds is entirely false.”
NIMASA further emphasised that the CVFF remains securely held in the agency’s account at the CBN. The statement reassured the public that there had been no illegal transactions or mismanagement of the funds, dismissing the claims as an unfounded attempt to undermine the agency’s credibility.
“NIMASA’s management, led by Director General Dr. Mobereola, assures all stakeholders that the CVFF funds are safe and will continue to be used in line with its statutory purpose. We will ensure that the fund remains secure, and there are no irregularities or illegal activities surrounding its management,” the statement continued.
The CVFF, established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to boost indigenous ship acquisition and provide credit facilities to local maritime operators. NIMASA reiterated its commitment to transparency, accountability, and the ongoing development of Nigeria’s maritime sector.
Dr. Mobereola also urged the public to disregard the false narrative and continue to trust in NIMASA’s ability to uphold the integrity of Nigeria’s maritime industry.
“We remain fully dedicated to the advancement of the sector, and the CVFF will be utilised responsibly to support its growth,” he concluded.
