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Stories by Tola Adenubi Lagos
A frontline indigenous shipowner and managing director/CEO of Sea Transport Group, Mallam Aminu Umar, has listed criteria that will decide the number of shipowners that will benefit from the expected disbursement of the $350m, N16bn Cabotage Vessel Financing Fund (CVFF).
Speaking exclusively with the Nigerian Tribune, the former President of the Nigeria Indigenous Shipowners Association (NISA) stated that the ministry of transportation already spelt out the two major criteria that will be used for the CVFF disbursement to indigenous shipowners in a forum.
According to Mallam Aminu Umar, the Minister of Transportation, Alhaji Muazu Jaji Sambo, has already told the Shipowners Forum the criteria that will be used for the disbursement of the CVFF.
There are two major criteria, those that have contributed and those that have no credit issues with any commercial bank in Nigeria.
Umar said, “The minister told us that any shipowner that has not been contributing to the CVFF should not expect to benefit from the fund disbursement. I think this is just logical because somebody that has not planted a seed should not expect to reap any harvest.
“Again, the issue of credit/loan facilities with commercial banks came up. The minister said any indigenous shipowner who has credit/loan issues with any commercial bank cannot benefit from the fund disbursement.
These are the two major criteria that the minister spelt out to us at the Shipowners Forum, and I think they are fair enough.”
On hope of disbursement giving a very short time left for the current administration, the former NISA president expressed optimism that the fund should be disbursed before the end of the first quarter of 2023.
“I expect the fund to be disbursed before the end of the first quarter of 2023 with all what has been laid out by the Ministry of Transportation. The approval for disbursement is currently on the table of the director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh.
“The Ministry of Transportation told us that the approval has been forwarded to the NIMASA DG, and I know the DG of NIMASA is currently finetuning modalities for disbursement.
“Given that election is in February next year, I expect the disbursement of the fund to be wrapped up before the end of first quarter of 2023.
“I also expect that the new government that will be sworn in by May will continue the engagement of indigenous shipowners in the area of capacity development while also maintaining the Deep Blue project because it has improved security in our waters in the last one year.”
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