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‎By Izuchukwu Ozoemena
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‎As the ongoing controversy on the Cabotage Vessel Financing Fund (CVFF) persists, an industry expert has canvassed that only guaranteed cargo and long-term trade contracts would guide shipowners to acquire appropriate vessels, generate revenue from their operations and repay the loan over time.
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‎Capt Ladi Olubowale, foremost  ship owner and former chapter president of African Shipowners Association (ASA) stated this, Monday, while speaking as a guest at the Maritime Reporters Association of Nigeria (MARAN) Roundtable.  The success of the CVFF, he posited, should not be measured merely by the amount allocated to individual shipowners, but by the ability of beneficiaries to link vessel acquisition to viable commercial opportunities.
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‎Capt Olubowale, the CEO, Seamate Maritime Integrated Services Ltd, said that a $25 million facility under the CVFF could be sufficient to acquire a sizeable vessel if the financing is tied to identifiable cargo and long-term trade contracts.
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‎Shipping is all about practicality and  private sector must be in the frontline, not the government. People should be made to understand what it means to run the business of shipping. When the Minister travels, he must take along stakeholders who have the experience because shipping is a public sector-driven industry.
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‎Olubowale recalled that the Nigerian Maritime Administration and Safety Agency (NIMASA) had taken a position that potential beneficiaries from the CVFF would be required to provide about $3.7 million in equity to access financing of up to $25 million, but stressed that the critical consideration should be the trade the vessel would serve.
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‎Nigeria’s maritime industry, he explained, is like a loaded ship waiting for who can sail it to sea.
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‎“NIMASA wants you to bring out $3.7 million in order for you to be able to attract $25 million. They will now look at it in your own case. What trade will you be using that for?” he asked.
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‎Olubowale explained that the $25 million facility should not be considered in isolation as different categories of vessels are designed to serve specific cargo requirements.
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‎He urged the government and industry stakeholders to first identify the volume and nature of cargo available in Nigeria and then match such cargo with the appropriate vessels before approving CVFF financing.
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‎Citing dry cargo, cement and other commodities, he said each trade required vessels specifically suited to its operational needs, warning against financing vessel acquisition without first establishing the commercial demand that would sustain the investment.
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‎The shipowner said a properly structured $25 million facility could enable an operator to acquire a vessel dedicated to a specific trade, particularly where a one- or two-year contract guaranteeing cargo is already in place.
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‎He noted that revenue generated from such contracts could be used to service and repay the financing, thereby making the vessel commercially viable and reducing the risk associated with ship acquisition.
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‎Olubowale further called for the CVFF to be deployed as part of a broader national fleet development strategy rather than being treated solely as a financing scheme for individual shipowners.
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‎According to him, with an estimated $700 million currently available in the fund, Nigeria could develop a national fleet covering various cargo segments if the resources were strategically deployed with the guidance of experienced industry professionals.
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‎“Most of this shipping does not require a big capital. It requires you have a 10 per cent deposit as long as you trade to cover up that money,” he said.
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‎He argued that guaranteed trade would significantly improve the viability of CVFF-backed vessel acquisition and provide a clear repayment structure for lenders.
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‎Olubowale also disclosed that several banks had approached his company regarding the CVFF, with some presenting term sheets detailing financing requirements, equity contributions and other conditions.
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‎He said the development represented a significant shift from previous years when shipowners frequently complained about the prolonged process of accessing the fund.
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‎The shipowner maintained that the priority should now be to ensure that the CVFF delivers measurable economic benefits by expanding Nigeria’s indigenous fleet, creating opportunities for local shipowners and enabling Nigerian operators to capture a greater share of the country’s maritime trade.
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‎By Izuchukwu Ozoemena
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‎The Maritime Reporters’ Association of Nigeria (MARAN) is set to confer the prestigious title of Patron on the President of the National Association of Government Approved Freight Forwarders (NAGAFF), High Chief Tochukwu Ezisi, in recognition of his outstanding contributions to the development of Nigeria’s maritime industry and his commitment to humanitarian causes.
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‎The investiture will take place at the MARAN Maritime Annual Lecture (MAMAL), the flagship programme of the association, scheduled to hold at the Nigerian Air Force Event Centre, No. 1 Kofo Abayomi Street, Victoria Island, Lagos.
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‎High Chief Ezisi is a seasoned and accomplished freight forwarder whose decades of experience and contributions to the freight forwarding profession have earned him respect within and beyond the maritime community. He is also widely recognised for his philanthropic activities and commitment to supporting individuals and communities.
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‎MARAN President, Mr. Oluyinka Onigbinde, said the decision to honour High Chief Ezisi reflects the association’s appreciation of individuals who have distinguished themselves through professionalism, service and contributions to the growth of the maritime sector.
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‎According to him, High Chief Ezisi’s elevation as Patron is also expected to further strengthen the relationship between MARAN and stakeholders across the freight forwarding and broader maritime community.
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‎The MARAN President noted that MAMAL has, over the years, provided a credible platform for critical discussions on issues affecting Nigeria’s maritime industry, bringing together policymakers, government officials, regulators, industry leaders, academics, journalists and other key stakeholders.
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‎The annual lecture is expected to attract top government officials, bureaucrats, maritime industry regulators, members of the academia and major stakeholders across the Nigerian maritime sector.
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‎MARAN said the investiture of High Chief Tochukwu Ezisi will be one of the highlights of this year’s MAMAL and will underscore the association’s commitment to recognising individuals whose contributions continue to advance professionalism, collaboration and sustainable development in Nigeria’s maritime industry.
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‎By Izuchukwu Ozoemena
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‎The Apapa Area Command of the Nigeria Customs Service (NCS) is ever committed to sustain and even surpass the current zeal with which it is prosecuting enhanced revenue generation, trade facilitation, professionalism and stakeholder collaboration because every legitimate revenue collected strengthens government’s capacity to deliver on its development priorities and improve the lives of Nigerians.
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‎The  Command’s image maker, Chief Superintendent of Customs Isa Suleiman Ibrahim disclosed this in a press release on behalf of the Customs Area Command Controller, Comptroller Emmanuel Oshoba.
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‎The release disclosed a historic revenue collection of Twenty-Eight Billion,One Hundred and Two Million, Nine Hundred and Fourteen Naira, Sixty-One Kobo (₦28,102,000,914.61k) on Tuesday, 18th August, 2026, the highest single-day revenue collection ever recorded by the Command.
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‎The feat, the release indicated, surpasses the previous daily record of ₦20.1 billion, achieved in September 2025, shortly after the assumption of office of the present Customs Area Controller, CAC, Comptroller Emmanuel Oshoba.
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‎The new record is achieved weeks after the Command recorded an unprecedented ₦323 billion monthly revenue collection in July 2026, thus demonstrating the sustained impact of reforms, improved compliance, enhanced trade facilitation, intelligence-driven interventions and the increasing efficiency of digital Customs processes.
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‎Commenting on the feat, Comptroller Oshoba stressed that the achievement is not simply about figures or records. It is about what the Nigeria Customs Service is contributing to the economic wellbeing of Nigerians.
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‎ Revenue generated by the Service, he explained, forms part of government resources used to fund public priorities including infrastructure, security, education, healthcare and other services that ultimately impact the lives of ordinary Nigerians.
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‎He therefore dedicated the milestone to the Government and people of Nigeria, while commending the Comptroller-General of Customs, Bashir Adewale Adeniyi, and the management team of the Service for their continued support for modernisation, automation and reforms aimed at making Customs operations more efficient, transparent and business-friendly.
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‎The CAC also acknowledged the cooperation of compliant importers, exporters, licensed Customs agents and other stakeholders, as well as patriotic Nigerians who have provided actionable intelligence in achieving this feat.
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‎He stressed that every compliant transaction contributes to national development and urged stakeholders to continue supporting legitimate trade since a stronger revenue base gives the government greater capacity to respond to the needs of the people and create an environment where businesses can thrive.
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‎Comptroller Oshoba charged officers and men of the Command to see the record as a clarion call to do more.
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‎He emphasised that revenue collection must be achieved alongside trade facilitation, professionalism, transparency and respect for stakeholders, directing personnel to resolve legitimate disputes promptly and ensure that Customs procedures do not unnecessarily hinder lawful businesses.
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