NIMASA Denies Allegations of Missing Cabotage Vessel Financing Funds
The Nigerian Maritime Administration and Safety Agency (NIMASA) has refuted claims of missing funds from the Cabotage Vessel Financing Fund (CVFF), affirming that the funds are intact and securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA).
In a statement issued on Tuesday, NIMASA’s spokesperson, Osagie Edward, described recent reports alleging the disappearance of funds as baseless and misleading.
“For the record, the CVFF remains securely held in NIMASA’s account at the CBN, with no evidence of any disappearance or irregular transactions as alleged. Such misinformation appears to be a deliberate attempt to undermine NIMASA’s integrity and mislead the public about its operations,” Edward said.
The Director General of NIMASA, Dr. Mobereola, reassured stakeholders of the safety and proper management of the fund, emphasizing that the agency is committed to ensuring its utilisation strictly aligns with its statutory purpose.
“The CVFF account at the Central Bank of Nigeria is safe, intact, and secure,” Dr. Mobereola stated. “We at NIMASA will continue to manage it with the utmost responsibility. 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.”
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The CVFF, established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003, is designed to promote the acquisition of ships by Nigerian operators and provide credit facilities to local maritime stakeholders. The fund accrues from a 2% surcharge on contracts executed by vessels engaged in coastal trade.
However, despite over two decades of operation, the management of the CVFF has faced criticism over a lack of transparency. NIMASA has consistently delayed disbursement of the funds and has not disclosed the total amount accrued, fueling suspicions and calls for greater accountability in the fund’s administration.
