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The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from US dollars to naira, insisting that dollar contributions remain in their original currency.
However, a former Director-General of NIMASA, Mr. Temisan Omatseye, has clarified that his comments on the conversion of dollar inflows to naira referred to the practice during his tenure, which he said was implemented on the directive of the then Accountant-General of the Federation.
In a statement on Sunday, the NIMASA Director-General, Dr. Dayo Mobereola, described reports suggesting that the current administration had converted the dollar-denominated component of the CVFF to naira as incorrect.
Mobereola explained that the Fund comprises revenue streams denominated in different currencies, with contributions remitted in US dollars retained in dollars at the Central Bank of Nigeria (CBN), while naira contributions remain in the local currency.
He stressed that no conversion of the dollar-denominated component of the CVFF to naira had taken place.
Responding to News Diet, Omatseye said his comments were intended to explain what happened during his tenure as Director-General, when dollar inflows were routinely converted to naira following a directive from the Accountant-General’s office.
“My position was explaining what happened when I was the Director-General. We had a memo from the Accountant-General’s office to change the dollars to naira. We used to do a sweep on the 23rd of every month and change into naira because the interest was better in naira at that time and perhaps other reasons,” he said.
Omatseye added that historical records would show that the funds left under his administration were held in naira, in compliance with the Federal Government’s directive.
“If they check now or trace the history, they would realise that the monies we left were all in naira because it was a Federal Government directive. There was a memo from the Accountant-General’s office to that effect,” he clarified.
Meanwhile, NIMASA said the Minister of Marine and Blue Economy, Adegboyega Oyetola, was working towards the imminent disbursement of the CVFF to qualified beneficiaries.
The Agency disclosed that it had received applications from eligible beneficiaries, some of whom were undergoing documentation with their preferred Primary Lending Institutions (PLIs).
NIMASA expressed optimism that disbursement would commence shortly, adding that the Minister’s commitment to releasing the Fund aligns with President Bola Tinubu’s Renewed Hope Agenda to strengthen indigenous capacity, empower local operators and enhance the competitiveness of Nigeria’s maritime industry.
The Agency urged maritime stakeholders and members of the public to disregard reports suggesting that the current dollar-denominated component of the CVFF had been converted to naira.
