Dear, Dayo Mobereola, Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, in my weekly Marine and Blue Economy Digest column in the Sunday Sun of May 19, 2025, i sent you an open letter in which i commended your bold initiative to break the over 20 years jinx on the disbursement of the Cabotage Vessel Financing Fund, CVFF. I also paid glowing tribute to the Minister of Marine and Blue Economy. Adegboyega Oyetola ,for his commitment towards a timely disbursement. As DG NIMASA, I had ,in thst letter appreciated the burden on your shoulders as you navigate through these turbulent times to justify the confidence reposed on you by President Bola Ahmed Tinubu and that God should bestow on you the wisdom of Solomon and the heart of a lion to overcome the myriad of problems you have had to contend with ,since the mantle of leadership fell on you to take NIMASA to the promise land.
As a critical stakeholder, I had , in that letter, drawn your attention to the enormous responsibilities which rests on your shoulders as head of Nigeria’s maritime administration. I had also reminded Dayo Mobereola that if disbursement of the CVFf is the only thing he can achieve during his tenure as DG NIMASA, he would have written his name in gold. Now, with the August, 2025 timeline set by Minister Oyetola for disbursement fast approaching, we are yet to see boots on the ground by Nigerian Shipowners. We are yet to see ,in clear terms, a commitment on the part of Shipowners, and how prepared they are to grab this olive branch by the Federal Government. For long, Nigerian shipowners have been pauperised by the absence of any form of interventions from Government at the centre to this critical sector since the defunct Ship Building and Aquisition Fund was discontinued years ago. It was therefore a thing of joy when last May , the Minister of Marine and Blue Economy, Adegboyega Oyetola, handed a marching order to NIMASA to immediately commence the process for the disbursement of the CVFf. Dayo Mobereola had declared at an event in Lagos: “I am delighted to announce that under President Bola Ahmed Tinubu’s leadership, and with the support of the Honourable Minister of Marine and Blue Economy, HE Adegboyega Oyetola, we have secured the necessary approvals for disbursement. This disbursement will be transformative for our industry by empowering indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers, and strengthen ancillary maritime services.” Mobereola was speaking recently in Lagos at a one-day interactive forum organised for stakeholders on the operationalisation of the Cabotage Vessel Financing Fund (CVFF) .This was a statement of commitment which attracted applause from critical stakeholders, especially shipowners . The NIMASA helmsman, am sure , is aware that this is not the first time that an assurance such as this would be placed before stakeholders. Under the President Muhammadu Buhari’s administration, a similar approval was sought and obtained by the former Transportation Minister, Mr Muaji Sambo, but actual disbursement did not take place due to some administrative bottle necks. This is why the disclosure by Oyetola that “CVFF disbursement will commence in August” has been received with mix feelings. But with August, a few days away, we are yet to know from NIMASA how many Shipowners have met the terms and conditions ( Guidelines) set out by NIMASA. MY enquiries from top officials at the Agency to ascertain the level of compliance by shipowners did not produce any useful information. As Nigerians patiently await the August date for disbursement, I wish to me once again present to Mobereola, DG NIMASA, some frequently asked questions about the CVFF” 1. How much is available to be shared? 2.How many applications have you received from shipowners thus far? 3. Is the August deadline for disbursement sacrosanct?. What happens to applications received after August? 4.Has NIMASA carried out due diligence on both the applicants and the 12 Primary Lending Institutions, PLIs.?5.We understand that NIMASA has been able to negotiate a single digit interset regime for the applicants. But who picks up the liability should the applicants default?6.If this disbursement had been effected 20 years ago , the applicants would have been contending with an exchange rate of 135k/ usd, but today, it is 1,650k/usd. Is the current exchange regime not a serious burden on shipowner s?7.We understand the PLIs are asking NIMASA to warehouse its 50 per cent equity share in their bank vaults ahead of the commencement of disbursement. Will NIMASA comply with this request?’8. I understand successful applicants are expected to refund the loans within a period of eight years. How feasible is this? 9. How many Shipowners have brought their 15 per cent contribution, an equivalent of $3.7m or N6.1b to the table?