There are growing calls for transparency, strict compliance and sustained stakeholder engagement in the disbursement of the long-awaited Cabotage Vessel Financing Fund (CVFF), 132 days after the application portal was launched.

The Sea Empowerment and Research Centre (SEREC), in a document titled ‘CVFF Update – Accurate Industry Snapshot’ signed by its Head of Research, Dr Eugene Nweke, stated that although the Federal Government has reportedly approved the framework for the commencement of disbursement, no publicly verified beneficiary had confirmed receipt of funds as of May 2026.

The centre also noted that there is currently no publicly verified evidence that actual disbursements have reached any indigenous shipowner beneficiary.

The CVFF portal became operational on January 22, 2026, signalling the formal commencement of implementation.

The Nigerian Maritime Administration and Safety Agency (NIMASA) explained that the portal was designed to enable indigenous shipowners to process applications and access loans within 70 to 80 days at an interest rate of 6.5 per cent, with a repayment period of eight years.

Since then, about 60 indigenous shipping operators and firms have submitted applications through the platform as of April and are awaiting access to the $25 million loan facility.

According to the agency, qualified applicants will be subject to due diligence, bankability assessments, and regulatory compliance requirements before funds are disbursed.

Detailing the application process, the Financial Consultant for the CVFF, Buhari Yusuf, explained that applicants must present bankable, transaction-based proposals supported by feasibility studies and provide equity contributions to demonstrate commitment to the projects being financed.

Explaining the timelines for accessing the funds, Yusuf said the application and structuring phase—from the applicant through the PLIs, including the preparation of a term sheet and notification to NIMASA—should take a maximum of 30 days.

He noted that NIMASA’s internal review process, issuance of an eligibility certificate, and forwarding of applications to the Minister of Marine and Blue Economy for final approval would take about seven days.

The consultant added that the Minister’s final approval has been allocated a maximum of 30 days, excluding the time required for applicants to meet conditions precedent to disbursement.

Yusuf further stated that once all conditions are satisfied and a PLI submits a disbursement request, NIMASA will release its portion of the funds within 72 hours.

The PLIs are then expected to immediately disburse the loans to beneficiaries for the acquisition of vessels and other approved maritime assets.

However, stakeholders have expressed concern that, 132 days after the launch of the portal, indigenous shipowners and firms have yet to receive any funds, despite the agency’s projected timeline of 70 to 80 days for processing and disbursement.

Nweke said that despite the renewed momentum, stakeholders remain cautiously optimistic due to previous failed implementation efforts and repeated delays in disbursement recorded under past administrations.

“Current indications suggest that most applicants are still undergoing documentation reviews, credit profiling, and risk assessment processes with the participating financial institutions.

“The prevailing industry position is that the CVFF process has progressed into an active implementation and institutional financing stage, but full-scale disbursement has not yet been conclusively demonstrated in the public domain,” he stated.

Nweke added that available industry information suggests the process remains at the vetting, credit assessment and institutional processing stage.

SEREC, however, urged industry stakeholders, operators and the general public to exercise measured optimism pending official confirmation of successful beneficiary payouts and tangible vessel acquisition outcomes.