NIMASA Debunks Allegations of Missing Cabotage Vessel Financing Fund (CVFF)

The Nigerian Maritime Administration and Safety Agency (NIMASA) has categorically refuted recent allegations of missing funds from the Cabotage Vessel Financing Fund (CVFF). In a statement released by Osagie Edward, the Head of Public Relations, NIMASA assured the public that the funds are secure and remain under the custody of the Central Bank of Nigeria (CBN) through the Treasury Single Account (TSA).

Addressing the claims, NIMASA Director General, Dr. Mobereola, dismissed the report as baseless and designed to mislead the public. “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.

The CVFF, established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003, is designed to support the acquisition of ships by indigenous operators and enhance the local maritime industry.

NIMASA reiterated its commitment to ensuring the fund is utilized strictly for its statutory purpose, in line with its principles of transparency and accountability.

The agency emphasized that the misleading report is a deliberate attempt to tarnish its image and disrupt its operations. However, NIMASA reassures stakeholders of its dedication to advancing Nigeria’s maritime sector and maintaining the integrity of the CVFF.