Olisa Agbakoba Legal has hosted its maiden Maritime Policy Roundtable, with stakeholders calling for stronger credit assessments, legal due diligence, effective risk management and enforceable security arrangements to reduce lending risks under the $700 million Cabotage Vessel Financing Fund.
![](https://thenigerialawyer.com/wp-content/uploads/2026/06/ELLAN.png")
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
In a statement released on Monday, OAL said the roundtable brought together stakeholders from Nigeria’s banking, insurance, maritime and ship-management sectors to examine the legal, financial and operational structures required to support sustainable vessel financing and strengthen indigenous participation in the maritime industry.
The event opened with remarks by Yvonne Ezekiel, Managing Partner of Olisa Agbakoba Legal, who welcomed participants and stressed the need for collaboration among financial institutions, maritime operators, legal practitioners and other industry stakeholders in addressing the challenges affecting vessel financing in Nigeria.
Senior Partner at Olisa Agbakoba Legal, Dr. Olisa Agbakoba, SAN, gave a historical overview of the CVFF and traced its development within Nigeria’s broader efforts to promote indigenous ownership and participation in the shipping industry.
Agbakoba examined major developments in Nigeria’s maritime policy, including the establishment of the Nigerian National Shipping Line and the enactment of the Coastal and Inland Shipping (Cabotage) Act 2003.
The Cabotage Act established the CVFF to support the acquisition of vessels by indigenous shipping operators and increase Nigerian participation in domestic coastal trade.
Speaking on de-risking lending under the CVFF, Collins Okeke, Partner at Olisa Agbakoba Legal, presented a legal and credit-risk framework aimed at assisting participating financial institutions to assess maritime finance risks, protect loan portfolios and reduce exposure to non-performing loans.
Okeke identified credit-risk assessment, corporate and regulatory due diligence, security and facility structuring, as well as clear default and recovery procedures, as key safeguards for sustainable CVFF lending.
He said financial institutions should independently assess applicants’ financial capacity, existing debt obligations, operational experience and projected cash flow, rather than relying solely on information provided by applicants.
The presentation also highlighted the need to verify beneficial ownership, regulatory compliance and the source of applicants’ mandatory equity contributions before financing is approved.
Okeke further examined measures for protecting lenders, including enforceable mortgages over financed vessels, assignment of vessel-generated income and receivables to lenders, appropriate insurance arrangements and clear restructuring procedures where borrowers experience financial difficulty.
Also speaking, Capt. Nicolas Bernard, AFNI, Managing Director of NBC Maritime Ltd., delivered a presentation on professional ship management and its role in protecting maritime investments and preserving the long-term value of financed vessels.
Bernard said acquiring a vessel was only the beginning of the investment process, noting that successful operation of the vessel was essential to generating returns and maintaining asset value.
He identified technical management, preventive maintenance, crew management, regulatory compliance, procurement, financial oversight and digital monitoring as important components of professional ship management.
He also emphasised the need to involve professional ship managers from the early stages of vessel selection and acquisition, saying early involvement could improve technical due diligence, support compliance, reduce unexpected operating costs and minimise vessel downtime.
According to the presentation, effective ship management can help protect shipowners’ investments, reduce lenders’ exposure to operational risks and ensure that financed vessels remain compliant and retain their value.
Following the presentations, participants considered lessons from previous ship-financing initiatives and stressed the need to ensure that CVFF lending is supported by effective credit evaluation, specialised maritime-finance expertise, continuous monitoring and enforceable security arrangements.
Participants agreed that lessons from the failure of the CVFF’s Series 1 lending window must be carefully reviewed so that Series 2 does not suffer the same fate.
They noted that sustainable ship finance would ultimately depend on private-sector bank financing supported by an enabling regulatory policy environment.
The roundtable also considered the need to examine cargo reservation systems in other jurisdictions, given the close link between cargo reservation arrangements and banks’ ability to finance vessels on viable terms.
Discussions also extended beyond the immediate implementation of the CVFF to the development of a sustainable long-term maritime financing framework for Nigeria.
Participants considered cargo-backed financing and long-term Contracts of Affreightment, which provide for the transportation of agreed quantities of cargo over a specified period, as possible mechanisms for creating predictable revenue streams for indigenous shipping operators and improving their ability to secure and repay vessel-financing facilities.
To sustain the momentum, participants agreed that the forum should expand its membership to include ship management experts, marine insurance practitioners, marine surveyors, engineers and valuers, in order to broaden the pool of expertise available to support safe and sustainable vessel financing.
The forum also nominated Wale Mesioye of Fidelity Bank as its Coordinator, to work with Olisa Agbakoba Legal in building a body of knowledge and expertise around ship financing.
Participating banks were further encouraged to develop and strengthen dedicated maritime-finance units within their institutions.
Representatives of financial institutions, insurance companies and maritime organisations attended the event. Participating organisations included Fidelity Bank Plc, Zenith Bank Plc, TAJBank, Lotus Bank, Bank of Industry, SUNU Assurances Nigeria Plc, Capstone Insurance Brokers Limited, NBC Maritime and Seamate Group.
LAWBREED — Equipping You For Greater Success!
_______________________________________________________________________
“Order Justice Omolaye-Ajileye’s Electronic Evidence Books Now” — Essential Guides On Evidence Act, Case Law And Digital Proof
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
As an added bonus, every purchase comes with a FREE ebook titled: “How to use the AI in Legalpedia and Law Pavilion.”
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACiarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
