By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has selected Fidelity Bank, UBA, Zenith Bank, First Bank, Jaiz Bank, Lotus Bank, and six other Primary Lending Institutions (PLIs) to disburse the long-awaited Cabotage Vessels Financing Fund (CVFF) at a single-digit interest rate.

The Director-General of NIMASA, Mr Dayo Mobereola, disclosed this during a virtual meeting in Lagos on Monday, which was attended by stakeholders including representatives of these financial institutions.

He said the move was to transform the maritime sector, emphasising that President Bola Tinubu’s administration, with the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, had secured approvals for the fund’s operationalisation.

The PLIs are the designated banking institutions for the disbursement.

Mr Mobereola underscored the transformative potential of the initiative, stating that it would empower indigenous shipowners to compete more effectively and significantly boost local content within the maritime industry.

He noted that the CVFF is a loan facility with a single-digit interest rate, adding that the utilisation of which would be closely monitored.

According to him, its monitoring will ensure it achieves its intended objectives of fostering growth and capacity development among Nigerian operators.

“This demonstrates the establishment of clear frameworks for transparent, efficient, and impactful fund utilisation, directly empowering our indigenous shipowners,” Mr Mobereola said.

He noted that the CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide vital financial support for vessel acquisition and overall capacity building for Nigerian maritime businesses.

“Despite nearly two decades of regulatory hurdles and past challenges, we are now at the cusp of a new era,” he added.

According to the director-general, the CVFF disbursement is expected to generate significant employment opportunities for Nigerian seafarers and strengthen ancillary maritime services, maintaining that this would contribute to the overall growth of the nation’s blue economy.

He assured stakeholders that the CVFF implementation framework prioritises transparency and accountability, featuring a dedicated Secretariat Cabotage Unit, clearly defined eligibility criteria, and the strategic partnership with the 12 PLIs to streamline access to the funds.

Mr Mobereola urged all prospective applicants to adhere to the established procedures through the designated financial institutions, reiterating that the CVFF is a strategic investment in maritime future and not a grant programme.

“The CVFF represents not just the end of a long wait but the beginning of a new era for Nigerian shipping,” he added.

On his part, Mr Jubril Abba, the Executive Director of Cabotage Services at NIMASA, explained that the fund is design to invigorate activities within the maritime space.

He commended the President and the minister for their decisive action in ensuring the disbursement to benefit indigenous maritime operators.

NIMASA’s Legal Consultant on CVFF, Mr Adedoyin Afun, elaborated on the Cabotage Act’s provisions, noting that it is specifically designed for Nigerian citizens.

Mr Afun explained further thar the Act aims to promote the development of shipping within Nigeria’s territorial waters.

He clarified the key requirements: vessels must be owned, built, operated, and managed by Nigerians.

Mr Afun also outlined NIMASA’s enforcement powers under the Act and highlighted that vessels must have been purchased within 12 months prior to loan application.

The financial consultant for the fund, Mr Yusuf Buhari, said that the CVFF aims to provide Nigerian shipowners with access to affordable financing, thereby reducing Nigeria’s reliance on foreign vessels for its coastal and inland shipping needs.

He explained the required applicant contributions, with NIMASA (CVFF) providing up to 50 per cent or a maximum of $25 million, with no direct funding.

According to him, the loan tenure is set at eight years, and the currency will be translated to US Dollars to align with international best practices.

By Aduragbemi Omiyale

Shareholders of Abbey Mortgage Bank Plc will meet on Wednesday, May 28, 2025, for their yearly gathering to discuss the dividend payment proposed by the board and other issues.

The financial institution confirmed the date for the 33rd Annual General Meeting (AGM) in a statement made available to Business Post through its representatives.

The lender, which reaffirmed its commitment to providing long-term value to its customers and shareholders, said the AGM would hold virtually by 11:00am, promising to provide further details for participation on its website and official communication channels in the coming days.

This year’s AGM will provide an important platform for the bank to engage with shareholders, present its audited financial statements for the year 2024, and also discuss key milestones, governance decisions, and strategic goals for the future.

The meeting will also include the presentation of its financial report, dividend payment, discussion on business growth strategies and expansion. It will also serve as a forum for shareholder engagement and feedback.

In the statement signed by its Managing Director, Mr Mobolaji Adewumi, the company expressed its reflection to build on accountability, transparency, and the trust of stakeholders.

“The AGM represents more than an annual tradition, it is a reflection of our accountability, transparency, and the trust we continue to build with our stakeholders.

“We look forward to sharing our progress and vision for the future with our shareholders and the broader community,” the bank, which pledged to continue to play a leading role in the growth and development of Nigeria’s mortgage banking sector, stated.

By Aduragbemi Omiyale

At the close of the first quarter of 2025 on March 31, the pre-tax profit of Fidelity Bank Plc stood at N105.8 billion, 167.8 per cent higher than the 39.5 billion achieved in the same period of 2024.

This information was contained in the financial statements of the company released to the Nigerian Exchange (NGX) Limited recently.

The top-line of the results was also impressive as the gross earnings went up by 64.2 per cent to N315.4 billion from N192.1 billion.

The lender also witnessed growth in interest income, primarily led by a 38.6 per cent year-on-year and 7.4 per cent year-to-date expansion in earning assets base.

In addition, the non-interest revenue was increased between January and March 2025, driven by FX-related income, trade and commission on banking services, supported by increased customer transactions.

Further, total deposits grew by 11.1 per cent ytd to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 per cent ytd growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits.

In the same period, local currency deposits jumped by 2.0 per cent ytd as foreign currency deposits surged by 21.4 per cent to $2.3 billion from $1.9 billion in December 2024.

Also, net loans and advances were up by 5.0 per cent ytd to N4.6 trillion, with growth in the bank’s loan book skewed to LCY loans as cost of risk declined to 0.6 per cent from 1.5 per cent in 2024FY.

“We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability.

“As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” the chief executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, said.