Connect with us

NEWS

Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

Published

on

Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

….Appoints Union, Zenith, Polaris, UBA And Jaiz Banks As Primary Lending Institutions

President Muhammadu Buhari, GCFR, has approved the immediate disbursement of the Cabotage Vessel Financing Fund, CVFF, to qualified Nigerians as part of the Federal Government’s commitment to grow indigenous capacity of Nigerians to own vessels.

 

The Honorable Minister of Transportation, Engineer Mu’azu Jaji Sambo who made the announcement at a press conference this weekend said that the Presidential approval received by the Ministry on Friday confirmed Union, Zenith, Polaris, UBA and Jaiz Banks as the appointed Primary Lending Institutions for the disbursement of the funds.

 

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, announced that the funds available for disbursement was  slightly over ₦16 billion naira and $350 million dollars.

 

In his words “what we have collected so far is in two folds made up of Naira and Dollar components. So far, the Funds available under the CVFF in naira component is around Sixteen Billion naira (₦‎16,000,000,000:00), while contributions in Dollar component hovers around the Three Hundred and Fifty Million Dollar mark ($350,000,000:00).

 

On his part, the Honorable Minister noted that the Ministry of Transportation has commenced liaison with the Minister of Finance and the Governor of the Central Bank of Nigeria, for the implementation of the Presidential approval.

 

His words: “The president of the Federal Republic of Nigeria, Muhammadu Buhari has approved my request for the disbursement of the Cabotage Vessel Financing Fund. It is my belief that finally we are going to break the 17-year-old jinx that has hindered the expansion of the maritime industry.

 

“We have made a case that the funds belong to you, the ship owners. Mr. President is a man who respects the law and is on the same page with us to proceed with immediate effect. We will be liaising with the Minister of Finance, Budget and National Planning and the Governor of the Central Bank of Nigeria (CBN) to work immediately for the approval.

 

“We have pledged to the president that they will continue to allow the funds to go into the Treasury Single Account, TSA; however, whenever the money hits the threshold of $50million, the CBN upon recommendation from the Nigerian  Maritime Administration and Safety Agency (NIMASA) and the Federal Ministry of Transportation, would be expected to transfer the funds to the Primary Lending Institutions.”

 

The CVFF was established alongside the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003, to empower indigenous ship owners to take control of the nation’s coastal and inland shipping business, otherwise known as Cabotage trade. Applicants of the Fund would make an equity contribution of 15 per cent while NIMASA would make an equity contribution of 35 per cent; and 50 per cent would be provided by the banks.

Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

NEWS

Local Refiner Resort to Libya for Crude Oil Supplies

Published

on

Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

Local refineries in Nigeria are resorting to Libya for crude oil supplies, as the domestic supplies keep falling short of feedstock demand.

Led by the Dangote Petroleum Refinery and Petrochemicals (DPRP), local refineries have so far imported over two million barrels of crude oil from the North African country.

The import comes amid the high export of crude locally produced in Nigeria to other countries, leaving local refineries with no option but to seek feedstock elsewhere.

According to Libya Review, a local media outlet in the North African country, Libya’s crude oil exports reached a new milestone after Nigeria imported Libyan oil for the first time on record.

It noted that the development highlighted the growing role of Libyan supplies in regional energy markets amid ongoing disruptions to global trade flows.

According to data published by the Energy Research Unit, Nigeria imported around 64,500 barrels per day of Libyan crude in May 2026, equivalent to approximately two million barrels for the month. “The shipment marks the first recorded Nigerian import of Libyan crude in available historical data dating back to 2013,” the report said.

Recall that there were reports in 2024 that the DPRP was in talks with Libya for the purchase of crude oil. However, the Libyan oil corporation denied negotiating or entering into talks regarding the crude oil supply to any Nigerian refinery.

The statement, written in Arabic in 2024, translates, “The National Oil Corporation denies that it has negotiated or entered into any talks regarding the supply of crude oil to an oil refinery in Nigeria.”

The National Oil Corporation also confirmed then that it was committed to its contracts with its international partners and committed to the legal mechanism for selling Libyan oil raw materials and that it did not work with an immediate sales mechanism.

“In addition, the process of determining raw material prices is carried out through a committee of experts and is approved by the corporation and the Ministry of Oil and Gas,” Libya said in July 2024.

But it appears the agreement has finally been concluded with the supply of 2 million barrels to the DPRP in just one month. By ramping up capacity to 700,000 barrels per day and eyeing 1.4 million barrels per day in 2028, the refinery is increasingly in need of feedstock from multiple sources.

ALSO READ: FG Wades into Fuel Profiteering

In 2026, the refinery already imported cargoes of Angola’s Cabinda and Saxi Batuque crudes, Ghana’s Jubilee crude and, for the first time, Libyan and Guyanese supplies, all of the light sweet or medium sweet variety, according to S&P Global Energy data.

In Nigeria, local refiners have consistently complained of insufficient crude supply due to higher exports. Nigeria exported an estimated 148.9 million barrels of crude oil valued at about N20.22tn in the first five months of 2026, showcasing the scale of the country’s oil export despite persistent concerns over the domestic crude supply obligation.

The crude barrels were exported by both international and indigenous oil companies, including the Nigerian National Petroleum Company Limited.

The figures obtained from the Central Bank of Nigeria (CBN) indicate that the total volume of crude oil produced by the country during the five-month review period in 2026 was 216.85 million barrels, out of which about 149 million barrels were exported.

Overall, Nigeria exported about 68.7 percent of the crude oil it produced during the five months, leaving roughly 67.95 million barrels available for domestic refining, storage, operational use, and inventory adjustments.

The import of crude from Libya is coming as international oil markets continue to adjust to supply disruptions linked to the US-Iran conflict and the resulting challenges affecting energy shipments through the Gulf region. These conditions, it was learnt, have allowed Libyan crude to expand its presence in both African and European markets.

Libya is also strengthening energy ties with neighbouring countries while also competing with Nigeria for major oil investors.

It was gathered that Egypt imported approximately 33,000 barrels per day of Libyan crude in April 2026, following imports of 57,000 barrels per day in February. The purchases marked Egypt’s first imports of Libyan crude since 2019 and form part of efforts to secure alternative supplies following agreements to import more than one million barrels per month from Libya.

Tunisia also increased purchases of Libyan crude during 2026, importing around 19,000 barrels per day in March and 10,000 barrels per day in May, despite only occasionally buying Libyan oil in previous years.

Italy remained Libya’s largest customer, importing 348,000 barrels per day in May, accounting for roughly one-third of total Libyan crude exports. Greece, Spain and Turkey followed among the leading buyers of Libyan oil.

Continue Reading

NEWS

Firefighters Avert Disaster as Fire Guts Laundry Shop in Kwara

Published

on

Bauchi Man Detained After Setting Girl On Fire Over Witchcraft

A swift response by the Kwara State Fire Service helped avert a major disaster after a fire outbreak destroyed a laundry shop attached to an eight-room residential building in the Tanke area of Ilorin, Kwara State.

The incident occurred at about 3:58 a.m. on Tuesday at Assu-Luxury Quarters, off University Road. Although the laundry shop was gutted by the blaze, all residents of the building escaped unhurt, while firefighters successfully prevented the fire from spreading to the residential apartments and nearby properties.

ALSO READ: Sahara Group Fires-up Energy Journalism with $5,000 Fellowship

The Public Relations Officer of the Kwara State Fire Service, Hassan Adekunle, confirmed the incident in a statement, explaining that the affected property comprised eight residential rooms and a laundry shop, with only the laundry section sustaining damage.

According to him, firefighters responded promptly to the emergency, bringing the fire under control by about 4:25 a.m. before concluding the operation at approximately 4:42 a.m.

Preliminary investigations suggest that the fire may have been caused by an electrical power surge, possibly from a pressing iron left switched on for an extended period.

However, the fire service said investigations are still ongoing to determine the exact cause of the incident.

Reacting to the development, the Director of the Kwara State Fire Service, Alabi Muhammed, urged business owners, particularly laundry operators, to adopt safer electrical practices.

He advised operators to switch off electrical appliances immediately after use and never leave them unattended while powered.

Muhammed also stressed the importance of conducting routine electrical inspections, using standard electrical appliances, and installing surge protection devices to minimise the risk of fire outbreaks.

The Kwara State Fire Service reaffirmed its commitment to protecting lives and property through prompt emergency response and sustained public awareness on fire safety.

Continue Reading

NEWS

FG Approves Biggest NYSC Overhaul in 53 Years, Introduces Civilian Leadership, New Uniform

Published

on

NYSC extends service year of 20 corps members in Gombe, Abia

The Federal Government has approved the most comprehensive overhaul of the National Youth Service Corps (NYSC) since its establishment 53 years ago, introducing a civilian leadership structure, a redesigned uniform, and several reforms aimed at making the scheme more relevant to Nigeria’s economic and youth development goals.

The approval was granted during the Federal Executive Council (FEC) meeting held on Monday in Abuja.

A major highlight of the reforms is the replacement of the military leadership of the NYSC with a civilian operational head, while the military will continue to provide security support for corps members across the country.

READ MORE: 2027 Elections: NYSC DG Warns Corps Members Against Political Campaigns, Gives Reasons

To pave the way for the implementation of the reforms, the FEC directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and other relevant regulations to provide legal backing for the changes.

Announcing the development, the Minister of Youth Development, Ayodele Olawande, described the overhaul as the first holistic review of the NYSC in its 53-year history.

According to him, the reforms are designed to transform the scheme into a skills-driven, productivity-focused institution that aligns with President Bola Tinubu’s vision of building a $1 trillion economy.

The reforms include a technology-driven call-up process, risk-sensitive deployment to enhance the safety of corps members, and a redesigned six-week orientation programme with greater emphasis on leadership, entrepreneurship, digital skills, and specialised career pathways.

The government also approved skills-based primary assignments that match corps members’ academic qualifications and career aspirations, improved orientation camp standards through a national grading and certification system, a new graduation ceremony to replace the traditional Passing Out Parade, and a redesigned NYSC uniform aimed at promoting professionalism and national pride.

Olawande said the reform process began in 2025 following extensive consultations involving the Federal Ministry of Youth Development, the Federal Ministry of Education, and the Office of the Special Adviser to the President on Policy and Coordination before receiving final approval from the Federal Executive Council.

He described the reforms as an investment in Nigeria’s youth, expressing confidence that the changes would make the NYSC more impactful and better positioned to equip young Nigerians with practical skills for the future.

Established in 1973 after the Nigerian Civil War, the NYSC was created to promote national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.

The latest reforms represent the first comprehensive review of the scheme since its creation.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x