Agency says dollar remittances are held in dollars, while naira contributions remain in local currency; disbursement to qualified beneficiaries expected shortly
The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from United States dollars to naira, insisting that funds remitted in dollars remain intact in their original currency with the Central Bank of Nigeria (CBN).
The Agency described the reports as incorrect and misleading, clarifying that there has been no conversion of the dollar-denominated component of the Fund to naira.
The clarification followed media reports attributing the allegation to a former Director-General of NIMASA, Mr. Omatseye, who reportedly claimed that the conversion was carried out to enable the Fund to attract higher interest rates.
In a statement issued on Sunday, November 1, 2026, and signed by the Director-General/Chief Executive Officer of NIMASA, Dr. Dayo Mobereola,
NIMASA explained that the CVFF receives contributions in different currencies, depending on the source of remittance.
According to the Agency, funds paid in United States dollars are retained in dollars with the CBN, while contributions made in naira remain in the local currency.
It maintained that the existing arrangement has not changed, contrary to claims circulating in sections of the media.
On the anticipated disbursement of the Fund, NIMASA disclosed that the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working towards ensuring that qualified beneficiaries gain access to the facility shortly.
The Agency revealed that it had received applications from eligible beneficiaries, some of whom are currently undergoing the necessary documentation processes with their preferred Primary Lending Institutions (PLIs).
It expressed optimism that the disbursement process would commence shortly.
NIMASA said the Minister’s commitment to releasing the Fund aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to strengthen indigenous capacity, empower local maritime operators and improve the competitiveness of Nigeria’s maritime industry.
The Agency, therefore, urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the dollar component of the CVFF had been converted to naira.