Nigerian Maritime Administration and Safety Agency (NIMASA) has said that the Central Bank of Nigeria (CBN) was in custody of all the monies accrued under the Cabotage Vessel Financing Fund (CVFF) under the Single Treasury Account (TSA), noting that the fund was not missing.

The CVFF was 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.

The agency’s Head, Public Relations, Osagie Edward, said in a statement on Tuesday that contrary to a misleading publication alleging that funds had disappeared from the CVFF account, the report of a missing money was both misleading and false.

The agency’s Director General, Dr Mobereola also assured stakeholders of the safety of funds under the CVFF, noting that it was intact.

He said: “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 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.” Mobereola said that NIMASA was committed to transparency, accountability, and the advancement of Nigeria’s maritime sector.