Cabotage Vessel Financing Funds, Not Missing Says Mobereola, DG NIMASA

Nigeria Maritime and Safety Agency has debunked reports of missing funds from its Cabotage Vessel Financing Fund (CVFF) which is held with the Central Bank of Nigeria under the Single Treasury Account (TSA) describing it as misleading and false.

According to the Agency: “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 author’s imagination, aimed at undermining NIMASA’s integrity and misleading the public about the Agency’s operations.

In accordance with its mandate, 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.

His words “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.

There has been an orchestrated attempt and a smear campaign to distract the management of NIMASA from carrying out its legitimate duties by people with vested interests who engage in forum shopping seeking stories and events to twist and put the organisation in a bad light.

They have persistently indulged in publishing stories to blackmail NIMASA management and especially its Director General into toeing their agenda which is at variance with the core objectives and mandates of the Agency. The Director General, Dr. Dayo Mobereola has consistently warded them off by remaining focused.

Some of such vexatious issues include the suspension of payment of tuition fees for cadets undergoing studies at the Centurium University in India and some European countries. According to NIMASA, the suspension was premised on the need for a comprehensive audit and assurances that the MOU reached with the students before embarking on their studies would not be extended.

Another is the issue of this CVFF which is being orchestrated to pressure the Agency to give effect to and build the capacity among Nigeria’s ship owners. The current DG of NIMASA and members of the new management have just spent about nine months in office and have been very systematic and programmatic in carrying out the Agency’s mandate.