Experts Demand NIMASA Audit Over $360M Shipowners Fund

The management and currency status of the $360 million Cabotage Vessel Financing Fund (CVFF) has become contentious, prompting maritime industry experts to demand a comprehensive audit of the Nigerian Maritime Administration and Safety Agency (NIMASA) from 2004 to the present. This request follows conflicting statements from former NIMASA director-general Temisan Omatseye, who claims the dollar contributions were converted to naira, and current director-general Dr Dayo Mobereola, who asserts that the funds remain in dollars with the Central Bank of Nigeria (CBN).

Stakeholders believe an audit would clarify the fund's financial history and determine the actual amount available for indigenous shipowners. Capt. Tajudeen Alao, former president of the National Association of Master Mariners, supports the audit, emphasizing the need for independent verification of NIMASA's financial management.

The CVFF was created to support Nigerian shipowners, but despite two decades of contributions, funds have not been disbursed, causing frustration among shipowners and impacting the maritime industry.