The Nigerian Maritime Administration and Safety Agency (NIMASA) said it has received over 60 applications since launching the Cabotage Vessel Financing Fund (CVFF) in January.

The agency disclosed this in a statement issued by its Head of Public Relations, Edward Osagie, on Tuesday in Lagos.

Director-General, Dr.

Mobereola said this followed a sectoral meeting with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, and the signing of performance bonds by agencies.

He reaffirmed NIMASA’s commitment to accountability, improved performance, and sustained maritime sector growth through its 2026 Sectoral Performance Bond.

“The performance bond is a key governance instrument for tracking deliverables, strengthening accountability, and aligning operations with national priorities,” Mobereola said.

He added that ongoing reforms were driven by purposeful leadership and ministerial support, noting alignment with President Bola Tinubu’s Renewed Hope Agenda.

On maritime security, Mobereola said Nigeria recorded zero piracy incidents in territorial waters over the past four years.

He attributed the achievement to enhanced surveillance systems and improved inter-agency collaboration.

Mobereola said NIMASA was at an advanced stage of automating ship registry processes to improve efficiency, reduce delays, and boost global competitiveness.

He noted that Nigeria had deposited three conventions with the International Maritime Organization, with three others awaiting Federal Executive Council approval.

According to him, Nigeria’s election into Category C of the IMO Council in November 2025 restored its voice in global maritime governance.

In his remarks, Oyetola reiterated the Federal Government’s commitment to using the maritime sector to drive economic diversification, job creation, and foreign exchange earnings.

“The performance bonds are binding commitments that will be closely monitored. Accountability is not optional,” Oyetola said.

The Nigerian Ports Authority (NPA) said it facilitated export of over 500,000 tonnes of petroleum products from Dangote Refinery to African countries in March.

NPA Managing Director, Dr Abubakar Dantsoho, disclosed this in a statement issued on Tuesday by Ikechukwu Onyemekara, General Manager (Corporate Communications and Strategy).

Dantsoho spoke at a stakeholders’ engagement organised by the Ministry of Marine and Blue Economy in Lagos.

He said in spite of the Middle East conflict affecting global vessel movement, Nigeria remained resilient in supplying petroleum products locally and for export.

He attributed the achievement to the implementation of the One-Stop-Shop (OSS), introduced by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola.

According to him, the OSS ensures all stakeholders operating at the Dangote Refinery align seamlessly in their operations.

“In many countries today, workers operate remotely, while others face energy queues, but Nigeria has not experienced such disruptions.

“As a matter of fact, in the past month, we exported over 500,000 tonnes of petroleum products from Dangote Refinery to African countries.

“The exports are handled by ships, supported by the NPA’s capacity in port and cargo operations,” Dantsoho said.

He said the policies driving the achievement were approved by the minister, including the OSS hosted by the NPA.

“This system operates similarly to the National Single Window, ensuring efficiency and coordination,” he said.

Dantsoho noted that all stakeholders now operate in sync with Dangote Refinery’s distribution framework.

The National Insurance Commission (NAICOM) has issued new guidelines for the collection, management and administration of the Insurance Policyholders’ Protection Fund (IPPF), to strengthen protection for policyholders in the country.

In a circular dated April 7, 2026, and addressed to all insurance institutions, the commission said the directive was in exercise of its powers under the Nigerian Insurance Industry Reform Act 2025 and other extant laws.

The circular was signed by John Falade, Deputy Director, Special Risk and Security Analysis, NAICOM, on behalf of the Commissioner for Insurance.

NAICOM stated that the guidelines provide a comprehensive regulatory framework to ensure clarity, enhance compliance and streamline the administration of the fund across the insurance sector.

According to the commission, the fund serves as a statutory safety net designed to protect policyholders in the event of distress or insolvency of a licensed insurer or reinsurer.

It added that the guidelines also include provisions for the reimbursement of loans by insurers and reinsurers under the scheme.

The commission directed that IPPF assessment returns for the 2025 financial year must be submitted on or before May 31.

It noted that subsequent submissions would be made in line with Section 4.3 of the guideline on the Insurance Policyholders’ Protection Fund.

NAICOM urged all insurers, reinsurers and other relevant institutions to ensure strict compliance with the new guidelines.