Cabotage Vessel Financing Fund (CVFF) – Shipping World News Magazine

Jan292025 by Asu BeksNo Comments

Port Efficiency: National Single Window is the Game Changer…Oyetola

News Feature

The implementation of a National Single Window for Nigeria will improve port efficiency, improved revenue collection, and drive economic transformation, according to the Minister of Marine and Blue Economy, Adegboyega Oyetola. The Minister stated this on Wednesday in Lagos at the Stakeholders’ Forum on the Establishment of the National Single Window (NSW). The NSW project was launched in April 2024 by President Bola Tinubu as a pioneering cross-government system designed to streamline trade facilitation by integrating and syncing data from various government agencies to improve economic efficiency. Speaking at the event, Oyetola further stated that the implementation of the NSW project will further enhance trade facilitation in the country. “The implementation of the Single Win...

Nov232024 by Asu BeksNo Comments

Abubakar Dantsoho: Agenda for West and Central African ports. By Asu Beks

News Feature, Port News

Founded 52 years ago in October 1972, the Port Management Association of West and Central Africa (PMAWCA) was established under the auspices of the Economic Commission for Africa (UNECA). The main objective of the 40 member group is to contribute towards improvement, coordination and harmonization of port and harbour activities, services and infrastructure among countries in West and Central Africa subregion. The election last week of Nigeria's Dr. Abubakar Dantsoho, Managing Director of Nigerian Ports Authority, is the first time in the history of the regional body a Nigerian has been elected as Chairman. Dantsoho's election is coming on the heels of the establishment of the Ministry of Marine and Blue Economy by President Bola Ahmed Tinubu. There is no doubt that the challenges...

Nov202024 by Asu BeksNo Comments

Cabotage Vessel Financing Fund Intact, says Dayo Mobereola

News Feature, Port News

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 contrary to a misleading publication alleging that funds have disappeared from the CVFF account. The report of a 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 authors 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...

Oct262024 by Asu BeksNo Comments

IMO Council ‘C’ Election: Why Dayo Mobereola Should Avoid This Booby Trap* By ASU BEKS

Maritime, News Feature

Yet again, Nigeria seems set for another jamboree to the IMO Council election, going by indications from the Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, who a fortnight ago hinted in far away Spain that Nigeria is set to give another shot at this third tier category of the International Maritime Organization (IMO). Oyetola who spoke at an IMO organized parallel World Maritime Day in the Spanish capital said, "Our active participation in upholding key conventions such as Safety of Life at Sea (SOLAS), and the International Ships and Port Facility (ISPS) Code reflects our dedication to ensuring safety of international shipping", insisting that "there has been no incidence of piracy in the last three years". But regrettably, Oyetola's assurance was devoid of any spec...

Aug232024 by Asu BeksNo Comments

One Year In Office: An Open Letter To His Excellency, Adegboyega Oyetola*

News Feature

Your Excellency, Adegboyega Oyetola CON, Honourable Minister of Marine and Blue Economy, I trust that this letter meets you well. First, let me use this opportunity to thank President Bola Ahmed Tinubu. The creation of this Ministry was a dream come true for maritime stakeholders who over the years had yearned for specialized Ministry for the maritime sector. Your Excellency, sir, please convey our best wishes and warm appreciation to His Excellency, the President. Tell him we will not take this gesture for granted. As pioneer Minister of this Ministry, the burden on you to deliver Mr. President's vision in the Marine and Blue Economy is better imagined. This has been made worse, Mr Minister,due to the fact that you have little or no background in this sector prior to your appointment...

Aug162024 by Asu BeksNo Comments

The ‘Orphan’ Called Nigerian Ship Owner By Asu Beks

Maritime, News Feature

If the famed founder of the Synagogue Church of all Nations, Pastor T. B. Joshua, were alive, I would have mobilized the rank and file of Nigerian indigenous ship owners to his Church for a seven-day dry fasting to break this 18 years jinx that has made the disbursement of the Cabotage Vessel Financing Fund (CVFF) a mission impossible. Or maybe I should consider Rev. Fr. Mbaka or the maverick pastor Indaboski for this divine intervention which seems to be the only option left. If there is any indigenous group that has never benefited from any direct government bail out in the last two decades, it is the Nigeria ship owner. From the Obasanjo administration to late Yar'Adua, Jonathan and Buhari, various sectors of Nigeria's economy, including aviation, agriculture, energy, oil and gas...

May242023 by Asu BeksNo Comments

League of Maritime Editors to host Muazu Sambo

Maritime, Press Release

The League of Maritime Editors (LME) has concluded arrangements to honour the Transportation Minister, Alhaji Muazu Sambo and his Minister of State counterpart, Mr. Ademola Adegoroye. The honour for the two Ministers is in appreciation of their hard work and landmark achievements within a short space of their stay in the Transport Ministry. As part of the honour, the League is organizing an Appreciation Dinner slated for June 9 at Eko Hotel and Suites, in Victoria Island, Lagos. The Appreciation Dinner which is strictly on invitation will be chaired by the Secretary to the Government of the Federation, Mr Boss Mustapha. In a statement signed by the President of the League, Chief Timothy Okorocha and the Public Relations Officer, Mr Francis Ugwoke, the two Ministers are being ho...