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NIMASA Denies Allegations Of Missing CVFF funds
…CVFF funds are securely held in the NIMASA account at the Central Bank of Nigeria (CBN) and remain intact—Mobereola
By prince Benson Davies
The Cabotage Vessel Financing Fund (CVFF) is a fund established by the Coastal and inland Shipping (Cabotage) Act 2003 to develop indigenous ship acquisition capacity and provide financial assistance to indigenous/domestic coastal shipping operators
The fund is generated from a 2% surcharge of the contract sum performed by vessels engaged in coastal trade, monies generated from tariffs, fines and fees for license and waivers, a sum periodically approved by the national Assembly and interest that accrues from loans grated from the fund
According to the Agency
Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA). This is contrary to a misleading publication alleging that funds have disappeared from the CVFF account.
So the report of missing money is both misleading and false.
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 author’s imagination, aimed at undermining NIMASA’s integrity and mislead the public about the agency’s operations.
The management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General Dr. Mobereola has 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”.