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.
The agency insists that dollar-denominated contributions remain in dollars with the Central Bank of Nigeria (CBN).
NIMASA Director-General, Dr Dayo Mobereola, described the reports as incorrect, explaining that contributions to the Fund are retained in the currencies in which they were remitted.
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In a statement issued on Sunday, Mobereola said contributions paid in US dollars remained in dollars, while those remitted in naira were retained in the local currency.
He said there had been no conversion of the dollar-denominated component of the Fund to naira, contrary to allegations attributed to a former NIMASA Director-General, Mr. Omatseye.
“The revenue streams accruing to the CVFF are denominated in different currencies. Accordingly, funds remitted in United States dollars are retained in dollars with the Central Bank of Nigeria, while contributions remitted in naira are retained in the local currency. There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation,” he said.
The NIMASA chief also disclosed that the agency had received applications from eligible beneficiaries, with some undergoing documentation with their preferred primary lending institutions.
Mobereola expressed optimism that disbursement would commence shortly, adding that the Minister of Marine and Blue Economy, Adegboyega Oyetola, was working to ensure the release of the Fund to qualified beneficiaries.
He said the planned disbursement was in line with President Bola Tinubu’s Renewed Hope Agenda, which seeks to strengthen indigenous shipping capacity and improve the competitiveness of Nigeria’s maritime industry.
The Director-General urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the CVFF had been converted from dollars to naira.
