NIMASA Says 60 Shipowners Applied for CVFF, As Disbursement to Commence Soon
L-R: Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dayo Mobereola, Permanent Secretary Ministry of Marine & Blue Economy Mrs. Fatima Sugra Mahmood and the Honourable Minister, His Excellency, Adegboyega Oyetola, during the 2026 Sectoral Performance Retreat and Bond Signing of Agencies under the Ministry in Lagos.
The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) has provided an update on the Cabotage Vessel Financing Fund (CVFF), saying that more than 60 applications have been received since the portal was launched in January 2026.
This is even as the Director General of the agency, Dr Dayo Mobereola has assured that the disbursement process will be transparent and strictly monitored.
The NIMASA boss stated this during the sectoral meeting held with the Minister of Marine and Blue Economy, Adegboyega Oyetola and the subsequent signing of a performance bond by the various agencies under the Ministry.
Dr Mobereola reaffirmed NIMASA’s commitment to accountability, improved performance, and sustained growth in the maritime sector with the signing of its 2026 Sectoral Performance Bond.
The Director-General of NIMASA, Dr Dayo Mobereola, described the Performance Bond as a key governance instrument for tracking deliverables, strengthening institutional accountability, and aligning the Agency’s operations with national priorities.
He stated that NIMASA’s ongoing reforms are driven by purposeful leadership and strategic ministerial support, adding that the Agency remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
On maritime security, Mobereola disclosed that Nigeria has recorded zero piracy incidents in its territorial waters over the past four years, attributing the milestone to enhanced surveillance systems and improved inter-agency collaboration.
He further revealed that the Agency is at an advanced stage of automating its ship registry processes, a move expected to improve efficiency, reduce delays, and boost Nigeria’s competitiveness in global maritime business.
Mobereola also noted that Nigeria has deposited three conventions with the International Maritime Organization (IMO), while three others are awaiting Federal Executive Council approval, underscoring the country’s commitment to international maritime standards.
Speaking further, he noted that Nigeria’s election victory into category C at the IMO Council in November 2025 restored her voice in global maritime governance and strengthening its leadership role in Africa.
In his remarks, Minister Adegboyega Oyetola reiterated the Federal Government’s commitment to using the maritime sector to drive economic diversification, job creation, and foreign exchange earnings.
He stressed that the Performance Bonds are binding commitments that will be closely monitored, declaring that “accountability is not optional.”
