NIMASA Dismisses Claims of CVFF Dollar-to-Naira Conversion, Assures Stakeholders of Disbursement
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 are retained in the currencies in which they are remitted.
The Agency said dollar-denominated contributions to the Fund remain in US dollars with the Central Bank of Nigeria (CBN), while contributions made in naira are retained in the local currency.
NIMASA Director-General, Dr Dayo Mobereola, stated this in a press statement issued on Sunday, November 1, 2026, in response to media reports attributing the alleged conversion to a former Director-General of the Agency, Barr. Temisan Omatseye, who reportedly claimed that the move was intended to enable the Fund to earn higher interest rates.
“For the avoidance of doubt, this claim is incorrect and does not reflect the actual status of the CVFF,” Mobereola said.
He explained that the revenue streams accruing to the Fund are denominated in different currencies, making it necessary to retain contributions in their respective currencies of remittance.
“There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation,” he stated.
Meanwhile, NIMASA disclosed that the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working towards the imminent disbursement of the Fund to qualified beneficiaries.
According to the Agency, it has received applications from eligible beneficiaries, with some currently undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs).
NIMASA expressed optimism that the disbursement process would commence shortly.
The Agency 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 operators and improve the competitiveness of Nigeria’s maritime industry.
It urged maritime stakeholders, industry operators and members of the public to disregard reports suggesting that the Fund had been converted from dollars to naira.
