General
NIMASA Eyes Acquisition of 28 Vessels from $700m Cabotage Fund

By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) is targeting the acquisition of 28 vessels with a total of $700 million through the Cabotage Vessel Financing Fund (CVFF).
This was disclosed by the Minister of State for Transportation, Mr Ademola Adegoroye, while speaking at the maiden annual lecture of the Institute of Maritime Studies at the University of Lagos (UNILAG).
He said that the government would do everything possible to make it easier for ship owners to acquire more ships with a view to growing the Blue Economy initiative.
Mr Adegoroye also said that the ministry is working hard to ensure that the CVFF is disbursed before the end of the current administration.
He expressed faith in the incoming administration of Mr Bola Ahmed Tinubu, adding that if the fund is not disbursed, the All Progressive Congress (APC) government will disburse the fund as the government will continue the efforts of President Muhammadu Buhari.
He also noted that another top priority in the Blue Economy agenda is the underexplored fishing sub-sector.
“The fisheries sub-sector is another area the government is working very to create jobs for our people and make water transport easier for Nigerians.
“Absolutely, that is what every responsible government would do but I can assure you that Government will do everything to make it easier for Ship owners to get more ships so that we can continue to grow our Blue economy. It makes sense for every responsible government to do that, once it gets too expensive, it becomes a problem even for our economy.
“We are hoping and praying that we disbursed the Fund before the end of the current administration, we have a short time, we have barely eight weeks, but I know they are working day and night to achieve this. It is possible good if not, the government is a continuum. It is a policy of the government, and nobody can do anything about it,” he stated.
On his part, the Director General of NIMASA, Mr Bashir Jamoh, said the agency already has a total of $350 million as its contributions to the fund while the Primary Lending Institutions (PLIs) and local ship owners that want to benefit from the fund will contribute 35 per cent and 15 per cent respectively so as to acquire the targeted number of vessels.
Mr Jamoh also said that from his calculations, a total of $700 million is expected to be expended on the acquisition adding that the loan will be given at a single-digit rate.
According to the agency boss, the number of jobs that will be created by the time the entire acquisition is completed, cannot be over00p emphasized.
“Besides using the Blue Economy to drive local shipping growth, the initiative will also awaken the nation’s dying marine insurance sub-sector.
“The Blue Economy initiative is everybody’s business as the benefits will also be for everybody. The ocean is a way of life, we need to exploit it in a sustainable manner for our economic benefits,” he said.
General
Rivers Sole Administrator Promises Swift Utilisation of Funds

By Adedapo Adesanya
The Sole Administrator of Rivers State, Mr Ibok-Ete Ibas, has assured that necessary steps would be taken to ensure the prompt utilisation of the withheld local government funds, which have now been released by the federal government.
Recall that President Bola Tinubu on Tuesday declared a state of emergency in Rivers State and suspended Governor Similaniyi Fubara and the Deputy Governor, Mrs Ngozi Odu, as well as all members of the Rivers State House of Assembly, over a political crisis. He then replaced them with Mr Ibas, who will act for the next six months as a sole administrator.
Speaking during a meeting with Heads of Local Government Administrators in Port Harcourt on Friday, Mr Ibas described the gathering as a pivotal moment in the collective effort to restore stability and progress in the state.
The Sole Administrator lamented the economic hardship in the Niger Delta, noting that despite the region’s wealth of natural resources, its people continue to suffer.
“This is unacceptable,” he stated, emphasizing the need for transformation and accountability.
He expressed concerns over the delay in salary payments across local government areas, acknowledging the struggles of affected workers.
“I feel the pain of the workers,” he said, assuring them that the withheld allocations had been released and that his administration would ensure that salaries are paid without delay.
However, he warned that financial accountability would be strictly enforced.
Mr Ibas, a retired vice admiral and former Chief of Naval Staff, directed all local government areas to submit their wage bills, supported by relevant documentation, through the office of the Head of Service.
He said his administration would not tolerate financial recklessness, vowing to scrutinize the handling of public funds and take action against any mismanagement.
Mr Ibas said good governance is not just a slogan, but a commitment to changing the negative narrative within the next six months.
He further stressed the importance of collaboration with traditional rulers and security agencies to enhance security at the grassroots level.
“You must take the lead in ensuring security within your domains,” he urged local government administrators.
General
FG Calls for Alternative Energy Sources to Drive Nigeria’s Maritime Industry

By Adedapo Adesanya
The federal government has called for the adoption of alternative energy sources in the maritime industry to reduce greenhouse gas emissions, warning that Africa could face severe economic impacts if left behind in the global transition.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this call in Abuja while declaring open the African Strategic Summit on Shipping Decarbonization.
He cautioned that the ongoing shift to low-emission shipping fuels could increase transport costs for Africa, disproportionately affecting developing nations.
“With over 90 per cent of global trade relying on maritime transport, reducing GHG emissions is not just an environmental necessity but an economic imperative,” Mr Oyetola stated.
He stressed the need for Africa to have a strong voice in shaping global policies. “As the IMO advances its regulatory framework on decarbonization, Africa must ensure its interests are safeguarded, as we rely heavily on imports and contribute less than 2 per cent to the global fleet,” he said.
Highlighting the potential benefits of the transition, Mr Oyetola urged African nations to leverage the shift towards cleaner energy to boost industrialization.
“With 38 coastal nations, Africa can use this transition to develop its ports as launch pads for economic growth by engaging the Global North in strategic partnerships,” he added.
The Minister emphasized the need for a just and equitable transition, ensuring that no African nation is left behind.
“While we recognize the urgency of climate action, developing economies face challenges such as limited access to technology, energy poverty, and food insecurity. The principle of common but differentiated responsibilities must guide our approach,” he said.
Also, Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr Dayo Mobereola, reinforced the urgency of decarbonization.
“The shipping industry contributes about 3 per cent of global emissions. This summit is a platform for Africa to shape a strategy that ensures sustainable maritime development without being disadvantaged,” he noted.
General
JUST IN: Ayobo-Ipaja LCDA Chairman Bolatito Shobowale Dies

By Dipo Olowookere
The Chairman of Ayobo-Ipaja Local Council Development Area (LCDA), Mrs Bolatito Shobowale, has died, Business Post has confirmed.
She passed away on Friday after a prolonged battle with illness and three days after her deputy, Mr Ladi Oluwaloni, was asked to become the acting chairman of the council due to her long absence from work.
Mrs Shobowale had been away from her office for about six months, preventing the presentation of the 2025 budget to the council lawmakers for approval.
There had been underground grumbling within the LCDA until Governor Babajide Sanwo-Olu stepped in and approved the appointment of Mr Oluwaloni as the acting chairman.
Recent council activities had been carried out without the deceased, including the welcoming of the Governor Advisory Council (GAC) led by Mr Femi Pedro and the presentation of work tools to some residents who completed an empowerment programme sponsored by the state government.
Reacting to the death of Mrs Shobowale, the chairman of Alimosho Local Government Area, Mr Jelili Sulaimon, said she would be missed.
Mr Sulaimon, in a statement signed by his media aide, Mr Babatunde Yusuf, described the deceased, fondly called Mama Show, as a mother to all and a good administrator who is ever willing to see Ayobo-Ipaja LCDA progress positively.
According to him, Mrs Shobowale, elected into office in 2021, committed herself to the growth and development of council until her death.
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