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FG to disburse $350m cabotage funds, says DG NIMASA

Baring any last minute change of decision, the Federal Government will this week disburse $350m cabotage funds with the inauguration of the special committee by the Minister of Finance, Budget and National Planning, as 11 banks have already been shortlisted for the purpose.
Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh gave the indication during a Presidential Media chat anchored by the Presidential Communications team at the State House, Abuja.
The Cabotage Vessel Financing Fund (CVFF) is an intervention fund specifically created to help develop indigenous shipping capacity in Nigeria.
Jamoh disclosed that 11 banks have so far been listed to disburse the fund, sourced from 2 per cent contribution by indigenous ship owners from every contract executed in the nation’s waters.
According to him, the disbursement of the CVFF is backed by the provisions of Section 42(1)-(2) of the Cabotage Act 2003, enacted to promote the development of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators in domestic coastal shipping.
Jamoh lamented the absence of indigenous fleets, just as he said the disbursement of the funds will not only enhance local shipping business, but also assist in creating jobs for the over 2041 Nigerian Seafarers trained by the Agency.
He disclosed that NIMASA has trained about 2041 Seafarers in various institutions overseas, and of these number, over 800 have secured various jobs with other shipping companies abroad.
“We are unable to retain them here, due to the absence of fleets to provide jobs for them in Nigeria, after their training overseas. One vessel can employ up to 40 of them. Shipping business is capital intensive, thus government need to give helping hand to potential ship owners. We need them to feed into our own system if the fleets are available.
Shedding light on the payment of ‘War Risk Insurance’ imposed on shipments of goods into Nigeria, the DG stated that NIMASA was working to exit Nigeria from such charges, following safety recorded at the Gulf of Guinea, adding that efforts had begun to ensure that shipments of goods and services to Nigeria from Europe no longer attract ‘War risks insurance.’
He revealed that payment of war risks insurance had been going on for 25 years following insecurity in the Gulf of Guinea, but noted that with the recent safety recorded in the region, ships coming into Nigeria waters don’t need to pay such risks.
Specifically, War Risk Insurance is a type of insurance, which covers damage due to acts of war including invasion, insurrection, rebellion and hijacking, which is commonly used in the shipping industry.
He explained that there are three basic insurance charges, including war risk insurance, insurance on the valuables in the ship and personnel insurance for workers in the ship.
According to him, these were the three key elements, which we ought not to be paying, as they are responsible for 90 per cent increase in prices of goods and services imported into Nigeria.
“They have commended NIMASA for the security recorded in the Gulf of Guinea and we are waiting for the report from the Lloyds of London and very soon, we hope to exit these insurance.”
Speaking on NIMASA’s achievements, he disclosed that the agency remitted N30b into federation account in the first half of 2022.
He said security in the Gulf of Guinea had been largely aided by the deep blue project, adding that, “the Gulf of Guinea has recorded zero attacks since the last quarter of 2021 to date. We have not experienced any attacks in Nigeria since the last quarter of 2021 to date which was why they have removed us from the piracy list.”
He further disclosed that the agency has five vessels and ordered 7 new ones with wrecks removal contractors on site removing wrecks.
“Under the deep blue project, the agency acquired 2 special mission vessels, 3 special mission helicopters, 16 armored vehicles that can enter the creeks, 2 special mission aircrafts, 17 special interceptors, 4 unmanned air surveillance for data transmission for possible intervention, 600 specially trained forces to respond to threats on the high sea.”
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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