General
Shipping Stakeholders Laud Move to Disburse Cabotage Fund
By Adedapo Adesanya
Shipowners have commended the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, for the directive to the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF).
Last week, Mr Oyetola instructed NIMASA to initiate the long-awaited disbursement process for the CVFF.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.
However, successive administrations failed to operationalize the fund—until now. This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
Several stakeholders including Mr Greg Ogbeifun, the Managing Director of Starzs Marine and Engineering Limited, said the directive is a welcome development that will further spur the growth of the sector.
He also urged the government to ensure that the requirements of the act are followed.
He said that the minister is acting accordingly by taking the bull by its horns through the disbursement of the fund.
“The minister’s move is commendable. The important thing is that due processes, according to the requirements of the Act, have to be followed. I have looked at the marine notice that was sent out, and I think it’s in line with the requirements of the Act,” Mr Ogbeifun said.
He mentioned that, looking at the previous guidelines, there is a reason to believe that the minister is acting accordingly.
“But I don’t know if the requirements of the Act, as it relates to the legislative part of government, are followed,” he stated.
Mr Ogbeifun reiterated that the directive would unlock the long-standing issue of disbursement of the CVFF.
On his part, the President of SOAN, Mr Sonny Eja, applauded Mr Oyetola, stating that the decision was a welcome development.
Mr Eja mentioned that aside from being long overdue, partnering with the Bank of Industry for the disbursement is another feat.
“I would say this is a welcome development, though it’s long overdue. I have always said to people, don’t blame yourself for not doing something yesterday or for not doing something last week or last month, the best time to start is now, and so it’s a welcome development.
“I am equally excited about the fact that they are partnering with Bank of Industry (BOI) in respect of this fund. For me, to hear that they are going to work with BOI to disburse this fund is quite a good development,” Mr Eja added.
By Adedapo Adesanya
Amid the resurgence of attacks by Boko Haram in Borno and Yobe States, the Senate on Tuesday asked the military to urgently redeploy personnel and advanced equipment to tackle terrorists in the areas.
The resolution followed the recent killing of over a dozen soldiers in Marte town of the Monguno Local Government Area on Monday, May 12, and a subsequent assault early Tuesday on Gajiram, the headquarters of the Nganzai Local Government Area.
In a motion raised by the Senate Chief Whip, Mr Tahir Munguno, lawmakers claimed while two-thirds of the local government areas in Borno were once under Boko Haram control, collaborative efforts between the Nigerian military and civilian joint task force had successfully reclaimed the territories.
They, however, said the restored peace has led to a relocation of the tactical command to the North-West, where the military is combating kidnapping and banditry.
Expressing concern over the militants’ evolving tactics, Mr Munguno highlighted the use of modern technologies by the group, including drones and an increase in the deployment of improvised explosive devices, which have led to high civilian and military casualties, disrupting transportation networks.
The Senate urged the military high command to swiftly redeploy sufficient troops to the North-East and ensure they are adequately equipped with modern technology to effectively combat the renewed threat, as well as mandate the committees on the army and air force to monitor and ensure compliance with this directive.
By Adedapo Adesanya
The National Pension Commission (PenCom) has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million it currently counts.
The Director-General of PenCom, Ms Omolola Oloworaran, said this over the weekend at the Pension Industry Leaders’ Retreat in Lagos.
According to her, the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as Micro Pension Plan (MPP); constant engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
As of February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.
Recall that recently, the pension regulator announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.
The DG also announced state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained at the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) held in Kano in late April.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has again reacted to the activities of individuals and groups falsely claiming to represent or act on its behalf, warning Nigerians against falling for these schemes.
According to the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, these persons continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.
“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives,” the statement said.
“The CBN wishes to reiterate that it has not authorised, licensed, or appointed any individual, group, or organisation to act as an agent or intermediary in offering contracts, financial grants, or intervention funds to the public. The CBN also does not endorse or support such claims in any form.
“Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform. It also does not request payment of fees in exchange for contracts, grants, or financial interventions, nor does it engage intermediaries or third parties to offer financial services or opportunities to the public.
“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them. Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN Branch.
“The Central Bank of Nigeria remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and address fraudulent activities,” the statement said.
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