NIMASA Denies Converting CVFF Dollars to Naira, says Disbursement Imminent
Director General of NIMASA, Dr Dayo Mobereola
The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports that the Cabotage Vessel Financing Fund (CVFF) was converted from United States dollars to naira, saying the funds are held in the currency in which they were remitted.
In a statement signed by the Director-General, Dr Dayo Mobereola, the agency said its management had noted media reports alleging that the fund had been converted to naira and was no longer held in dollars.
The reports attributed the claim to a former NIMASA Director-General, Mr Temisan Omatseye, who allegedly said the conversion was carried out so the fund could earn higher interest rates.
NIMASA described the claim as incorrect and said it did not reflect the actual status of the CVFF.
According to the agency, the revenue streams accruing to the fund are denominated in different currencies.
Funds remitted in dollars are retained in dollars with the Central Bank of Nigeria (CBN), while contributions remitted in naira are kept in the local currency.
It stressed that the dollar-denominated component had not been converted to naira, contrary to the allegation.
The statement also said the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working to ensure the imminent disbursement of the fund to qualified beneficiaries.
NIMASA said it has received applications from eligible beneficiaries, some of whom are going through the required documentation with their preferred Primary Lending Institutions (PLIs), and expressed optimism that disbursement will begin shortly.
The agency added that the minister’s commitment to disbursing the CVFF is consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which seeks to strengthen indigenous capacity, empower local operators and improve the competitiveness of Nigeria’s maritime industry.
Against this background, NIMASA advised maritime stakeholders, industry operators and members of the public to disregard the reports suggesting that the CVFF has been converted from dollars to naira.
