The Nigerian Maritime Administration and Safety Agency (NIMASA) has debunked news making the rounds about the Cabotage Vessel Financing Fund (CVFF)
The agency in a statement issued on Tuesday clarified that, “funds accrued under the Cabotage Vessel Financing Fund are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA)”.
According to the statement, “this is contrary to a misleading publication alleging that funds have disappeared from the CVFF account”.
The agency added that the report of a missing money is both misleading and false.
The statements reads in part: “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 quoted its Director General; Dr Dayo Mobereola as assuring that “the Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose”, even as it assured stakeholders of the safety of funds under the CVFF.
His 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”.
Recall that, 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. It is payable by all operators under the Cabotage Act.
