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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 funds remain in their respective currencies of remittance.
In a statement, NIMASA Director-General, Dr. Dayo Mobereola, described the reports, attributed to a former Director-General of the Agency, Mr. Temisan Omatseye, as incorrect.
Mobereola clarified that the CVFF comprises revenue streams denominated in different currencies, with dollar contributions retained in US 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 has taken place, contrary to the allegations.
The clarification comes amid renewed attention to the long-awaited disbursement of the Fund to eligible indigenous shipowners and maritime operators.
According to NIMASA, the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working towards the commencement of disbursement, with applications already received from qualified beneficiaries.
Some applicants are currently undergoing documentation with their preferred Primary Lending Institutions (PLIs), while the Agency expressed optimism that the disbursement process would begin shortly.
Mobereola said the Minister’s commitment to releasing the CVFF aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to strengthen indigenous capacity, empower local operators and improve the competitiveness of Nigeria’s maritime industry.
NIMASA urged maritime stakeholders, industry operators and the public to disregard reports claiming that the Fund’s dollar-denominated component had been converted to naira.
