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Cabotage Vessel Finance Fund Gets $55m Boost

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15 years ago

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The efforts of indigenous ship-owners to acquire new vessels and maintain existing ones will soon become fruitful as $55 million has been injected into the Cabotage Vessel Finance Fund (CVFF).

The CVFF was initiated by the federal government to ensure that Nigerian ship owners are empowered to rise to the challenge of maintaining their fleet and meet the aims and objectives of cabotage as enshrined in the provisions of the coastal and inland shipping Act 2003, but its implementation has suffered several setbacks over the years.

It was revealed that as at June 2010, $55 million had accrued into the fund, which was less than $7 million as at July 2009.

Director-General, Maritime Administration and Safety Agency (NIMASA), Mr Temisanre Omatseye, disclosed the latest figure in Lagos. He said arrangement for the administration of CVFF has reached an advanced stage and the first tranche of disbursement would be concluded soon.

Already, four commercial banks that will serve as primary lending institutions (PLIS) have been selected. These are Diamond  Bank Plc, Equatorial Trust Bank Plc (ETB), Skye Bank Plc, and Fiedelity Bank Plc.

Meanwhile, 240 cabotage vessels have been recorded in the cabotage special registry maintained by the agency. This represents a 450 per cent increase on the 45 vessels that were recorded as at June 2009.

In order to provide what he described as a “funding corridor” for ship acquisition and infrastructural development, the NIMASA helmsman revealed that he and his team are in the forefront of establishing a Regional Maritime Development Bank (RMDB).

Within the period under review, Omatseye said the agency achieved a 24 hour provisional ship registration regime just as it has recorded 1,318 vessels in its registry. This represents a 45 per cent increase from the previous figure at its inception.

The NIMASA Director- General, who gave a run-down of the strides attained in the last one year by the management of the agency under his leadership, said the nation’s apex maritime regulatory authority would be restructured and  re-engineered to improve on its delivery and statutory mandate.

“The destination is Nigeria as a regional maritime centre and a convergence point for regional shipping events and maritime trade logistics hub. We shall collaborate with the Niger Delta Development Commission (NDDC), states and local governments in the Niger Delta region to fund the participation of qualified Niger Delta youths in the National Seafarers Development Programme (NSDP) on the ratio of 20:40:40, he said.

As part of its medium-term goals, Omatseye said the agency will come up with an intervention programme designed to support and complement federal government’s efforts at quick rehabilitation and reintegration of repentant militants.

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NPA Assures On Staff Welfare 

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2 weeks ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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2 weeks ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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2 weeks ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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