No Nigerian bank can finance purchase of ocean-going vessel — Ebare

Dr. Chris Ebare, the first Nigerian maritime lawyer to become a chartered Shipbroker, is the immediate past chairman of the Nigerian Chapter of the Institute of Chartered Shipbrokers (ICS) in this interview with maritime journalists, he speaks on Nigeria’s return to IMO Category C, CVVFF disbursement, National Single Window launch and other issues. TOLA ADENUBI brings the excerpts:

What do you think are the major achievements in the maritime sector in 2025?

Looking back at the beginning of 2025, I must say a lot was achieved by the Federal Ministry of Marine and Blue Economy, piloted by the Minister, Dr. Adegboyega Oyetola. I must give kudos to him. He is an insurance specialist, not a maritime expert, yet he has been able to put one or two things together to ensure that the maritime sector in Nigeria is given due recognition and that the right thing is done in the sector to some extent. When you look at the wide range of achievements, it is a work-in-development. It has surpassed what we have witnessed in the sector in past years and past administrations. I must say a very big thank you to him, but there is still a lot more to be done.

In the area of revenue leakages, he has done absolutely well. Unlike before, when we were having so much worry about where certain platforms had done this or done that, I think he has been able to block all those loopholes. In terms of innovation, he has put one or two things in place in the area of ship registration and fast-tracking of many processes in the ports. Things have been working absolutely well, although we are yet to get there. The training of personnel is an area where I am very much interested. A lot needs to be done in that area. Finally, the injection of professionals, I mean maritime professionals into the system is very important. Recruiting maritime experts and chartered shipbrokers into the system is where he needs to really buckle up. Today, I can count only a handful of chartered shipbrokers in NIMASA, the Nigerian Shippers’ Council, and the Nigerian Ports Authority. I want to really see professional experts in those fields, just as we have in other maritime countries, where you can count about 10 to 20 chartered shipbrokers or maritime experts in their institutions. That is the area where he needs to look into by way of encouragement. So far, so good. I will score him 80 percent despite his short stay in office.

Can we classify Nigeria’s return to IMO Category C as the major achievements of 2025?

Absolutely, yes. I deliberately did not mention it earlier, but I am happy you asked. The minister has done well in that aspect of Nigeria coming back to Category C at the International Maritime Organisation. For all these years, we would not even have been talking about Category C. We wouldn’t have been talking about Category B or A. If you look at some countries in Category A today, they are not really better than us, but for certain reasons, priority was placed differently. That is why now we are celebrating Category C — because we have gone back into oblivion.

Beyond bragging rights, what does Category C status benefit Nigeria?

A lot. Nigeria has always been classified as one of the great maritime nations in Africa and globally, if you look at our waterways, resources, volume of in-and-out vessels, and trade volume. It is unquantifiable, compared to some other nations. Now, we have a voice. When Nigeria is in the convity of maritime nations, that recognition will be there. It is like sitting arrangements — Category A sits in front, Category B next, then Category C. Before, we were nowhere near that recognition. Now we are there, even though we are still aiming for Category A. We now have voting power, recognition, and boldness. As a chartered shipbroker and maritime lawyer, I have attended international maritime seminars and conferences. I can tell you that respect matters. Now, when our representatives speak at IMO, they can say boldly: “We are from Nigeria, Category C.” That voice counts in decision-making and trading matters. These are major benefits.

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On the Cabotage Vessel Financing Fund (CVFF), the ministry launched a portal where applicants can access the funds. However, there are concerns that banks are unwilling to disburse the loans. What is your take?

Which loan? Which bank? I once granted an interview to a national daily where I said clearly: no Nigerian bank can finance the purchase of any good vessel — not to talk of a modern ocean-going vessel. My interview is still there. No Nigerian bank will finance a proper ocean-moving vessel. I am not talking about scrap or demolition vessels. Before the war in Ukraine, my law firm consulted for a company that produced ionised steel. They used to come to Nigeria to buy scraps, a lot of scraps. If you want to get a good vessel, you must partner. You must partner with international financial organisations in the maritime sector for you to acquire a worthy, seaworthy, ocean-going vessel. I am a chartered shipbroker. I am a Fellow of the Institute of Chartered Shipbrokers. I operate worldwide. So, I understand what it takes to finance vessels. It is almost a temptation asking shipowners to go and collect ₦250 million or whatever amount is being mentioned under the CVFF portal. That amount cannot buy a good ocean-going vessel in today’s market. It is bad. You cannot use such money to buy a seaworthy vessel. Instead of asking local shipowners to go and collect funds that are not sufficient, the ministry or the relevant authority should collaborate with international finance bodies. For example, you can approach reputable international insurance companies like HSB or other global marine insurers. They can provide guarantees and security that will enable international financiers to grant facilities. That is how it is done globally: you partner, you guarantee, you structure it properly.

Some inland waterways operators have suggested that the CVFF should instead be used to finance fibre boats and modern inland vessels. Do you agree?

Yes, I very much subscribe to that. If, for example, you want to buy a Corolla car worth N10–15 million, and you give me N5 million and say go and buy that same Corolla, does that make sense? It doesn’t. If you cannot finance the purchase of a proper ocean-going vessel, then better use the fund to finance inland waterway boats like fibre boats, canoes, modern river crafts. People in Warri, Badagry, and other riverine communities depend heavily on inland waterways. Encourage that sector. Boost local river transportation. If the available funds can only realistically finance inland boats, then let us focus there, instead of pretending that N250 million can buy a modern ocean-going vessel. Or better still, pool the fund together and use it like a corporate investment: buy one good, seaworthy vessel collectively. Register it properly. Let it operate commercially. Use the revenue generated to acquire additional vessels. Does that not make more sense than asking individuals to apply and receive insufficient funds?

The National Single Window is the talk-of-the-town currently. However, some fear Nigerians may try to circumvent the system. What is your view?

The National Single Window is a welcome development. I do not know why we always assume that Nigeria cannot implement good systems. Why do we always assume deviance? The National Single Window works in other countries. We should embrace it. We should believe that once implementation begins fully, it will succeed. If properly implemented, Nigeria will generate more revenue, reduce leakages, and improve transparency. We must change our mindset and stop assuming failure before implementation.