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Money Swap : Pressure on FG, CBN Governor Emefiele over naira scarcity, Supreme Court judgment
….Anger in Ekiti, Osun, others over rejection of old notes
.,….Radio presenter slumps, dies while trekking to work
THE cash scarcity caused by the naira redesign claimed another life yesterday in Ibadan as pressure mounts on the Federal Government and the Central Bank (CBN) to ease the suffering of the people.
The Bayelsa State Government is suing for calm in the state following Friday’s protest by residents of Akenfa community in Yenagoa Local Government Area to call government’s attention to the tough life they have been facing over the naira scarcity.
They said they had had enough of the rejection of the old naira notes by traders one week after the Supreme Court extended their validity to December 31, 2023.
The placard carrying protesters said life had come to a standstill as they could neither sell nor buy while hunger continued to bite them and their children.
Ekiti State Governor Biodun Oyebanji yesterday joined the list of governors threatening to arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
But the threats are having little or no effect as traders continue to reject the old notes.
They insist that President Muhammadu Buhari and the CBN must speak out on the judgment of the apex court to guide Nigerians appropriately on the old naira notes.
Baba Bintin L’aye, a presenter with Ibadan-based private radio station, Fresh FM, slumped to death yesterday while taking a walk to the radio station to present his programme.
He had reportedly left home armed with his ATM card in the hope of getting some cash from a POS outlet to pay for his transport fare.
He apparently failed to get the cash hence he resorted to trekking from his Amuloko residence to Challenge area of Ibadan, the location of the radio station, only to collapse on the way.
Baba Bintin L’aye is the latest known casualty of the naira scarcity which has made life unbearable for millions of Nigerians.
Before him was a Kaduna pregnant woman who died at the point of delivery because her husband was unable to pay the required hospital deposit on account of the cash squeeze.
An employee of the Lagos State University (LASU), Johnson Adesola, had also slumped to death last month while on a queue to withdraw cash at a bank on the institution’s main campus at Ojo, Lagos.
At least three other persons were killed also last month during violent protests in Edo State over the naira scarcity.
The federal government and the CBN have continued to keep mum over the Supreme Court judgment, prompting the Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto state governments to consider slamming contempt charges against the Attorney Genral of the Federation and Justice Minister Abubakar Malami (SAN) and the apex bank for non-implementation of the court order.
The states on Friday served the Attorney-General of the Federation the enrolled order of the Supreme Court on the extension of the validity of the old N200, N500 and N1,000 to December 31, 2023.
By the service, the order became automatically applicable to all agencies of the Federal Government, including the CBN.
Malami and CBN Governor Godwin Emefiele risk being committed for contempt of the court if by Monday they fail to comply with the order of the apex court.
The 10 states have activated the machinery to file contempt charges against Malami and Emefiele if they defy the order of the Supreme Court.
The delay in releasing the Certified True Copy (CTC) seems to have encouraged the banks to adopt different attitudes to the judgment of the apex court.
Some of the banks have been giving the old notes to customers but insist that customers go through the strenuous process stipulated by the CBN for the old notes to be banked.
Our correspondence gathered that the enrolled order, dated March 3rd, 2023, was served on AGF Malami yesterday.
A counsel in the matter said: “We have finally served the Attorney-General of the Federation the enrolled order of the Supreme Court.
“What we did on Friday was to fulfill all righteousness by serving the enrolled order on the AGF.
“The Federal Government has been evasive by claiming that it had not received the Certified True Copy (CTC) of the judgment, which we have obtained and made available to it.
“The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order.
“There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B.”
The enrolled order of the Supreme Court, which was sighted by The Nation, reads as follows: “It is ordered that this suit has merit. That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old 200, 500, and 1000 naira notes is not consistent with the provision of the Constitution of the Federal Republic of Nigeria 1999(as amended) which makes provision for the Executive power of the President of the Federation and the extant laws on the subject matter.
“That the three months’ notice given for the implementation and completion of the said demonetization policy by which time the old N1,000, N500 and N200 naira notes shall cease to be legal tender does not satisfy the condition set out in Section 20(3) of the CBN Act 2007.
“That the President cannot unilaterally give a directive to embark on the demonetization policy pursuant to Section 20(3) of the CBN Act 2007 in view of Nigeria’s Fiscal Federalism, the economic interest of the Constituents of the Federation and without consultation with, and advice from the plaintiff, individually, and in their capacity as members of the National Council of States and National Economic Council and that the directive cannot be given without consultation with, and advice from the cabinet, the National Security Council and other stakeholders.
“That in issuing the directive for demonetization policy pursuant to Section 20(3) of the CBN Act, 2007 on behalf of the Federation of Nigeria, the President is under an obligation to ensure that adequate structures are put in place for the plaintiffs and Nigerian citizens prior to the implementation of the said directive.
“That the demonetization directive/policy by the President of the Federation to wit: withdrawal of the old N200, N500 and N1, 000 notes unlawfully impede the exercise of the Executive Powers of the plaintiffs’ states and other obligations to facilitate and protect the welfare of the citizens of the said states pursuant to Section 5(2) and other provisions of the Constitution of the Federal Republic of Nigeria 1999(as amended) as well as other extant laws.
“That the directive given by the President pursuant to Section 20(3) of the CBN Act 2007 limiting the amount that can be withdrawn and the charges therein without an enabling law is unconstitutional and not binding on the plaintiffs.
“That the directive of the President of the President of the Federation exercised is illegal to the extent that it restricts, without an enabling law, the rights of the plaintiffs to freely use their money in various bank accounts.
“That the old version of N200, N500 and N1,000 notes shall continue to be legal tender alongside with the new or redesigned version until 31st December, 2023.
“That the reception of old N200, N500 and N1,000 notes and the swapping of same with new Naira notes shall continue till 31st December, 2023.
“That all the consolidated suits listed in pp. 12-13 of the judgment shall abide this judgment.”
Bayelsa govt calls for calm
Following the Friday protest in Yenagoa and the continuing anger of the people over FG’s silence on the Supreme Court’s judgment, the Bayelsa State Government yesterday pleaded with residents of the state to be calm and shun acts that could jeopardise the peace of the state.
Information, Orientation and Strategy Commissioner Ayibaina Duba said in a statement that while the state government was not in any way against the naira redesign policy of the CBN or the federal government, it was “not comfortable with the method of its implementation that has resulted in further hardship on people of the state and, indeed, the country.”
It urged business operators in the state, particularly banks, traders and keke (tricycle) to “take into consideration the Supreme Court ruling in order to reduce the pains of people of the state.”
It also asked the CBN to “take immediate steps to ease the burden of doing business in the state by making implementation of the policy less cumbersome.”
Ekiti govt to arrest, prosecute traders rejecting old naira notes, says Oyebanji
Ekiti State Governor Biodun Oyebanji said government would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
His Special Adviser on Media, Mr Yinka Oyebode, in a statement in Ado Ekiti particularly appealed to traders and business owners in the state to stop creating hardship for residents.
The governor explained that the old N500 and N1000 denominations remained legal tender till the end of this year by virtue of the ruling of the Supreme Court.
Oyebanji said that his office had been inundated with the cries of the people due to the hardship being faced as a result of the low circulation of the redesigned naira notes.
Oyebanji said that the refusal of many business owners in the state to accept the old naira notes as means of transaction was unlawful.
He said: “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till December 31.
“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.
“Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes,” the statement quoted Oyebanji as saying.
He pledged that his administration would continue to explore avenues to make life more meaningful for the people, as it continues to build a more prosperous state.
The governor, therefore, appealed to the market women and men, artisans, transporters, filling station attendants, supermarket owners and school proprietors as well as service providers to remain law abiding and accept the old naira notes.
He also urged the commercial banks and Central Bank of Nigeria (CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points to ease the stress residents go through to get money for their daily and commercial needs.
Osun residents decry inability to spend old N500, N1000 notes
Residents of Osogbo in Osun have decried their inability to spend the old N500 and N1,000 denominations in spite of the Supreme Court’s pronouncement that they remain legal tender until December 31.
Some of them told the News Agency of Nigeria (NAN) yesterday that were happy with the Supreme Court’s judgment, but were disappointed when traders refused to accept the money.
Mr Adejare Agunloye, a civil servant, said the N10,000 old notes he got from the ATM had become useless as traders refused to accept them from him .
“The situation is really messed up,” he said.
“Imagine the situation where the Supreme Court would give a judgment and people still have to wait for the President to give such court order power of authenticity.
“I have been cash strapped since the new currency issue started and imagine my joy (like many others) when the judgment that banks should circulate the old N500 and N1,000 notes was given.
“Now see, after rushing to withdraw the old money from the bank, there is no where to spend it as traders continue to reject it because the President and CBN governor have not said it should be spent.
“At the moment, I have money I cannot spend, and the worst part is, banks are not collecting the old notes from customers who want to deposit them. Instead, they are asking us to take the money directly to the CBN office for deposit.
“I don’t understand why things in Nigeria are always made difficult by the authorities.”
Another resident, Mrs Ayoade Usman, said she withdrew N5,000 old notes from the ATM with the intention of buying food items from the market.
Usman said she almost got into a fight with some traders when they refused to collect the money from her, saying they don’t accept the old notes.
“I was angry after I wanted to buy pepper and meat and other food items, and these people said they are not collecting the old notes.
“This is the money that the Supreme Court said remains a legal tender till December and this is the same money these traders are refusing to collect.
“So, what is the essence of collecting the old Naira notes from the banks if business operators and traders would not collect them?
“I hope the CBN governor or Mr President would speak or issue an official statement to address this matter, because the banks are still paying out the old notes to customers while business owners are rejecting them,” she said.
Mr Ajayi Ogunsola, a resident and a commercial transport operator, said he was collecting the old notes from passengers, but stopped when he discovered filling stations and traders were not collecting them from him.
“I was collecting the old N500 and N1,000 when the court said we should continue to spend them. But to my surprise, when I wanted to buy fuel, the fuel attendant said she was not collecting the old notes.
“I thought she was joking and told her the Supreme Court has directed that the old notes should remain a legal tender till December 31, but she insisted that the management had directed her and her colleagues not to collect the old notes.
“At this point, I did not know what to do with the old notes with me because I heard banks are also not collecting them, and people are saying I have to take it to the CBN office.” he said.
May God’s judgement be on you, Fani-Kayode curses CBN managers
Lamenting the naira scarcity situation across the country despite recent orders by the Supreme Court, former Minister of Aviation, Femi Fani-Kayode took to his Twitter page on Saturday to rain curses on the people at the helm in Central Bank of Nigeria (CBN) for causing the people untold hardship.
The All Progressives Congress (APC) chieftain lamented that some people at the CBN believe they are greater than the court but should remember they are not greater than God.
“May God’s judgement and curse be upon those at Central Bank who believe that despite the ruling of the courts they are above the law & are greater than their creator. Your money, power, properties & wealth are for but a fleeting moment in the sands of time & echoes of eternity,” he wrote.
The Managing Director/Chief Executive Officer of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, has said an efficient railway system will boost Nigeria’s GDP, strengthen trade and food security, reduce transportation costs and improve the general standard of living.
Speaking on TVC’s This Morning Show, Opeifa said the Corporation is focused on optimising existing railway assets while encouraging greater participation by state governments, regional development commissions and the private sector.
“The NRC is not doing badly, but we could do better. We should have been better than where we are today if not for many years of inaction,” he said.
He explained that Nigeria inherited an extensive railway network linking major parts of the country, but decades of inadequate investment and the abandonment of the narrow-gauge system during the modernisation drive created major setbacks.
According to him, the present administration is correcting past mistakes by rehabilitating existing lines, expanding the standard-gauge network and strengthening partnerships with states.
Opeifa said moving railway matters from the Exclusive Legislative List to the Concurrent List has opened fresh opportunities for states and private investors.
He cited the Lagos Red Line as a successful example of what he described as “Railing with the States,” adding that similar initiatives are being pursued in Plateau and Zamfara states.
He also disclosed that regional development commissions and state governments across the South West, South East, North East and North Central are engaging the NRC on railway development.
“Every state and region is now showing interest, and the national government is ready,” he said.
On freight development, Opeifa said the Federal Government had completed the connection of the Lagos-Ibadan Standard Gauge Railway to the port, while goods are also being moved from Apapa towards Ilorin on the narrow gauge.
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He added that arrangements had been concluded to move freight from Lagos to Kano, Kaduna and Minna, stressing that the Corporation is determined to keep existing railway corridors commercially active.
The NRC boss said the Port Harcourt-Aba section of the Eastern corridor had also been completed and was operational.
He identified poor road links to railway stations as a major challenge to intermodal transportation and urged state governments to provide efficient connections between railway stations, cities and public transport networks.
According to him, railway remains a major driver of industrial development, supporting factories, agriculture, mining, petroleum distribution and inland container movement.
He said completion of rehabilitation works on the Western Line would create opportunities for increased movement of petroleum products and other freight by rail, thereby reducing pressure on roads.
Opeifa also disclosed that the NRC is exploring opportunities in livestock and agricultural transportation, including the use of refrigerated wagons for perishable goods.
On regional connectivity, he said Nigeria’s railway links with neighbouring countries would strengthen trade and give landlocked countries access to Nigerian seaports.
He expressed optimism that the Kaduna-Kano railway project could be completed by December 2026, paving the way for rail movement from Abuja to Kano.
Speaking on the suspended Warri-Itakpe Train Service, Opeifa apologised to passengers and said safety remained the Corporation’s priority.
He explained that although track rehabilitation and a test run had been completed, passenger operations would not resume until safety audits of the track, equipment and personnel were concluded.
Opeifa also said the NRC had completed a proof of concept for the use of Liquefied Natural Gas in railway operations and remained committed to tackling ticket racketeering.
“If we get the railway system right, our GDP will increase, farmers and small businesses will benefit, inflation will continue its downward movement and the general standard of living will improve,” he said.
He urged state and local governments, regional development bodies and private investors to take advantage of opportunities in the railway sector.
The Federal Government has barred ministers, heads of ministries, departments and agencies and other government appointees from embarking on official foreign trips without prior approval from the Office of the Secretary to the Government of the Federation.
The government also directed the Ministry of Foreign Affairs to make evidence of valid approval from the Office of the Secretary to the Government of the Federation a mandatory requirement for processing official travel documents, including official, diplomatic and service visas for government appointees.
The directive was contained in a circular signed by the Secretary to the Government of the Federation, George Akume, and addressed to top government officials and heads of major Federal Government institutions.
The move comes amid heightened scrutiny of government agencies and individuals claiming to represent the Federal Government, following the controversy surrounding the self-styled Director-General of the purported Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi.
The controversy has raised questions about how individuals claiming official status can undertake engagements in the name of Nigeria, including foreign engagements, without clear evidence of government authorisation.
However, the latest directive is broader and applies to Federal Government appointees generally.
The circular, titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” said the government had observed that some officials continued to embark on official foreign trips without obtaining the required clearance.
It stated, “It has been observed with concern that some Federal Government Appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation (OSGF), contrary to extant government directives and established administrative procedures regulating official travels outside the country.”
The SGF recalled that the government had issued several circulars over the years to regulate official foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other public officials.
According to the circular, these directives were issued “with a view to promoting accountability, fiscal discipline and effective coordination of Government business.”
The circular listed a September 18, 2023, circular on “Guidelines for Official Travels by Cabinet Members, Heads of Agencies and Public Officials”, a March 31, 2015, circular on “Guidelines for Official Trips by Chairmen of Federal Government Committees, Boards of Corporations and Government-Owned Companies” and a September 27, 2017, circular on “Additional Cost Control Measures to Guide Foreign Trips by Ministers and Senior Government Officials.”
It also referenced a March 8, 2018, circular on “Observed Indifferent Adherence to Extant Regulations Guiding the Conduct of Foreign Trips by Public Officials” and a November 20, 2012, circular on “Further Cost-Cutting Measures and Fiscal Prudence on Travel by Cabinet Members.”
Despite the previous directives, the SGF said cases of non-compliance had persisted.
The circular stated, “Despite these directives, instances of non-compliance continue to be recorded.”
It warned that the development had broader implications for government administration, stating, “This trend undermines Government’s efforts to ensure proper coordination, accountability, transparency, prudent management of public resources and effective monitoring of official foreign engagements undertaken on behalf of the Federal Government of Nigeria.”
The government consequently reaffirmed the requirement for prior clearance.
The circular stated, “Accordingly, all official foreign trips undertaken by Federal Government appointees shall continue to require prior approval from the Office of the Secretary to the Government of the Federation before such trips are undertaken, except where otherwise expressly provided by law or by specific Presidential directive.”
It added, “This requirement is consistent with the principles of due process, centralised coordination of government business and prudent management of public resources, as reflected in the Public Service Rules, 2021 Edition, the Financial Regulations (Revised Edition, January 2009) and other extant Government directives.”
As part of the immediate measures to strengthen compliance, the Ministry of Foreign Affairs has been directed to ensure that evidence of OSGF approval forms part of the documentation required for official foreign travel.
The circular directed that “The Ministry of Foreign Affairs shall include evidence of valid OSGF approval, where applicable, as a mandatory requirement in the processing of requests for official Notes Verbales, diplomatic facilitation and all applications relating to official foreign travel by Government Appointees.”
The ministry was further directed to communicate the requirement to foreign missions and embassies operating in Nigeria.
It stated, “The ministry is further requested to formally communicate this requirement to all Foreign Missions and Embassies accredited to the Federal Republic of Nigeria, advising that applications for Official, Diplomatic or Service Visas by Government Appointees should, where applicable, be accompanied by duly issued OSGF travel approval as part of the mandatory supporting documentation.”
The new measure therefore gives foreign missions an additional means of verifying whether a Nigerian government official travelling on official business has received the required authorisation.
The Office of the Auditor-General for the Federation was also assigned responsibility for checking compliance with the directive during audit exercises.
According to the circular, “The Office of the Auditor-General for the Federation shall require every government appointee who undertook an official foreign trip at public expense to produce evidence of the requisite OSGF approval during audit exercises.”
The government further warned that public funds spent on unauthorised foreign trips would be subject to scrutiny.
It stated, “Any expenditure incurred in respect of official foreign travel undertaken without the required approval shall be reported appropriately in accordance with extant Financial Regulations and applicable audit procedures.”
The directive also places a direct responsibility on accounting officers and heads of Federal Government institutions to prevent the processing of public funds for unauthorised trips.
It stated, “Accounting Officers, Permanent Secretaries, Chief Executive Officers and Heads of Federal Government Agencies shall ensure that no expenditure relating to official foreign travel by government appointees is processed unless the requisite OSGF approval has first been obtained.”
The SGF consequently directed all ministers, permanent secretaries, accounting officers and heads of ministries, departments and agencies to ensure compliance.
The circular stated, “All Honourable Ministers, Permanent Secretaries, Accounting Officers and Heads of Ministries, Departments and Agencies are hereby directed to ensure strict compliance with the provisions of this Circular.”
It further stated that the directive was effective immediately, declaring, “This circular takes immediate effect and supersedes any administrative practice inconsistent with its provisions, without prejudice to existing extant regulations governing official foreign travel.”
The circular was addressed to the Chief of Staff to the President; Deputy Chief of Staff to the Vice President; all Honourable Ministers and Ministers of State; Head of the Civil Service of the Federation; National Security Adviser; Economic Adviser to the President; Special Advisers and Senior Special Assistants.
It was also addressed to the Chief of Defence Staff, Service Chiefs and Inspector-General of Police; Governor of the Central Bank of Nigeria; Chairman, Federal Civil Service Commission; Chairman, Police Service Commission; Chairman, Code of Conduct Bureau; Chairman, Code of Conduct Tribunal; Chairman, Federal Character Commission; Chairman, Revenue Mobilisation, Allocation and Fiscal Commission; Chairman, Federal Inland Revenue Service; Chairman, Independent National Electoral Commission; Chairman, National Population Commission; Chairman, Independent Corrupt Practices and Other Related Offences Commission; Chairman, Economic and Financial Crimes Commission and Chairman, National Drug Law Enforcement Agency.
Other recipients listed in the circular were all permanent secretaries and Heads of Extra-Ministerial Departments; Clerk of the National Assembly; Chief Registrar of the Supreme Court of Nigeria; Accountant-General of the Federation; Auditor-General for the Federation; and Directors-General and Chief Executives of Parastatals, Agencies and Government-Owned Companies.
The breadth of the recipients means the directive covers ministers, senior political appointees, permanent secretaries, security chiefs, heads of regulatory and anti-corruption bodies, electoral institutions, financial institutions, government agencies and government-owned companies.
The development is coming against the backdrop of the controversy over the purported PFIPC, which has drawn attention to the need for stronger verification of individuals and organisations claiming to represent the Federal Government.
The purported PFIPC and its self-styled Director-General, Adeyemi, have been at the centre of investigations into alleged impersonation and the use of questionable government documents.
The matter has also raised concerns about how purported government officials could engage public institutions and foreign entities while claiming to represent Nigeria.
The latest directive, however, does not single out the purported PFIPC or Adeyemi.
Instead, it establishes a general requirement that government appointees must obtain central approval before undertaking official foreign engagements.
By directing the Ministry of Foreign Affairs to demand evidence of OSGF approval, the government is also creating a formal verification mechanism for foreign missions processing travel documents for Nigerian officials.
The financial provisions of the circular further link official travel approval to accountability for public expenditure, as accounting officers have been directed not to process expenses relating to foreign trips unless the required approval has been obtained.
The measures are expected to strengthen the Federal Government’s control over official foreign engagements, reduce unauthorised travel and ensure that persons travelling abroad in the name of the government have the necessary approval to represent Nigeria.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the Federal Government will provide qualified Nigerian shipowners with up to $25m each, under the Cabotage Vessel Financing Fund, a move he said could strengthen indigenous shipping and create more than 30,000 direct and indirect jobs.
This comes as he also disclosed that disbursement of the long-awaited CVFF to qualified Nigerian shipowners to strengthen indigenous shipping and create thousands of jobs will soon commence.
Oyetola disclosed this in a post on his X handle on Monday, saying the government was finally moving to unlock the fund more than 20 years after it was established.
He said the initiative would help address one of the major challenges confronting Nigerian shipowners.
“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners. This is a major step towards building a stronger Nigerian-owned shipping industry, creating jobs and ensuring that more of the value generated from activities in our maritime space stays in Nigeria.
“Under the CVFF, each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process. This is significant because access to affordable, long-term financing has been one of the major challenges limiting the growth of Nigerian-owned shipping companies”, the minister stated.
On how the fund would improve the competitiveness of indigenous operators, the minister said, “With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators.
“Our objective is to ensure that more Nigerian-owned vessels operate on Nigerian waters, more Nigerian businesses participate in our maritime economy, and more Nigerians benefit from the wealth our waters generate. Providing Nigerian shipowners with the financial capacity to acquire vessels is a critical step towards reducing foreign dominance in our maritime space.”
Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency to accelerate the process of disbursing the fund to qualified applicants.
He stated, “I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved banks, known as Primary Lending Institutions (PLIs), to accelerate the disbursement of the fund to qualified applicants.
“NIMASA has so far received 92 applications. Of these, 20 have been forwarded to the Primary Lending Institutions, while one has so far been reviewed and forwarded for approval. To further speed up access, we have expanded the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent, structured and accessible.”
Writers urged to promote inclusive maritime sector
The minister added that the expected impact of the fund extended beyond vessel acquisition, as increased indigenous ownership could stimulate several areas of the maritime economy.
He said, “The disbursement of the CVFF could help create a stronger indigenous fleet, which will in turn stimulate activity in shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries. It could also create more than 30,000 direct and indirect jobs, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
“This initiative is part of the Tinubu Administration’s commitment to unlocking the full potential of Nigeria’s Blue Economy, strengthening indigenous capacity and ensuring that Nigerians take a greater share of the opportunities in our maritime sector.”
He also highlighted the government’s efforts to develop the human resources needed to support the maritime industry.
“Financing vessels is only one part of building a stronger indigenous maritime industry. We are equally investing in the people who will power this industry. So far, 222 seafarers have received free professional training, 333 cadets have completed their academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained their Certificates of Competency. In addition, 7,059 Nigerian seafarers have been placed onboard vessels to gain valuable sea-time experience.”
“We are determined to ensure that Nigerians own, operate and benefit from the economic activities taking place in Nigeria’s maritime space. We are building the capacity to make that happen — through vessel financing, skills development, indigenous enterprise and strategic investment in our maritime sector. The work continues”, the minister concluded.
The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and developing indigenous capacity. Its disbursement has, however, been delayed for more than two decades.
The Federal Government launched the CVFF application portal in January 2026 and announced that successful applicants could access up to $25m in financing. NIMASA subsequently began receiving applications from interested operators.
NIMASA had disclosed in April that it received more than 60 applications within four months of opening the portal, with the agency promising that the disbursement process would be transparent and strictly monitored.
The latest figure provided by Oyetola represents an increase in applications to 92, although only one application has so far been reviewed and forwarded for approval, according to the minister.
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