A shocking $180 million has reportedly disappeared from the Cabotage Vessel Financing Fund (CVFF) account under the leadership of Dayo Mobereola, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA). This fund, established to assist in financing the acquisition of indigenous ships, has been a critical financial resource for the growth of Nigeria’s maritime industry.
According to sources, the missing funds were moved from the CVFF account by the Minister of Finance, Wale Edun, and the Accountant General of the Federation, Oluwatoyin Sakirat Madein. The transfer was allegedly carried out under the guise of “paying debts.” However, there has been no clear explanation provided as to what specific debts are being settled, nor who is benefiting from the funds. This unexplained action has raised significant concerns, particularly among indigenous maritime operators who rely on these funds to acquire ships and grow their businesses.
The Cabotage Act, which established the CVFF, mandates that the fund be used to support the development of Nigeria’s shipping capacity, specifically by offering financial assistance to indigenous operators seeking to purchase ships. The unauthorized movement of $180 million has severely hindered access to this crucial funding, leaving many operators struggling to finance their maritime ventures.
In addition to the CVFF, other government agencies have also fallen victim to similar unauthorized transfers. A further $110 million, followed by another $5 million, was allegedly moved from the accounts of other agencies, including the Nigerian Communications Commission (NCC). The sudden withdrawals have left these agencies in financial disarray, making it difficult for them to meet their obligations.
“We do not know what they have taken all those funds to do. All we keep hearing is that they are paying debts. No one has explained to us what debt they are paying or who they are paying,” said a senior director from one of the affected agencies, who requested to remain anonymous.
