Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).

This assertion was made by the Nigerian Maritime Administration and Safety Agency (NIMASA), in a statement in Lagos on Tuesday.

The clarification became necessary to address “a misleading publication alleging that funds have disappeared from the CVFF account”.

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The statement reads, in part, “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.

“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General, Dr Mobereola has assured stakeholders of the safety of funds under the CVFF.”

The statement cited the DG thus, “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”.

It was gathered that 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 NIMASA, assured of its commitment “to transparency, accountability, and the advancement of Nigeria’s maritime sector.”

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for a comprehensive action in Nigeria’s bid to be elected into Category C of the International Maritime Organisation (IMO) Council, as he inaugurated an Inter-Ministerial Committee to promote the campaign.

Speaking at the inauguration held at the Boardroom of the Federal Ministry of Marine and Blue Economy (FMMBE) in Abuja on Tuesday, Oyetola said the campaign must be all-inclusive, taking into consideration diplomatic and operational strategies in soliciting votes to yield good dividends.

He explained that, having lost out three times between 2011 and 2019 after its successful stints in 1975, 2001, and 2005, Nigeria is due to return to the Council to cement its relevance as a strategic Maritime domain and a strong voice in West Africa.

On his part, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said, “The need for Nigeria’s return to Council is imperative given our strategic location and significance as a hub of Maritime activities and as a voice for the sub-region on the IMO Council, where crucial decisions regarding international maritime shipping and trade are made.”

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He added that membership in the Council comes with such benefits as “technical assistance, manpower and institutional development, as well as political influence in the maritime sector of the global economy.”

The inter-ministerial committee for Nigeria’s election to the IMO Executive Council at the 34^th Regular Session in 2025 comprises high-level officials led by the Permanent Secretary of the FMMBE, Olufemi Oloruntola.

The committee is tasked with identifying activities and actions that will promote Nigeria’s standing in the IMO community by articulating and showcasing the country’s maritime achievements.

Members of the committee include the Director of Maritime Security and Safety from the FMMBE and the Director-General of the NIMASA, who will serve as alternate chairpersons.

Other members are; the Directors of Legal Services and Maritime Services from the FMMBE, the Director of International Organisations Division at the Ministry of Foreign Affairs, the Managing Director of the Nigerian Ports Authority (NPA), the Executive Secretary of the Nigerian Shippers Council (NSC), the Managing Director of the Nigerian Inland Waterways Authority, and the Rector of the Maritime Academy of Nigeria (MAN), Oron.

Others include the former Director-General of NIMASA, Dr. Ade Dosunmu (stakeholder); the representative of the Office of the Honourable Minister of the FMMBE, Dr. Charles Akinola; and the Assistant Director, Maritime Pollution Control at the FMMBE, Mr. Paschal Ogah, who will serve as Secretary to the Committee.

Meanwhile, the Direvtor-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has officially presented the six IMO instruments assented to by the President of the Federal Republic of Nigeria, Bola Tinubu, GCFR, to the Minister of Marine and Blue Economy.

He thanked the Minister for facilitating the signing of the IMO Conventions, noting that, ‘these six conventions have been pending within the Ministry and government for the last 6 to 8 years. With the efforts of the Honourable Minister, they have now been assented to by Mr. President and will be delivered and showcased with the IMO.’

Nigeria’s President, Bola Ahmed Tinubu has signed the instruments of accession for six Conventions of the International Maritime Organization (IMO).

This action paves the way for Nigeria to officially deposit these instruments of accession at the IMO headquarters, which serves as the repository for such conventions. This move is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.

It was gathered that the six instruments signed by President Tinubu are the Instrument of Accession of the Protocol of 2005 to the 1988 Protocol for the Suppression of Unlawful Acts against the Safety of Fixed Platforms on the Continental Shelf, the Instrument of Accession of the International Convention of Standards of Training, Certification, and Watch-keeping for Fishing Vessel Personnel 1995; and the Instrument of Accession of the Protocol Relating to Intervention on the High Seas in cases of Pollution by Substances other than Oil, 1973 as Amended (INTERVENTION PROTOCOL).

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Others are the Instrument of Accession to the Protocol of 1996 to Amend the Convention on Limitation of Liability for Maritime Claims (LLMC) 1976; the Instrument of Accession to the Protocol to the 1974 Athens Convention Relating to the Carriage of Passengers and Their Luggage by Sea, 2002; and the Instrument of Accession to the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009.

Presenting the instruments to the Hon Minister of Marine and Blue Economy, Dr. Dayo Mobereola, the Director-General of NIMASA, expressed his gratitude to the Minister for facilitating the signing of the IMO conventions by the President after several years of being pending in the Ministry.

In his words, “These six instruments have been lying within the Ministry for the last 6 to 8 years, and thanks to the efforts of the Honorable Minister, they have now been assented to by the President. This is a landmark achievement for Nigeria, as the IMO will soon update our records to recognize these instruments.

On his part, the Honorable Minister reassured stakeholders of the President’s commitment to developing the Nigerian maritime industry in line with global best practices.

By signing these instruments of accession, the President has reaffirmed this administration’s determination to take its rightful position among the comity of maritime nations. This development will undoubtedly further reassure member states and stakeholders of Nigeria’s resolve and determination to be a leading member of the decision-making body of the IMO.

The deposit of these six instruments of ratification will be carried out by the supervising Ministry, and NIMASA.