Amid growing concerns by stakeholders over the seeming uncertainty over government’s real intentions in disbursement of the Cabotage Vessel Financing Fund,CVFF, which has suffered several setbacks, a former Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, has asked the Central Bank of Nigeria to refund all such monies to the contributors.
The former NIMASA helmsman who spoke exclusively to Shipping World, on condition of anonymity, said ” the time has come to call a spade by its name. This government , like previous administrations before it, doesn’t seem to have the political will to disburse the fund. You can’t be collecting someone’s money for over 22 years and refuse to disburse the money “. The CVFF, under the Cabotage Act was signed into law by former President Olusegun Obasanjo in May, 2003.
The Nigerian Coastal and Inland Shipping ( Cabotage) Act restricts domestic Coastal inland water ways trade, manned by Nigerian citizens. The Act empowers the Nigerian Maritime Administration and Safety Agency to administer the law including the disbursement of CVFF. But despite its enactment over two decades ago, full implementation of the Act , including the disbursement of the fund is yet to commence. This is against growing concern that the fund which runs into millions of dollars may have grown wings, hence the years of deception by successive administrations. But speaking exclusively with Shipping World Magazine on the sidelines at the recent World Maritime Day in Lagos, Director General of NIMASA, Dr Dayo Mobereola. dismissed rumours that the fund has grown wings. Mobereola explained that due to the past experiences with Nigerian Shipowners when a similar scheme, the Ship Building and Acquisition Fund, was abused, government he said was being careful not to repeat the same mistakes when loan beneficiaries diverted the funds to other purposes. On why the disbursement could not commence in August as directed by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, the NIMASA helmsman explained that ” first, we want to take custody of the funds.
We want to move the funds out of the Central Bank of Nigeria to the designated Primary Lending Institutions that have been selected. We are presently processing the applications with a view to ensuring that due diligence is done ‘, he said . Speaking further, the former NIMASA helmsman who called for the scrapping of the scheme told Shipping World that it has become crystal clear that the government was not prepared to disburse the fund. ” It is criminal for government to continue to hold back this fund. The most honorable thing to do at this stage is for government to apologise to Nigerian Shipowners and refund the monies to the contributors. They ( NIMASA) have their contacts and accounts details; it is criminal to keep holding on to funds that are meant for Nigerian Shipowners which you failed to disburse ” , the erstwhile DG NIMASA concluded