The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from US dollars to naira, insisting that the dollar-denominated component remains intact with the Central Bank of Nigeria (CBN).
The agency described the reports as misleading, clarifying that funds contributed in different currencies are retained in their respective currencies of remittance.
In a statement issued on Sunday, November 1, 2026, the Director-General of NIMASA, Dr Dayo Mobereola, said dollar contributions to the CVFF remain in US dollars, while payments made in naira are retained in the local currency.
Mobereola’s clarification followed media reports attributing allegations of the conversion to a former NIMASA Director-General, Mr Omatseye, who reportedly claimed that the funds were converted to naira to enable the agency to earn higher interest rates.
The NIMASA boss, however, maintained that the allegation was incorrect and did not reflect the actual status of the fund.
“For the avoidance of doubt, this claim is incorrect and does not reflect the actual status of the CVFF,” he stated.
He explained that the fund receives revenue from multiple sources denominated in different currencies, adding that the dollar-denominated component is held in dollars with the CBN without conversion to naira.
Meanwhile, Mobereola disclosed that efforts were ongoing to commence the disbursement of the CVFF to qualified beneficiaries, following the intervention and commitment of the Minister of Marine and Blue Economy, Adegboyega Oyetola.
According to him, NIMASA has received applications from eligible beneficiaries, while some applicants are undergoing the necessary documentation processes with their preferred Primary Lending Institutions (PLIs).
He expressed optimism that the disbursement process would commence shortly.
The Director-General said the minister’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 CVFF was established to provide financial support to indigenous shipowners and operators to acquire vessels and strengthen local participation in the country’s maritime sector.
NIMASA consequently urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the fund’s dollar-denominated component had been converted to naira, reiterating that the funds remain in their respective currencies of remittance.
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