The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that funds accrued 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 follows a misleading publication alleging that funds have disappeared from the CVFF account.
The claim of missing funds is both false and misleading, NIMASA said in a statement signed by its spokesperson, Osagie Edward, on Tuesday.
“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.
He said the management of NIMASA remains committed to ensuring the CVFF is utilised strictly for its statutory purpose.
NIMASA Director General, Dr. Mobereola, also assured stakeholders of the safety and proper management of the funds.
“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,” Mobereola said.
The CVFF, established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003, is designed to promote indigenous ship acquisition capacity and provide credit facilities to local maritime operators.
The Cabotage Vessel Financing Fund (CVFF) sources its money from a 2% surcharge on contracts executed by vessels engaged in coastal trade.
Since its establishment over two decades ago, the management of the fund has been marred by opacity. The Nigerian Maritime Administration and Safety Agency (NIMASA) has consistently withheld disbursement of the accrued funds and refused to disclose the accumulated balance, shrouding the account’s financial activities in secrecy.
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