Tag: Cabotage Vessel Finance Fund

Marginalisation: ‘Banks’ conditions may stall $350m CVFF disbursement to local shipowners’ – Northern Shipowners cry out

Aminu Imam

Conditions set by Primary Lending Institutions (banks) have threatened the commencement of disbursement of the Cabotage Vessels Finance Fund (CVFF), an investigation has shown. Recall that the Minister of Transportation, Mu’azu Sambo, had announced that Union, Zenith, Polaris, UBA, and Jaiz Banks were confirmed as the designated banks for the disbursement of the funds by the Presidential approval which the ministry received. It was gathered that the introduction of a 15 percent equity contribution from the indigenous shipowners may delay the process, as the local shipowners have said that they…

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FG to disburse Cabotage funds to assist local shipping operators, says Transport Minister, Sambo

Aminu Imam

The Federal Government is set to disburse the Cabotage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts. The Minister of Transportation, Mu’azu Sambo, disclosed this when he visited the National Inland Waterways Authority (NIWA) Area Office in Port Harcourt, Rivers State, on Friday. The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity. It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones. The ministry stated, in Abuja yesterday,…

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Amaechi accuses finance minister of sabotage for delay in $200m Cabotage  Funds disbursement to Nigerian shipowners

Aminu Imam

The Minister of Transportation, Rotimi Amaechi has accused the Minister of Finance, Zainab Ahmed, of frustrating the disbursement of the fund, again dashing the hopes of indigenous shipowners who have been waiting to assess the fund for over 17 years. The CVFF, which currently stands at over $200million and is warehoused in the Treasury Single Accounts (TSA), has become an issue of controversy, as past administrations of the Nigerian Maritime Administration and Safety Agency (NIMASA) were not able to disburse it. Recall that, in March, the agency said it had…

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Maritime: Non-disbursement of CVFF threatens indigenous shipping – Shekarau

Aminu Imam

The prolonged non-disbursement of the Cabotage Vessel Finance Fund, (CVFF), has been labeled as one of the biggest setbacks for indigenous shipping development in Nigeria. Despite the humongous sums so far contributed for close to decades by the ship owners, not a singleton has been added to indigenous shipping capacity via the financing of ships as intended by the fund, a problem that maritime consultant, Ishaku Shekarau has said could further deteriorate the nation’s shipping sector. Shekarau stated that the underlining concern was that the Nigerian operators do not have…

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