Maritime stakeholders have called for an independent audit of the Nigerian Maritime Administration and Safety Agency (NIMASA) accounts from 2004 to date to establish the actual financial position of the $360 million Cabotage Vessel Financing Fund (CVFF).
The demand follows conflicting claims over whether the fund is denominated in dollars or naira, raising concerns about transparency, accountability and the management of resources collected under Nigeria’s Cabotage regime.
Former NIMASA Director-General, Temisan Omatseye, reportedly said the dollar contributions were converted into naira during his tenure between 2009 and 2010 and placed in fixed deposits to generate higher interest.
He explained that the decision followed a directive from the Accountant-General of the Federation, citing the higher interest rates available on naira deposits at the time. Businessday NG
However, the current NIMASA Director-General, Dayo Mobereola, has maintained that dollar contributions remain in dollars with the Central Bank of Nigeria (CBN), while naira payments are retained in local currency.
The agency has also insisted that the fund remains intact and is being managed under the Treasury Single Account arrangement. Businessday NG
Former President of the National Association of Master Mariners, Captain Tajudeen Alao, said an independent audit would help reconcile the conflicting accounts and establish the actual contributions, investments and current value of the fund.
He also expressed concern that the prolonged delay in disbursement has left indigenous shipowners struggling to finance vessel acquisition and compete with foreign operators. Maritime Today Online +1
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to provide financial support for indigenous shipowners and strengthen local participation in Nigeria’s coastal shipping industry.
Despite the fund’s reported value of $360 million, questions remain over its financial history, accessibility and the pace of disbursement.
