Stakeholders Laud NIMASA’s Transparent Process to Disburse CVFF

The Nigerian Shipowners Association (NISA), Ship-Owners Association of Nigeria (SOAN) and maritime lawyers  have  commended the Director-General, Nigerian Maritime  Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh,  for display of transparency  and steadfastness in the process currently being carried  out to disburse the Cabotage  Vessel Financing Fund (CVFF)  since the approval was given by the federal government.

Member  of   NISA  and SOAN    who preferred to be anonymous ,   said they were pleased particularly with the seriousness and speed with which the NIMASA DG has treated the issue  since the  Minister of Transportation, Muazu Sambo   conveyed   President Muhammadu Buhari’s approval for the disbursement of the fund.

According to the ship owners, they were happy that NIMASA DG and his team have been able to hold different meetings with both the banks and the stakeholders so far on the process.

They revealed that during the meetings, the NIMASA displayed enthusiasm and honesty of purpose in ensuring that the fund is disbursed.

Similarly, a maritime lawyer, Mr Kasarachi Opara, described the steps taken by Jamoh as commendable and reassuring, adding that the decision of this administration to  give out   cabotage fund  to indigenous shipping operators, though  belated, should be applauded and Kudos given  to the Buhari led federal government for taking that bold step unlike the past administrations.

Opara however expressed concerns on the implementation of the necessary guidelines by the designated banks as required by the apex maritime body. 

He said, “I must commend the DG of NIMASA for his outstanding performance that has raised the hope of practitioners in the industry. My concern is more on the implementation of these processes by the designated banks. It is one thing giving an order and another thing implementing the order given.

“Nigerian commercial banks are not best of friends when it comes to loans because they make the loans practically impossible for beneficiary to pay back, because of their high and unreasonable interest rates and so many other charges attached to the same loan which largely contribute to   failures in repaying loans generally.”