The CVFF portal launched by Minister Oyetola provides Nigerian shipowners access to structured vessel financing, boosting maritime growth and indigenous capacity
The Minister of Marine and Blue Economy, Adegboyega Oyetola, officially unveiled the Cabotage Vessel Financing Fund (CVFF) Application Portal on Thursday, marking a milestone in Nigeria’s efforts to establish structured financing for indigenous ship ownership.
The launch, held in Lagos, was attended by senior government officials, maritime industry leaders, legislators, and key sector stakeholders.
Oyetola described the portal’s inauguration as “a deliberate and strategic step in repositioning Nigeria’s maritime sector as a central pillar of national development.”
He noted that the initiative supports the broader national goal of economic diversification while unlocking the vast potential of Nigeria’s maritime domain, coastal resources, and inland waterways.
“A major constraint has been the absence of a functional, credible, and transparent financing framework to support indigenous ship ownership. Today, we are changing that narrative,” the Minister said.
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to address the financing gap faced by Nigerian shipowners but remained largely inaccessible for more than two decades.
Upon assuming office, Oyetola’s Ministry prioritised its operationalisation in line with sound governance and financial principles.
“The CVFF is structured as a strategic development instrument. By facilitating access to competitive vessel financing for indigenous operators, we hope to reduce reliance on foreign-flagged vessels, improve domestic value retention, create employment, and stimulate allied sectors such as shipbuilding, repair, and maritime services,” Oyetola said.
He added that the Fund would also enhance maritime safety and security.
The newly launched digital portal serves as the institutional gateway for transparent administration of the Fund.
Eligible Nigerian shipowners can submit applications that will be assessed against defined criteria, supported by robust due diligence and oversight through approved Primary Lending Institutions.
Dr Dayo Mobereola, Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), reaffirmed the agency’s commitment to ensuring the CVFF delivers on its objectives.
NIMASA has established a dedicated CVFF unit to manage applications, coordinate with financial institutions, and guarantee compliance with eligibility, risk management, and monitoring procedures.
“Every disbursement will follow clear rules, measurable criteria, and global best practice. Our goal is to make the CVFF a practical and reliable financing window for Nigerian shipowners,” Mobereola said.
The launch received commendations from legislative leaders, including Senator Wasiu Eshinloku, Chairman of the Senate Committee on Marine Transport, and Hon. Khadija Bukar Abba Ibrahim, Chairman of the House Committee on Maritime Safety, Education and Administration.
Industry stakeholders also praised the initiative, highlighting its potential to boost investor confidence, capacity development, and indigenous ship ownership.
Eligible applicants can access up to USD 25 million each at competitive interest rates to acquire modern vessels that meet international safety and performance standards.
The Fund will be administered in close collaboration with carefully vetted Primary Lending Institutions to ensure efficiency, accountability, and transparency.
Fresh concerns have emerged over compliance with a court order issued by the High Court of Kano State on April 8, 2026, restraining key parties—including the Honourable Minister of Education, the Kano State Ministry of Land and Physical Planning, the Kano State Urban Development Authority, and Pluck Global Company Limited—from further actions pending the determination of the matter before the court.
Findings indicate that while all parties—except the concessionaire, Pluck Global Company Limited—were duly served within two days of the order, significant challenges were encountered in effecting service on the company, raising troubling questions about its corporate traceability and regulatory vetting.
A review of the company’s records filed with the Corporate Affairs Commission (CAC) revealed addresses that could not be verified as functional business locations. Notably, documentation submitted to Federal Government College (FGC), Kano, dated June 20, 2024, listed two addresses: 8B, Lalupon Street, off Keffi Street, off Awolowo Road, Ikoyi, Lagos, as its head office, and 3 Bargery Road, Bompai, Kano, as its branch office.
However, a physical visit to the Ikoyi address revealed that the entire property is occupied by a company identified as Golden Alchemy, whose staff категорically denied any knowledge of, or shared occupancy with, Pluck Global Company Limited.
Efforts to trace the Kano address yielded even more unsettling findings. The location—a locked duplex—showed no visible signs of commercial activity. Neighbours, while reluctant to speak on record, alluded to irregular movements at odd hours, casting further doubt on the legitimacy of the premises as a corporate office.
In a twist, after multiple attempts to establish contact, an individual purportedly representing the company surfaced in Kano and agreed to receive and acknowledge the court order on April 11, 2026, at approximately 6:00 pm. Curiously, the Ikoyi address—already discredited—was again listed as the company’s official address in the acknowledgment.
These developments raise critical questions regarding due diligence and Know Your Customer (KYC) protocols on the part of the Federal Ministry of Education. They also cast a spotlight on the Infrastructure Concession Regulatory Commission (ICRC), should a concession agreement indeed have been executed with the company. Stakeholders say it would be instructive to review the addresses contained in all official correspondences and contractual documents linked to the transaction.
Meanwhile, a visit to the premises of Federal Government College, Kano, revealed ongoing construction activity, with workers observed excavating foundations. When approached, the workers declined to disclose the authority under which they were operating—despite the subsistence of a court order restraining further action.
Notably, a previously installed project billboard bearing the insignia of the school authorities and the Federal Ministry of Education had been removed. Sources within the institution suggest that the directive for its removal may have emanated from the Ministry following receipt of the court order.
The unfolding situation presents a complex mix of legal, regulatory, and accountability issues—raising the spectre of possible non-compliance with judicial directives, as well as deeper concerns about transparency in public-private concession arrangements.
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