Do you think the CVFF Fund has been mismanaged?

Jean Chiazor Anishere (Maritime Lawyer)

If mismanaged, then there wouldn't be such a declaration of $124millionI guess. However, I was in Abuja yesterday, at an event where the Minister for Transportation asked the ship owners and stakeholders to visit him in his office after the grand event, for a meeting on the subject. Thereafter, I was informed by a ship-owner who was in attendance at the meeting, that the Minister has advised a draft of a good policy on how the FG can disburse the money to the right beneficiaries. Thus, it appears the FG is desirous of disbursing the money to the deserving Nigerians; but wants the stakeholders/shipowners, to partake in the decision on the right way to go about it. My humble view is that the general public should be intimated on the proposed or draft policy/ modalities, before it is passed into law or has the final assent of the FG. After all, it's all about the ultimate good of our dear country and citizens. 

Engr. Mathew Alalade (President, Merchant Navy Senior Staff Assoc)

Either mismanaged or not, let NIMASA disburse the money with the banks on strict monitoring. Let the Government borrow a leaf from the Greeks how their banks give loans and manage ships. Shipping is not one man business, it is always joint business. It is only in Nigeria that we have one man show. The banks should be fully involved. It doesn’t mean that if the fund was mismanaged in the past, it should also be mismanaged this time. How do other countries like Greece manage their own funds? Most vessels in Greece were acquired through that loan. Most of our banks don’t have marine personnel and I don’t think they have it now. If you want to buy anything with the loan it will be ascertained by a marine personnel, they should have a marine staff at the bank that will advise them.  

Capt Tajudeen Alao (President, Nigerian Master Mariners Association)

Your attention is drawn to the relevant provisions of Cabotage Act on CVFF. The money shall not be touched by NIMASA. Only the National Assembly has power to approve disbursement. Therefore any tampering with the money in the past and now without due process is illegality. But 2 % of freight or a service in the marine side of offshore logistics is not too much as being looked at. People must get their facts right. 

Capt Franklyn Akinpelumi (Coordinator of NISA)

The CVFF should be above the US$124 million reported by NIMASA DG in his recent media chat.  If due consideration is given to the agency’s response of 31st July 2014 to NISA’s official request through a lawyer as attached, confirming almost =N=30 billion and US$57 million accruals to the CVFF as at 1st July 2014. It clearly shows Dr. Dakuku Peterside is either not abreast of the current update on the CVFF or he is been economical with the truth.  NISA’s President is already advised to call the DG and point out this anomaly to him, and if no satisfactory answer is provided, the court will be approached to compel NIMASA management to explain the disparity in figures. Even if no more money was collected on account of CVFF after 2014, the =N=30 billion when converted to USD at 360 current black market rate plus US$57 million, will surely be in excess of US$140 million, which is indisputably more than US$124 million reported by the DG of NIMASA. 

Mr. Paul Ndibe (Acting Director, CILT)

I don’t have an insight into it, and it won’t be fair if I say that it has been mismanaged. But the issue is that for now, there are still doubts and because there are still doubts, people are speculating and because of that, one may be tempted to say that it has been mismanaged. We expect to see a high degree of openness and transparency so that all these doubts will no longer be there. So the operators must be more open and transparent to avoid all these doubts. 

Mr. John Egesi (Former DG of NIMASA)

In all honesty, I can’t effect and answer to that now because I am not in the know of what is happening with the fund for now. So I may not know what is happening to the fund now, I don't know what they are doing with it.

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