Tag: Shipowners Association of Nigeria

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…

Read More

Ship Owners Association raises alarm over N100m capital flight, losses for Nigeria

Aminu Imam

The Shipowners Association of Nigeria, (SOAN), has raised an alarm of $100Million in capital flight and losses to the country, as the Nigerian National Petroleum Corporation, (NNPC), recently contracted coastal and bunkering vessels services to a foreign shipping company, Messrs UNIBROS. In a petition to the National Assembly, as well as to the Group Managing Director of NNPC, Mele Kyari, signed by the SOAN’sPresident, Dr. Mkgeorge Onyung, a copy of which he made available to newsmen, the beneficiary company, UNIBROS, operates under the guise of various foreign shell companies with…

Read More