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