Omatseye Defends CVFF Fund Conversion During NIMASA Tenure

Temisan Omatseye, a former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), defended his decision to convert the dollar-denominated Cabotage Vessel Financing Fund (CVFF) into naira during his tenure, which ended in December 2010. He stated that NIMASA had N52 billion in fixed deposits at that time, which included both the CVFF and the maritime fund.

Omatseye explained that the conversion was directed by the Accountant-General of the Federation, based on the interest rates offered by commercial banks, where naira deposits yielded significantly higher returns than dollar deposits. He noted that all dollar funds received as CVFF during his administration were converted into naira, and he emphasized that the management of these funds since the introduction of the Treasury Single Account should be clarified by NIMASA.

Omatseye maintained that his statements were consistent with the practices during his administration.