By Seun Ibiyemi
The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from United States dollars to naira, insisting that the dollar-denominated component remains in dollars with the Central Bank of Nigeria (CBN).
The Agency described the reports, attributed to a former Director-General of NIMASA, Mr Omatseye, as incorrect and inconsistent with the actual status of the Fund.
In a statement issued on Sunday, November 1, 2026, and signed by its Director-General, Dr Dayo Mobereola, NIMASA explained that the CVFF receives contributions in different currencies, depending on the revenue streams.
It said funds remitted in United States dollars are retained in dollars with the CBN, while contributions paid in naira remain in the local currency.
“There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation,” the Agency stated.
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The clarification followed reports that the Fund had allegedly been converted to naira to enable it to earn higher interest rates.
On the long-awaited disbursement of the Fund, NIMASA said the Minister of Marine and Blue Economy, Adegboyega Oyetola, was working towards ensuring that qualified beneficiaries receive the financing soon.
The Agency disclosed that it had received applications from eligible beneficiaries, with some applicants currently undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs).
NIMASA expressed optimism that the disbursement process would commence shortly.
According to the Agency, the Minister’s commitment to releasing the Fund aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to strengthen indigenous capacity, empower local operators and improve the competitiveness of Nigeria’s maritime industry.
The Agency urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the CVFF had been converted from dollars to naira.
