Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA); Mr. Temisan Omatseye has said that the Cabotage Vessel Financing Fund (CVFF) has failed to achieve the purpose for which it was set up.
Speaking at the House of Representative Ad Hoc Committee investigating the status of the fund in Abuja yesterday, the immediate past Director General of NIMASA said that the CVFF project has failed because of the guidelines in disbursing the fund.
Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA); Mr. Temisan Omatseye has said that the Cabotage Vessel Financing Fund (CVFF) has failed to achieve the purpose for which it was set up.
Speaking at the House of Representative Ad Hoc Committee investigating the status of the fund in Abuja yesterday, the immediate past Director General of NIMASA said that the CVFF project has failed because of the guidelines in disbursing the fund.
Making a submission at the public hearing which was attended by stakeholders, Omatseye stated that NIMASA as agency does not have the wherewithal to administer or disburse the Fund and suggested that the CVFF should be handed over to a competent fund management company.
He explained that the long period it takes to access the CVFF is a far cry from what should be, adding that the responsibilities for the Fund’s administration should be removed from NIMASA.
"We need to release the Fund from NIMASA and hand it over to people who can manage it, the banks are giving facilities for 8.5 percent and it takes six months to start and access these facilities, while NIMASA's CVFF attracts only 5.5 percent and it takes three years to access because of its guidelines" he stated.
Reacting to verdict of the former Director General, Chairman of the Ad Hoc Committee, Christopher Eta urged the management of the agency to work out modalities to change the guidelines.
Eta noted that it was easier to change the guidelines than to change the law.
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