Business

Oyetola Says CVFF Fund to be disbursed through Lending Institutions

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, over two decades, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition.

Published

2 years ago

April 16, 2025

OCHEFA

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, says that the Cabotage Vessel Financing Fund (CVFF) will be disbursed to eligible shipping companies through the government-approved lending institutions.

Oyetola said: ” Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved primary lending institutions (PLIs), ensuring professional and efficient disbursement.”

Accordingly, Oyetola has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the process that will lead to the long-awaited disbursement of the Cabotage Vessel Financing Fund (CVFF).

However, successive administrations failed to operationalise the fund for indigenous shipping until now.

Oyetola, in a press statement by the Media and Communications Adviser to the Minister, Dr Bolaji Akinola, yesterday, lamented that for over 20 years, the CVFF remained a dormant promise.He said this is not just about disbursing funds but about rewriting a chapter in the nation’s maritime history, saying:

“Today, we are bringing it to life deliberately, transparently and strategically.”NIMASA, in alignment with the Minister’s directive, has already issued a marine notice inviting eligible Nigerian shipping companies to apply. “

Related Topics:CVFF payment to shipping companies Featured NIMASA

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Naira Exchange Rates Thursday, 5 Nov 2026

Published

6 hours ago

November 5, 2026

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

1 day ago

November 4, 2026

OCHEFA

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.