Against the beliefs in some quarters that the funds accrued under the Cabotage Vessel Financing Fund (CVFF) have been spent, the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola assured that the money is intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA). The NIMASA boss was reacting to a misleading publication alleging that the funds have disappeared from the CVFF account.
According to Mobereola, “the report of a missing money is both misleading and false.
“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors’ imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations.”
He stated that the NIMASA management under his watch would utilize the CVFF fund for the purpose it is set up to achieve while assuring stakeholders of the safety of funds under the CVFF.
“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,” said Mobereola.
The CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.
The director general further assured that NIMASA is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector.