NIMASA Debunks Claims Of CVFF Remittance Conversion To Naira

Nigerian Maritime Administration and Safety Agency (NIMASA) has debunked reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted to naira and was no longer being held in United States dollars.

Former Director-General of NIMASA, Mr Omatseye had alleged that the conversion was undertaken to enable the fund to earn higher interest rates.

However, the Director General of the agency, Dr Dayo Mobereola explained on Sunday that the claim was incorrect and does not reflect the actual status of the CVFF.

He explained: “The revenue streams accruing to the CVFF are denominated in different currencies. Accordingly, funds remitted in United States dollars are retained in dollars with the Central Bank of Nigeria (CBN), while contributions remitted in naira are retained in the local currency. There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation.”

Meanwhile, the agency noted that the Minister of Marine and Blue Economy, Adegboyega Oyetola was working assiduously towards ensuring the imminent disbursement of the fund to qualified beneficiaries, noting that NIMASA had received applications from eligible beneficiaries, some of whom are currently undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs).

Mobereola added: “NIMASA remains optimistic that the disbursement process will commence shortly. The minister’s commitment to ensuring the disbursement of the CVFF is consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which seeks to strengthen indigenous capacity, empower local operators and enhance the competitiveness of Nigeria’s maritime industry.

“In view of the foregoing, maritime stakeholders, industry operators and members of the public are advised to disregard the misleading reports suggesting that the CVFF has been converted from dollars to naira.”