The Director General of Nigerian Maritime Administration and Safely Agency (NIMASA), Dr. Dayo Mobereola, has assured that the funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and haven’t been misappropriated.
Mobereola gave this clarification in a press statement disseminated by the agency yesterday following an online news report which alleged that the CVFF has been embezzled.
According to the apex maritime regulator, NIMASA, the CVFF is currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).
“Contrary to a misleading publication alleging that funds have disappeared from the CVFF account. 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 authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations,” the statement read.
The Management of NIMASA stressed that it will ensure that the CVFF is utilised in line with its statutory purpose.
NIMASA’s Director General, Dr. Mobereola’s 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.
NIMASA maintained that it is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector.
