NIMASA Clarifies CVFF Currency Status

NIMASA has denied allegations that the Cabotage Vessel Financing Fund (CVFF) has been converted from US dollars to naira. The Nigerian Maritime Administration and Safety Agency (NIMASA) stated that the Fund continues to hold its assets in United States dollars.

In a statement, Dr Dayo Mobereola, the Director-General/CEO of NIMASA, confirmed that the claims circulating in the media are inaccurate.

The statement also addressed a former Director-General of NIMASA, Mr Omatseye, who was reportedly cited in media reports as making the claim about the Fund's currency conversion. NIMASA clarified that this claim is not valid and does not reflect the actual status of the CVFF.