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CVFF DISBURSEMENT: Despite NIMASA’s Ultimatum, No Ship Owner Qualifies Now, says Engr Greg Ogbeifun

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Engr Greg Ogbeifun

 

 

 

 

By Izuchukwu Ozoemena 

 

 

 

 

As NIMASA gives banks 72 hours to release modalities for the disbursement of the beleaguered Cabotage Vessel Finance Fund (CVFF), Falcon Watch Online recalls a recent caution by Engr Greg Ogbeifun, prominent ship owner and pioneer President, Ship-owners Association of Nigeria (SOAN) that for now, no ship owner can comfortably say he has a contract and this is the rate or the value of the contract, and ‘if I get money to build a ship, this is the opportunity I have to pay back’. No one can say that.”

 

Engr Greg Ogbeifun stated this, Monday, while sharing his thoughts on the current discussions by various ship-owner groups regarding the disbursement of the fund.

 

He spoke at the sidelines of the 9th edition of the African Shippers’ Day event hosted in Lagos by the Nigerian Shippers’ Council in collaboration with the Union of African Shippers Councils.

 

Engr Ogbeifun who is also the Chairman, Starzs Marine & Engineering Co Ltd and member, 2017 Ministerial Interim Management Committee that restructured and repositioned the Maritime Academy of Nigeria, Oron, was emphatic that for now, no ship owner is eligible to benefit from the CVFF if ever it is going to be disbursed.

 

Part of the requirements prescribed by the 2003 Cabotage Act, he told our correspondent, is that the ship owner working to qualify to draw from the Fund must have an existing contract and a viable credit history to convince all and sundry that he has capacity for repayment.

 

“No indigenous ship owner has valid contracts or is eligible for the fund, as many of them have gone bankrupt,” he disclosed.

 

On the talk of equity being canvased by various shipowner groups, he said that anyone talking about 15% equity to be provided by ship owners before accessing the fund is ignorant.

 

For now,  there is no guideline in place as required by law, taking cognizance of the Treasury Single Account (TSA) policy of the Federal Government.

 

Ogbeifun said the current guideline on CVFF disbursement came into being during the tenure of Alhaji Idris Umar as Minister of Transportation. But as it stands now, the Federal Government’s Treasury Single Account regime makes it irrelevant.

 

Unless the Cabotage Act undergoes amendment in line with the requirements of the TSA regime and the Minister comes up with fresh guidelines for disbursement as per the Cabotage Act, anybody talking about disbursement will be breaking the law, Ogbeifun stated.

 

“I tell people that no company or ship owner is eligible to benefit from the CVFF.

 

“Starzs is not eligible too. This is because when I had a contract, and couldn’t get the money, a commercial bank funded the project and paid for the ship. The ship is working and I paid my rent. I don’t have a contract. It is like I want to go and borrow money to borrow a ship and almost all of us are in that situation.

 

“The new government came into place and says all monies of the commercial banks be moved to the TSA at the Central Bank of Nigeria (CBN). The ship owners are saying ‘our money is our private money and should not be in the TSA’.

 

“But it is there already. So, the government decided to lock it. Right now, no primary lending institution (PLI) or all those commercial banks they say they are nominating have the Cabotage fund with them to tell the government that they can now support and go by the terms of the government. So, if any bank is saying it is a PLI, it means they don’t understand what they’re getting into.

 

“Right now, there is no guideline in place as required by law by the current Minister taking cognizance of TSA. So now we have TSA, then how do we go about it? Anybody running around will be breaking the law, including the Minister. And those who are arguing to take the money and they don’t have contracts, how are they going to go about it?

 

“Maybe we should get to talk to ourselves and the only way forward is for the Honorable Minister to take the Act and understand what the Act says and form a small committee, bringing in banks, ship owners and industry players taking cognizance of the current situation and bringing up a guideline and changing the Act through the National Assembly. The conditions can be taken off and verified. Otherwise, government is going to take the money or they simply don’t know what they are doing”, Engr Ogbeifun said.

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Maritime Agencies

Maritime Industry Bigwigs Pledge to Attend the Network of Nigerian Maritime Journalists (NNMJ) Unity Conference.

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By

Elder Aderibigbe, NNMJ President

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‎By Izuchukwu Ozoemena
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‎As the Network of Nigeria Maritime Journalists (NNMJ) unveils “Seaport Modernisation, Trade Facilitation and Revenue” as the  theme of her unification conference scheduled for November 13 in Lagos , several prominent personalities in Nigeria’s maritime industry and political landscape have indicated interest to attend.
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‎These include the former Minister of Interior, Capt. Emmanuel Iheanacho; Senator Wasiu Eshilokun; former President of the National Association of Government Approved Freight Forwarders (NAGAFF), Dr. Eugene Nweke; and Dr. Kayode Farinto, former Acting National President of ANLCA.
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‎Also participating are key policymakers, heads of maritime agencies, industry leaders, legal practitioners, freight forwarders and other critical stakeholders whose voices cannot be ignored while  deliberating on the future of Nigeria’s maritime sector.
‎Former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barrister Temisan Omatseye, will chair the conference, while the Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, will attend as Special Guest of Honour.
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‎Renowned maritime lawyer, Barrister Emeka Akabogu, SAN, will deliver the keynote address at the event which takes place at Airport Hotel, Ikeja.
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‎Discussions will particularly focus on ongoing reforms, infrastructure development and strategic interventions required to strengthen the maritime industry’s contribution to national economic growth.
‎According to Elder Dele Aderibigbe and Jerry Aguigbo, the NNMJ President and Public Relations Officer respectively, the conference will provide an avenue for constructive engagement among government representatives, maritime professionals and private-sector operators on practical measures to reposition Nigeria’s maritime industry for improved efficiency, productivity and global competitiveness.
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‎Seaport modernisation, rehabilitation and renewal of critical port infrastructure, trade facilitation, ease of doing business, revenue optimisation and strategies for identifying and eliminating financial leakages across the maritime value chain will form key discussion points at the Unity Conference.
‎Participants will also examine opportunities for expanding Nigeria’s marine and blue economy, generating employment, strengthening maritime safety and security, and enhancing the competitiveness of the nation’s seaports.
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‎The conference is expected to attract heads of government agencies, managing directors of shipping companies, terminal operators, freight forwarders, licensed customs agents and other influential stakeholders across the maritime industry.
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‎The Unity Conference also avails stakeholders opportunity to evaluate existing government policies and reforms, identify implementation gaps and recommend sustainable solutions to improve port operations, facilitate legitimate trade, increase government revenue and unlock the vast economic potentials of Nigeria’s maritime sector.
‎The organizers further underscored the strategic importance of maritime journalism in promoting transparency and accountability, providing credible industry analysis and sustaining informed public discourse on government policies, regulatory interventions and reforms affecting the marine and blue economy.
‎The NNMJ leadership expressed confidence that the conference would strengthen relationships among industry stakeholders, encourage meaningful policy engagement and reinforce collective efforts towards building a more efficient, transparent and globally competitive maritime industry.
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Maritime Agencies

AMANO Advocates Rapid Growth in Nigeria’s Maritime Sector, Holds National Convention

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‎By Izuchukwu Ozoemena
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‎As the 2026 National Convention and Stakeholders’ engagement of the Alumni of the Maritime Academy of Nigeria, Oron (AMANO) kicks off November 12 – 14, the
‎body has called for accelerated reforms and development in Nigeria’s maritime capacity training sector to ensure job creation for graduating cadets.
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‎The convention will bring together maritime professionals, policymakers, regulators and shipowners, academics, cadets and other stakeholders for high-level deliberations on the future of the industry.
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‎Speaking during a pre-event briefing in Lagos, Saturday, AMANO President, Mr. Emmanuel Maiguwa described the  conference as a platform for policy alignment, innovation and practical solutions as it is more than a re+union of alumni.
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‎This year’s convention, Maiguwa explained, is deliberately focused on moving from talk to action — with emphasis on reforms that can be implemented in maritime education, shipping, port operations, safety and blue economy development.
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‎The convention will also provide an opportunity to introduce newly graduated cadets of MAN, Oron and their lecturers to maritime companies, institutions and stakeholders thus expanding their exposure to professional and employment opportunities.
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‎Maiguwa had at the Academy’s 2026 Cadets Passing-Out Parade last week, urged graduands to embrace networking, professional development and mentorship as essential tools for building successful careers and invited them to the Lagos convention.
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‎As part of its commitment to excellence, AMANO also announced cash awards of ₦150,000 each for Best HND Graduating Cadet and Best ND Graduating Cadet.
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‎Stakeholders say the 2026 convention is coming at a critical time when Nigeria is pushing to unlock its blue economy, modernise its ports, strengthen its participation in the African Continental Free Trade Area (AfCFTA) and translate maritime policies into measurable results.
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‎The three-day event is expected to feature keynote addresses, panel sessions, technical workshops, exhibitions and networking sessions, with recommendations to be presented to government and industry for implementation.
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Maritime Agencies

OUTSTANDING LEADERSHIP: NAWOJ Lagos Honours Omowole, NAN’s Managing Editor.

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‎By Izuchukwu Ozoemena
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‎The Nigeria Association of Women in Journalism (NAWOJ), Lagos Chapter has honoured veteran journalist, Hajia Hadiza Omowole, as Iconic Woman of the month for November.
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‎This is contained in a release in Lagos jointly signed by Mrs Jumoke Falayi-Johnson and Mrs Anu Thomas, NAWOJ Chairperson and Secretary respectively.
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‎Falayi-Johnson described Omowole as a true beacon of excellence, resilience and compassionate leadership, noting her selfless dedication to mentoring young journalists, empowering grassroots women and advocating gender equity..
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‎Omowole’s tenacity, she stated, dedication to service and visionary leadership beautify the world. She described her as Mother-General whose pioneering spirit leaves indelible mark on journalism profession and society generally.
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‎”Omowole holds Bachelor’s degree in Sociology and Anthropology from University of Benin and Master’s in Media, Culture and Technology from University of Bedfordshire, UK, spanning over three-decade distinguished journalism career.
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‎”The veteran journalist joined News Agency of Nigeria in 1992, rising steadily through editorial ranks serving as Senior Editor, Deputy Editor-in-Chief and now Managing Editor and Head of Lagos Operations,” Falayi-Johnson said.
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‎She noted that beyond editorial leadership, Omowole served two historic terms as National President of NAWOJ from 2014 to 2020, becoming first president re-elected, championing welfare and advancement of women journalists nationwide.
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‎Through community specialist work, counselling and initiatives supporting rural and needy women, Omowole continues to serve as an inspiring pillar of guidance for the association and media industry.
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‎The entire NAWOJ Lagos family celebrates Omowole’s unwavering commitment, pioneering spirit and incredible service to humanity, collectively wishing her more success in journalism, leadership and humanitarian endeavours ahead.
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‎Omowole remained actively involved in institutional engagement, public communication, youth development and advocacy for health, child development and gender equality across Nigeria.
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‎In her remarks, NAWOJ Lagos Secretary, Mrs Anu Thomas, noted that the association proudly recognised outstanding contributions of Omowole to journalism, women empowerment and leadership development in Nigerian media landscape.
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‎Falayi-Johnson reiterated association’s pride in celebrating Omowole, describing her enduring legacy as an inspiration for upcoming female journalists and a testament to excellence in media leadership nationwide.
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