Report of missing money misleading, false, Cabotage Vessel Financing Fund intact, says NIMASA

Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria under the Single Treasury Account (TSA).

A Statement issued by the Head, Public Relations of the Nigerian Maritime Administration and Safety Agency, NIMASA, Osagie Edward, says this is contrary to a misleading Publication alleging that Funds have disappeared from the CVFF Account.

"The Report of a missing money is both misleading and false," says NIMASA.

The Agency was quoted as saying for the record, that the Cabotage Vessel Financing Fund, securely held in the NIMASA Account at the Central Bank of Nigeria (CBN), remains intact.

"There has been no disappearance of Funds, and no Illegal Transactions, as the Article suggests. This misinformation is a figment of the Authors imagination, aimed at undermining NIMASA’s integrity, and mislead the Public about the Agency's Operations.

"The Management of NIMASA will ensure that the CVFF is utilised in line with its Statutory Purpose," Director General, Dayo Mobereola assures Stakeholders of the safety of Funds under the CVFF.

His words “Let us be clear that the CVFF Account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no Irregularities or Illegal Activities surrounding the Funds. I urge the Public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s Maritime Sector."

The CVFF is a Fund established under Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the Development of Indigenous Ship Acquisition Capacity and to provide Credit Facilities to Local Maritime Operators.

NIMASA added that it is committed to transparency, accountability, and the advancement of Nigeria’s Maritime Sector.

Credit NIMASA PR

External Borrowing: Tinubu seeks Senate's endorsement of $2.2bn

President Bola Tinubu has sought the approval of Senate for implementation of $2.2bn new External Borrowing Plan.

Tinubu’s request is contained in a Letter addressed to President of Senate, Godswill Akpabio and read at Plenary on Tuesday.

The Letter is  Titled, “Request for the Resolution of the National Assembly for the Implementation of External Borrowing of about $2.2bn in the 2024 Appropriation Act”

The President said the Request is in accordance with the Provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, ) Act, 2003, and the Approval of the Federal Executive Council..

“I write to request for a Resolution of the National Assembly to raise the sum of N1.7trn, equivalent of $2.2bn at the Budget Exchange Rate of one Dollar to N800 provided as new External Borrowing in the 2024 Appropriation Act to part finance the Budget Deficit of N9.179trn.”

The President said the Funds were needed to give more impetus to the ongoing implementation of the Projects and Programmes in the 2024 Appropriation Act, which were designed to stabilise the Economy.

He said the Key Projects to which the Proceeds would be deployed formed the priority Sectors of the Economy, such as Power, Transport, Agriculture, Defence and Security.

”It is also important to add that the Proceeds will increase the Accrual to the External Reserves as the Proceeds will be received into the Central Bank of Nigeria’s (CBN) Account, and thereby support the Naira Exchange Rate”.

He said the Plan was to raise the new External Borrowing from a combination of Commercial Sources, such as Issuance of Eurobonds, Sovereign Sukuk,International Capital Market (ICM), among other Sources.

Tinubu said Nigeria could raise all or part of the new External Borrowing Fund through the Issuance of Eurobonds in the ICM.

“Nigeria has been a regular Issuer in the ICM and had raised $16.92bn out of which $15.12bn is outstanding.

”The ICM is now open to Countries similar to Nigeria, and so far, Cote d’Ivoire, Benin, Kenya, and Cameroon have issued Eurobonds in the ICM in 2024.

“A debut Sovereign Sukuk of up to $500m in the ICM with credit enhancement from the Islamic Corporation are for Insurance of Investment and Export Credit (ICIEC), subject to the Terms and Conditions,” he said.

The President said Lead Managers such as Citigroup Global Markets Limited, Goldman Sachs, JP Morgan and Standard Chartered have been appointed through an Open Competitive Bid to advise on the issuance of Eurobonds, where it becomes necessary. 

Credit NAN: Texts excluding Headline

FirstBank hosts Inaugural China-Africa Interbank Association Forum

First Bank of Nigeria Limited says it will host the Inaugural China-Africa Interbank Association (CAIBA) Forum in Abuja, aimed at strengthening Economic Ties and boosting Investments between China and Africa.

In a Statement on Monday in Lagos, the Bank said that the Forum with the Theme, “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” would take place on November 27.

Olusegun Alebiosu, Chief Executive Officer, FirstBank of Nigeria Limited expressed the Bank’s honour in hosting the Forum, which he said would foster Dialogue and Collaboration between Chinese and African Financial Institutions.

“This Forum reinforces our commitment to bridging the gap between Africa and China, catalysing Economic Growth and Development.

“The Selection of FirstBank as the Host is a testament to our rich Legacy, deep Expertise in African Markets, and an impressive 130-year History of empowering Businesses and Communities to thrive.

“We are proud to support the Continent’s Economic Transformation and Growth and remain dedicated to exploring the Partnership Opportunities this Forum will bring for the mutual benefit of China and Africa,” he said.

The CEO reiterated the Bank’s commitment to promoting Trade, Financial Cooperation and Economic Development.

He said Participants would have the chance to engage with Government Officials, Business Leaders and Financial Experts from both Regions.

Expected Guest Speakers include Vice President, Kashim Shettima, Central Bank of Nigeria Governor, Olayemi Cardoso; Minister of Trade, Industry and Investment and his FCT counterpart; Managing Director, China Development Bank, among others.

Also, Folake Ani-Mumuney Group Head, Marketing and Corporate Communications First Bank of Nigeria Limited said that the establishment of CAIBA was a positive development significantly impacting the Economic Landscape.

Ani-Mumuney added that CAIBA marked a significant milestone in fostering Financial Cooperation between China and Africa, comprising 16 African Banks, including FirstBank, and China Development Bank (CDB).

Other Members include ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa(UBA) among others.

She said that Members aim to enhance Partnerships in various spheres, such as Infrastructure Interconnection, International Cooperation, and Cultural Exchange.

According to her, the Initiative is driven by the need to address the Funding gap in Africa for Industrialisation, Infrastructure and Poverty Alleviation.

She added that the CAIBA Forum to be Co-hosted by China Development Bank offers a unique opportunity for Knowledge Sharing, Networking and Deal Making and promote Joint Development among Member-Banks.

Formerly convened only in Beijing, the Forum will now provide a unique Platform to spotlight Nigeria’s pivotal Role in the growing China-Africa Economic Relationship as the Host Country. 

Credit FirstBank PR