The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from dollars to naira, insisting that contributions to the fund remain in the currencies in which they were originally remitted.
The agency described the reports as misleading and incorrect, stressing that the dollar-denominated component of the fund remains intact with the Central Bank of Nigeria (CBN).
The clarification followed claims reportedly made by a former Director-General of NIMASA, Mr Omatseye, that the dollar component of the CVFF had been converted to naira to enable the fund to attract higher interest rates.
However, NIMASA maintained that no such conversion had taken place, explaining that contributions to the fund are retained according to their respective currencies.
According to the agency, funds remitted in United States dollars remain in dollars with the CBN, while contributions paid in naira are retained in the local currency.
It stressed that there had been no conversion of the dollar-denominated component into naira, contrary to the allegations circulating in some sections of the media.
Meanwhile, the agency disclosed that the Minister of Marine and Blue Economy, Adegboyega Oyetola, was intensifying efforts to ensure the commencement of disbursement of the long-awaited fund to qualified beneficiaries.
NIMASA said it had received applications from eligible beneficiaries, with some already undergoing the necessary documentation processes with their preferred Primary Lending Institutions (PLIs).
The agency expressed optimism that the disbursement process would commence shortly.
It said Oyetola’s commitment to releasing the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, particularly its objectives of strengthening indigenous capacity, empowering local maritime operators and improving the competitiveness of Nigeria’s maritime industry.
The agency consequently urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the CVFF had been converted from dollars to naira.
