$180m Vanishes From NIMASA’S Cabotage Fund Account, Another $110m $5M From Others—Jackson Ude

A staggering $180million has disappeared from the account of the Cabotage Vessel Financing Fund, CVFF, under the leadership of Dayo Mobereola as the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA.

According to Mr. Jackson Ude an investigative journalist said, insiders told him that the Minister of Finance, Wale Edun, Accountant General, Oluwatoyin Sakirat Madein and the Directior General, in an unprecedented manner, moved the $180million from the CVFF account under the guise of “paying debts.”

According to the Act establishing it, the CVFF “shall be utilized by the agency (NIMASA) to offer financial assistance, create access to funding financial institutions with the sole aim of increasing indigenous ship acquisition capacity.”

The illegal movement of the funds have made it harder for indigenous maritime businessmen to have access to funds to acquire ships.

Sources confirmed to him that the duo of the finance minister and the Accountant General have been crawling several agencies with dollar accounts and moving huge sums, most times without the knowledge of the heads of the agencies and parastatals.

Another plum agency had $110million and later $5million moved from their accounts, rendering them almost incapable of meeting up with their obligations. The Nigerian Communications Commission, NCC, is another agency that have had their Dollar account swiped by the finance minister and the Accountant General.“We do not know what they have taken all those funds to do.

All we keep hearing is that they are paying debts. No one has explained to us what debt they are paying or who they are paying,” a top-level director in one of the affected agencies who does not want to be named, told him…

Source Jackson Ude