Skip to main content

CVFF: PMB APPROVES IMMIDIATE DISBURSEMENT -Appoints Five Banks as Primary Lending Institutions.

By Anne Ejuka


R-L: Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, OFR; Honorable Minister of Transportation, Engineer Muazu Jaji Sambo and Permanent Secretary, Federal Ministry of Transportation, Dr Magdalene Ajani during a press conference with media stakeholders in Lagos 



President Muhammadu Buhari, GCFR, has approved the immediate disbursement of the Cabotage Vessel Financing Fund, CVFF, to qualified Nigerians as part of the Federal Government’s commitment to grow indigenous capacity of Nigerians to own vessels as he also appoints five banks as lending institutions.

 

The Honorable Minister of Transportation, Engineer Mu’azu Jaji Sambo who made the announcement at a press conference over the weekend said that the Presidential approval received by the Ministry on Friday also confirmed Union, Zenith, Polaris, UBA and Jaiz Banks as the appointed Primary Lending Institutions for the disbursement of the funds.

 

According to a press release signed by Osagie Edward, Asst. Director, Public Relations, the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, announced that the funds available for disbursement was  slightly over ₦16 billion naira and $350 million dollars. In his words  “What we have collected so far is in two folds made up of Naira and Dollar components. So far, the Funds available under the CVFF in naira component is around Sixteen Billion naira (₦‎16,000,000,000:00), while contributions in Dollar component hovers around the Three Hundred and Fifty Million Dollar  mark ($350,000,000:00).

 

On his part, the Honorable Minister noted that the Ministry of Transportation has commenced liaison with the Minister of Finance and the Governor of the Central Bank of Nigeria, for the implementation.

 

His words: “The president of the Federal Republic of Nigeria, Muhammadu Buhari has approved my request for the disbursement of the Cabotage Vessel Financing Fund. It is my belief that finally we are going to break the 17-year-old jinx that has hindered the expansion of the maritime industry.

 

“We have made a case that the funds belong to you, the ship owners. Mr. President is a man who respects the law and is on the same page with us to proceed with immediate effect. We will be liaising with the Minister of Finance, Budget and National Planning and the Governor of the Central Bank of Nigeria (CBN) to work immediately for the approval.

 

We have pledged to the president that they will continue to allow the funds to go into the Treasury Single Account, TSA; however, whenever the money hits the threshold of $50million, the CBN upon recommendation from the Nigerian  Maritime Administration and Safety Agency (NIMASA) and the Federal Ministry of Transportation, would be expected to transfer the funds to the Primary Lending Institutions".

 

The CVFF was established alongside the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003, to empower indigenous ship owners to take control of the nation’s coastal and inland shipping business, otherwise known as Cabotage trade. Applicants of the Fund would make an equity contribution of 15 per cent while NIMASA would make an equity contribution of 35 per cent; and 50 per cent would be provided by the banks.


Comments

Post a Comment

Popular posts from this blog

Eze Uchendu Applauds Compt. Olomu's Outstanding Performance In Apapa

By Anne Ejuka
  ...Berates APMT For Lack  of Capacity & Technicality ...Calls FG to Set Up Committee To Access APMT Operations In Nigeria The remarkable performance of the Customs Area Controller of the Apapa Customs command, Comptroller Babatunde Olomu fsi has been commended by a renowned freight forwarder, the Chairman of National Association of Government Approved Freight Forwarder( NAGAFF), Apapa Chapter, Fowdr. Prince Eze Uchendu. Accessing the Apapa Command under the control of Compt. Olomu,  the  chairman applauded the resilience and doggedness of the area controller in all areas of operation, in his words, "I think for now we have a good controller, the person of controller, Babatunde Olomu, since his inception as the CAC Apapa, I can say Apapa Command has never had it so good, so I can score the Nigeria customs high In all fields of endeavour, the controller has been a moving controller,  he's not a controller that stays in office. He comes to the terminals ...
Post a Comment
Read more

KNIGHTS OF ST. JOHN (KSJI) TAKES A SWIPE AT BAD LEADERSHIPS IN NIGERIA

By Anne Ejuka
  Maj. Gen. (Prof) Remy Uche,  KSJI Supreme Subordinate President, Nigeria. As Christians all over the world marked  the feast of the Passion of St. John the Baptist on August 29 commemoration of his beheading by King Herod for speaking up to the truth, the Knights of St. John International (KSJI) of the Roman Catholic Church has taken a swipe against which it described as obnoxious and draconian leaderships in many spheres of life in Nigeria. The Knights of St. John International (KSJI), a sodality organisation of men and women looked up to in the Roman Catholic Church as people of integrity, is not happy with the current situation in the country where leaders in some places are not serving expectedly. According to a press statement made by the KSJI leader in Nigeria (Supreme Subordinate President), Maj Gen. Remy Uche (Prof), and signed on his behalf, by his Chief of Staff, Sir Abuchi Anueyiagu, to mark the feast of the Passion of St. John the Baptist, the patron saint...
Post a Comment
Read more

NCS Medical Team Trains Apapa Area Command Officers On First Aid

By Anne Ejuka
The Nigeria Customs Service (NCS) medical team yesterday trained officers and men of the Apapa Area Command on basic first aid training. ‎ ‎The Customs Area Controller of the Command, Comptroller Emmanuel Oshoba according to a press release issued by the public relations officer of the command, Superintendent of Customs SC JT Ayagbalo described the initiative as a crucial investment in workplace safety and operational readiness. ‎ ‎In his welcome address, Comptroller Oshoba emphasized that the programme reflects the priority placed on staff welfare by the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR. ‎ ‎He described first aid knowledge as a universal life skill that every adult should possess, especially officers as they are frequently exposed to high-risk operational environments. ‎ ‎ Oshoba noted that simple but timely interventions such as; CPR, bleeding control, choking relief and stroke recognition often determine whether a victim survives, fully recov...
Post a Comment
Read more