Performance Bond: CVFF disbursement will be transparent and strictly monitored – NIMASA DG

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has stated that over 60 applications have been received since the Cabotage Vessel Financing Fund portal was launched in January 2026.

Dr. Dayo Mobereola, who assured that the disbursement process will be transparent and strictly monitored, provided this update while signing the 2026 Sectoral Performance Bond of the Ministry of Marine and Blue Economy overseen by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, in Lagos recently.

Mobereola reaffirmed the commitment of NIMASA to accountability, improved performance, and sustained growth in the maritime sector.

He described the Performance Bond as a key governance instrument for tracking deliverables, strengthening institutional accountability, and aligning the agency’s operations with national priorities.

He stated that NIMASA’s ongoing reforms are driven by purposeful leadership and strategic ministerial support, adding that the Agency remains committed to delivering on its mandate in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

On maritime security, Mobereola disclosed that Nigeria has recorded zero piracy incidents in its territorial waters over the past four years, attributing the milestone to enhanced surveillance systems and improved inter-agency collaboration.

He further revealed that the agency is at an advanced stage of automating its ship registry processes, a move expected to improve efficiency, reduce delays, and boost Nigeria’s competitiveness in global maritime business.

Mobereola also noted that Nigeria has deposited three conventions with the International Maritime Organization (IMO), while three others are awaiting Federal Executive Council approval, underscoring the country’s commitment to international maritime standards.

Speaking further, he noted that Nigeria’s election victory into category C at the IMO Council in November 2025 restored her voice in global maritime governance and strengthening its leadership role in Africa.

In his remarks, Minister Adegboyega Oyetola reiterated the Federal Government’s commitment to using the maritime sector to drive economic diversification, job creation, and foreign exchange earnings. He stressed that the Performance Bonds are binding commitments that will be closely monitored, declaring that “accountability is not optional.”