” CVFF FUNDS RETAINED IN ORIGINAL CURRENCIES, NO CONVERSION TO NAIRA” -MOBEREOLA
“CVFF Funds Retained in Original Currencies, No Conversion to Naira “– Mobereola
By Babatunde Aremu
The Nigerian Maritime Administration and Safety Agency (NIMASA) has dismissed reports alleging that the Cabotage Vessel Financing Fund (CVFF) has been converted from US dollars to naira, insisting that funds remitted in dollars remain denominated in the original currency.
The Director-General of NIMASA, Dr. Dayo Mobereola, clarified that the dollar component of the CVFF is still being held in US dollars with the Central Bank of Nigeria (CBN), while contributions made in naira are retained in the local currency.
Mobereola made the clarification in a press statement dated November 1, 2026, in response to media reports attributing the alleged conversion to a former Director-General of NIMASA, Mr Omatseye.
He described the reports as incorrect, stressing that there had been no conversion of the dollar-denominated component of the Fund to naira, contrary to the allegations.
According to him, the CVFF receives contributions in different currencies, and the Agency maintains the funds in the currencies in which they are remitted.
Meanwhile, the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working towards the commencement of disbursement of the Fund to qualified beneficiaries.
The NIMASA boss disclosed that the Agency had received applications from eligible beneficiaries, with some applicants currently undergoing the necessary documentation processes with their preferred Primary Lending Institutions (PLIs).
He expressed optimism that the disbursement process would commence shortly.
Mobereola said the Minister’s commitment to the disbursement of the CVFF 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.
He urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the CVFF had been converted from dollars to naira.
The CVFF is a financing initiative established to support indigenous shipowners and strengthen local participation in Nigeria’s maritime sector.
