The Nigerian Maritime Administration and Safety Agency (NIMASA) has firmly denied assertions made by Temisan Omatseye, a former Director General of the agency, alleging that the $700 million Cabotage Vessel Financing Fund (CVFF) has been converted into naira. In an official release issued on Sunday, the maritime regulatory body described the reports as entirely false and misleading to industry operators and the general public.
According to the statement, revenue streams flowing into the CVFF are maintained in their original currencies. Contributions remitted in United States dollars are kept strictly in USD domiciled with the Central Bank of Nigeria (CBN), while funds paid in local currency remain in naira. NIMASA reiterated that no conversion of the dollar component has taken place, countering claims that the adjustment was made to attract higher interest earnings.
What is the current status of the CVFF disbursement?
Adegboyega Oyetola, the Honourable Minister of Marine and Blue Economy, is actively working to facilitate the prompt disbursement of the fund to eligible beneficiaries. The agency has already received applications from qualified indigenous shipowners, several of whom are currently completing documentation requirements alongside their designated Primary Lending Institutions (PLIs). NIMASA expressed confidence that the distribution process will commence in due course.
How does this initiative align with national policy?
The federal government's push to disburse the CVFF forms a core part of the administration's broader strategy to bolster domestic capacity, empower local maritime operators, and boost the global competitiveness of Nigeria's shipping sector. NIMASA has urged maritime stakeholders and citizens to ignore speculations regarding the currency status of the fund and rely solely on verified official communications.