The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed that the Cabotage Vessel Financing Fund (CVFF) is intact and securely held under the Treasury Single Account (TSA) at the Central Bank of Nigeria (CBN). This clarification comes in response to a misleading publication alleging the disappearance of funds from the CVFF account.

Describing the claims as “misleading and false,” NIMASA has assured stakeholders and the public of the safety of the CVFF, dismissing the publication as an attempt to undermine the agency’s integrity.

“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria, remains intact. There has been no disappearance of funds and no illegal transactions,” the agency stated.

Dr. Mobereola, Director General of NIMASA, reiterated the agency’s commitment to transparency and the proper utilization of the CVFF in line with its statutory purpose. He called for the public to disregard the false narrative.

“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. There are no irregularities or illegal activities surrounding the funds,” Dr. Mobereola stated.

The CVFF, established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act of 2003, is designed to promote indigenous ship acquisition capacity and provide credit facilities to local maritime operators.

NIMASA’s Head of Public Relations, Osagie Edward, emphasized the agency’s unwavering commitment to accountability and the advancement of Nigeria’s maritime sector. He assured stakeholders that NIMASA remains steadfast in its mission to enhance indigenous capacity in line with its mandate.

This reaffirmation highlights NIMASA’s dedication to fostering trust and ensuring sustainable growth within the maritime sector.