Maritime Agencies
SCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
By Izuchukwu Ozoemena
As the back-and-forth surrounding the disbursement of the Cabotage Vessel Financing Fund (CVFF) keeps playing out, a light has been shed on the actual worth of the accrued sum, talking about the Dollar value, its Naira equivalent, among other things and the impact this could have in determining the number of beneficiaries and the eventual achievement of the objective.
Ship owner and former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, offered the clarification in Lagos, Thursday, at the 2026 edition of the Annual Summit of the Shipping Correspondents’ Association of Nigeria (SCAN) whose theme was ‘Low-Risk Capital for Indigenous Shipowners: Overcoming Regulatory, Financial Bottlenecks’.
Barrister Omatseye explained that contrary to pervading impressions, the $350 million CVFF was not retained in dollars. It was converted into naira to earn higher interests, leaving its dollar value exposed to the vagaries of exchange rate.
The decision to convert the funds into naira was driven by the significantly higher interest rates available in the domestic market at the time compared with dollar deposits internationally.
At the time when calls for the disbursement of the CVFF was at the peak, he explained, interest rates in Nigeria stood between 23 and 25 per cent while dollar-denominated investments offered returns of about one to two per cent. The strategy was to convert dollar CVFF receipts to naira to maximise interest earnings in the domestic financial market.
“Interest rate at that time was quite high, 23 per cent, 24 per cent, 25 per cent. And interest rate in dollars was about one or two per cent. Dollar interest rate is very, very low internationally,” he said.
Dollar receipts were changed to naira while the overall proceeds were lodged into local currency accounts which guaranteed higher interest rates. But the naira depreciation of 2023, significantly affected the fund’s value when measured in dollars. He cautioned that the original $350 million valuation could not be assumed to remain unchanged because the funds were held in naira rather than dollars.
“So you cannot be looking at $350 million as of 2019 to be the same $350 million today, because the money is held in naira,” he said.
Omatseye urged stakeholders to distinguish between the fund’s historical dollar valuation and its current value, explaining that the latter would depend on the actual naira balance and the prevailing exchange rate.
“When you guys speak of $350 million, CVFF is not held in dollars. It’s in naira, and at the present exchange rates, keep your realistic eye,” he said.
He added that determining the fund’s current dollar equivalent required converting the available naira balance at the applicable exchange rate. The former NIMASA director-general also noted that any claims about an increase in the fund’s value should be established through verifiable financial records.
Speaking through Mrs Anastasia Ogbonna, Director of Press at the Federal Ministry of Marine and Blue Economy, the Minister, H.E.Adegboyega Oyetola reaffirmed the Federal Government’s commitment to accelerating the disbursement of the CVFF to qualified indigenous shipowners. Oyetola announced that he had directed NIMASA to commence the disbursement process to eligible beneficiaries as, according to him, President Bola Tinubu was committed to building a competitive maritime sector that would enable Nigerian entrepreneurs participate meaningfully in domestic and international shipping.
Access to long-term financing at commercially- sustainable rates, he added , remains a major challenge for indigenous shipowners because vessel acquisition requires substantial capital, while high borrowing costs, collateral requirements and lengthy repayment periods place operators at a disadvantage.
He said the government had taken concrete steps to operationalise the CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support indigenous vessel ownership.
Oyetola disclosed that in January 2026, a dedicated application portal was launched to promote transparency, accessibility and efficiency in the process, while the number of approved Primary Lending Institutions (PLIs) was increased from five to 12. He added that NIMASA had been directed to work closely with the approved lending institutions to accelerate the assessment of applications and disbursement to qualified beneficiaries. However, he stressed that the fund must be administered with transparency, rigorous due diligence and prudent risk management, describing it as a revolving facility whose sustainability depended on responsible borrowing, repayment and accountability.
“Our commitment to the effective implementation of the Cabotage Act remains equally firm. We recognise that protecting the legitimate participation of Nigerians in domestic shipping must go hand in hand with building their financial, technical and operational capacity, ” he said. Oyetola also urged financial institutions to develop financing products suited to the commercial realities of the maritime industry and called on shipowners to embrace sound corporate governance, proper financial reporting and disciplined repayment practices. He said reducing investment risks required more than making funds available, stressing the importance of a predictable regulatory environment, credible business plans, transparent financing arrangements, effective insurance and reliable revenue streams.
Beyond the CVFF, the minister said the government was pursuing broader initiatives to strengthen indigenous participation in shipping, improve maritime safety, develop Nigerian seafarers and expand services supporting vessel ownership and operations.
He also disclosed that the government was exploring a commercially driven national shipping line initiative based on private capital, professional management, strategic partnerships and international expertise. The initiative would complement indigenous operators, expand Nigeria’s shipping capacity and operate on a sustainable commercial basis. Oyetola said the government’s broader objective was to encourage greater Nigerian ownership of vessels capable of serving domestic trade and competing in international shipping, while creating more opportunities for Nigerian seafarers to gain sea-time experience and secure employment. He called for stronger collaboration among government, shipowners, financiers, regulators and industry professionals to remove regulatory and financial bottlenecks, strengthen indigenous shipping and ensure that Nigerians secure a greater share of opportunities in the maritime economy.
Maritime Agencies
Dredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
By Izuchukwu Ozoemena
The Dredgers Association of Nigeria (DAN) has distanced itself from a report entitled ‘Dredgers Association Appeals to Sanwo-Olu Over Alleged Extortion, Urges Governor to Call Alebiosu, Cardozo to Order’, published on October 23, 2026 by some online blogs.
In a disclaimer jointly signed by Batare Akpomejero and Richard Ntan, National President and Secretary respectively, the Association categorically stated that the publication is fake and could not have originated from its National Leadership or any authorised organ of the dredgers’ body.
DAN clarified that it neither authorised, approved nor issued any petition or press release accusing Hon. Ekundayo Alebiosu, Commissioner for Waterfront Infrastructure Development, Lagos State, and Mr. Cardozo of harassment, intimidation or extortion of dredgers and tipper operators.
The Association further stated that it had no record of the alleged impounding of trucks and demand for ₦500,000 as reported in the publication, adding that it completely dissociated itself from the claims.
Reaffirming its relationship with the Lagos State Government under the leadership of Governor Babajide Olusola Sanwo-Olu, DAN described its engagement with the government and the Ministry of Waterfront Infrastructure Development as cordial and collaborative.
On matters relating to dredging regulations and the interpretation of Supreme Court judgments concerning shoreline authority, the Association explained that discussions were being pursued through appropriate institutional channels and dialogue with relevant federal and state authorities, rather than through media confrontations.
Consequently, DAN has disclaimed the report in its entirety, urging the public, the Lagos State Government, Hon. Alebiosu and other stakeholders to disregard the publication as a statement issued on behalf of the Association.
DAN also expressed regret over any embarrassment, inconvenience or reputational damage the publication may have caused the Lagos State Government, the Honourable Commissioner and other officials mentioned.
It reaffirmed its commitment to promoting lawful, sustainable and collaborative dredging operations across Nigeria, while maintaining constructive engagement with relevant authorities and stakeholders.
By Izuchukwu Ozoemena
The National Inland Waterways Authority (NIWA) is committed to translate maritime policies into practical results as part of efforts to ensure safer waterways, reliable infrastructure and sustainable economic growth.
NIWA Acting Managing Director, Alhaji Yusuf Girei made the commitment while congratulating stakeholders in his goodwill message during the 2026 World Maritime Day celebration.
This year’s celebration whose theme was“From policy to practice: Powering excellence,” has in attendance was graced the Minister of Marine and Blue Economy, His Excellency Dr. Adegboyega Oyetola, CON; the Ministry’s Permanent Secretary Mrs. Fatima Sugra Mahmood, FSM, MCIPM; Chairperson and Keynote Speaker, Mrs. Mfon Usoro; Directors and Heads of Departments, CEOs of Parastatals under the Ministry, members of the diplomatic corps, industry stakeholders and the media.

“This year’s theme,” Alhaji Girei said, “reminds us that strong policies create value only when they are translated into meaningful action. In the maritime sector, that means safer waterways, reliable infrastructure, environmental stewardship and services that support trade and economic growth.”

He noted that NIWA remains committed to working with State Governments, industry stakeholders, host communities and development partners to improve navigation, strengthen safety standards, modernise facilities and protect the waterways on which many livelihoods depend.
Speaking about excellence in the maritime sector, he described it as a shared responsibility that requires skilled professionals, effective regulation, investment in innovation and a culture that places safety and sustainability at the heart of operations.

“By working together, we can build a maritime sector that is competitive, inclusive and prepared for the future,” he added.

He commended President Bola Ahmed Tinubu, the Minister of Marine and Blue Economy, the Permanent Secretary and all stakeholders whose commitment keeps the maritime industry moving, and urged participants to turn shared ambition into practical results.
The celebration peaked when Alhaji Girei joined in the award presentation for the Primary School Children’s Essay Competition category sponsored by NIWA. The first position went to Idris Jibril Oladimeji of Holy Cross Primary School, Lagos, who won N200,000 cash and a laptop computer. The second position went to Suleiman Aisha of St. Paul’s Anglican School, Lagos Island, who received N150,000 and a laptop computer, while the third position went to Yahaya Aliyah of St. Mathias Girls Primary School, Lagos, who received N100,000 cash and a laptop computer.
On behalf of the Board, Management and Staff of NIWA, he wished all stakeholders a successful World Maritime Day celebration.
Maritime Agencies
NAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
By Izuchukwu Ozoemena
Chief Tochukwu Ezisi, National President, National Association of Government Approved Freight Forwarders (NAGAFF) has given kudos to the Controller of the PTML Command of the Nigeria Customs Service, Comptroller N. I. Miko, for the support extended to freight forwarders at PTML, enjoining him to sustain the tempo and assist the NAGAFF chapter to deepen the relationship for mutual benefits.
Chief Ezisi made the commendation, Thursday, when he led the association’s high command on a familiarization visit to the Customs Area Controller (CAC) of the PTML Command.
Ezisi who used the opportunity to welcome the CAC to the Customs Command also introduced the newly-elected executive of the NAGAFF PTML Chapter democratically elected to manage its affairs for the next four years.
Describing NAGAFF as a law-abiding organisation which has maintained a longstanding relationship with the Customs Service, Chief Ezisi stressed the importance of collaboration, compliance and professionalism in facilitating legitimate trade.
He urged Miko to maintain open communication with the chapter’s leadership and whenever disagreements or operational challenges arose, the national leadership would intervene where necessary to resolve issues.
As in other large organisations, Ezisi acknowledged, members with different dispositions and approaches to matters populate NAGAFF and managing them and their differences remains the hallmark of effective leadership at all times.
He also told the CAC that as a body, NAGAFF has in place an active special intervention outfit, a compliance team with guiding slogan, “If you see something, say something.” This body monitors the activities of her members and other freight forwarders who willingly subvert compliance standards in the line of duties.
NAGAFF, he explained, is a non-profit association of freight forwarders whose headquarters relies on the contributions and activities of its chapters to fulfill its responsibilities to the industry.
In his response, the Customs Area Controller of the PTML Command, Comptroller Nura Ibrahim Miko, assured NAGAFF members of the Command’s continued cooperation. He described the relationship between Customs officers and freight forwarders at the terminal as very cordial and will always be, going forward.
Miko recalled NAGAFF’s organizational structure, describing it as impressive, particularly the commitment to training and capacity development of members through the NAGAFF Academy .
The PTML Command would continue to support freight forwarders, the CAC pledged as Customs officers and industry operators would continue to deepen the existing harmony and cooperation in the workplace.
He assured that the Command would continue engaging terminal operators on the need to improve the working environment for both Customs officers and freight forwarders.
Miko encouraged freight forwarders to report any shortcomings in the conduct of Customs officers, assuring them that the command would take feedback seriously and work towards improvement.
He also urged stakeholders to acknowledge good performance, emphasising that constructive engagement, mutual respect and collaboration were essential to effective operations.
He reaffirmed his management’s readiness to sustain the healthy relationship with the association and other stakeholders.
Giving a vote of thanks, NAGAFF’s Vice President (Headquarters), Simeon Nwonu, expressed pleasure of the assurance of a continued cordial relationship and accessibility stakeholders associate CAC Miko with right from the Apapa Command.
He thanked Comptroller Miko for the warm reception, expressing confidence that NAGAFF members operating at PTML would benefit from continued engagement.
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