DG/CEO, NIMASA, Dr. Dayo Mobereola.

The Nigerian Maritime Administration and Safety Agency NIMASA, has assured that funds accrued under the Cabotage Vessel Financing Fund CVFF, currently estimated at N270billion are intact and currently held with the Central Bank of Nigeria CBN under the Single Treasury Account TSA.

This contrary to a misleading publication alleging that the funds have disappeared from the CVFF account.

According to the Agency, the report of a missing money is both misleading and false.

“For the records, 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”, a statement signed by the head, Public Relations of the Agency, Osagie Edward said.

According to the statement, the management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose.

Meanwhile, Director General of NIMASA, Dr Dayo Mobereola has assured 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”.
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.

NIMASA is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector”, the DG further assured.