Cabotage Fund: Reports Of Multi-billion Naira Disappearance From CBN False- NIMASA

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Mobereola has promised to ensure that the Cabotage Vessels Finance Funds, CVFF is utilised in line with its statutory purpose.

NIMASA  has also assured stakeholders of the safety of the funds contrary to reports.

Mobereola made the remark on Tuesday following reports that the multi-billion naira CVFF fund has disappeared from the Central Bank of Nigeria, CBN.

The agency reported recently that over $150 million has been saved from the funds so far, and remained in a special purpose vehicle account domiciled with the CBN.

According to a statement issued by the spokesman of the agency, Edward Osagie the reports that the funds have disappeared is further from the truth, as such only exists in the imagination of those peddling the rumour.

Mobereola said, “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 is committed to transparency, accountability, and the advancement of Nigeria’s maritime sector, Mobereola said.