Cabotage fund not missing, NIMASA insists
By Trek Africa Newspaper
The Nigerian Maritime Administration and Safety Agency(NIMASA) has dismissed a viral allegation of wilful pilfering of the Cabotage Vessel Financing Fund (CVFF) which report alleged has been depleted.
In its reaction to the allegation of misappropriation of the cabotage fund, the management of the apex maritime regulatory agency claimed the funds are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA).
According to the agency, 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 author’s imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations” the agency declared.
NIMASA pledged to 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.
“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”.
A viral report has alleged that $180 million has disappeared from the CVFF account with the CBN.
The CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.
Controversy has continued to hover around the cabotage funds which has not been disbursed about 20 years after its establishment.
