By BONIFACE AKARAH

The Nigerian Maritime Administration and Safety Agency (NIMASA) has denied reports that the dollar-denominated component of the Cabotage Vessel Financing Fund (CVFF) has been converted to naira, insisting that contributions are retained in the currencies in which they are received.

The agency’s Director-General and Chief Executive Officer, Dr Dayo Mobereola, stated this in a press statement dated November 1, 2026, in response to media reports attributing the alleged conversion to a former NIMASA Director-General, Mr Omatseye.

The reports reportedly claimed that the conversion was carried out to enable the Fund to earn higher interest rates. However, NIMASA described the allegation as incorrect and said it did not reflect the actual status of the fund.

“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 fund receives contributions in different currencies, depending on the currency of remittance, with dollar payments retained in dollars at the Central Bank of Nigeria (CBN) and naira contributions kept in the local currency.

“Accordingly, funds remitted in United States dollars are retained in dollars with the Central Bank of Nigeria (CBN), while contributions remitted in naira are retained in the local currency. There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation,” the statement said.

NIMASA also disclosed that the Minister of Marine and Blue Economy, Adegboyega Oyetola, is working towards the disbursement of the fund to qualified beneficiaries.

According to the agency, applications have been received from eligible beneficiaries, while some applicants are undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs).

“The Agency has received applications from eligible beneficiaries, some of whom are currently undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs). NIMASA remains optimistic that the disbursement process will commence shortly,” Mobereola said.

The agency said the minister’s commitment to the disbursement aligns with President Bola 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 dollar component of the CVFF had been converted to naira.