CVFF: How Six Lucky Indigenous Firms Will Share N21 Billion Loan

The six lucky beneficiaries of the Cabotage Vessel Financing Fund (CVFF) are to share
N21.288billion based on the types of ships that they propose to acquire.

Shipping Position Daily    had reported exclusively on Monday that the companies are based in Lagos, Port Harcourt and Calabar and that they are currently being subjected to further screening by appropriate government agencies.

The companies are:  Starzs Investment Company, Aquashield Oil and Marine Services Limited and UTM Dredging Limited, Zomay Marine & Logistics Limited and SeaBulk Offshore Operating Nigeria Limited and  Nkrah Investment.

The highest request of N5.482billion was made by  Calabar based Nkrah Investment,  followed by Port Harcourt based Aquashiled Oil and Marine Services Limited which sought for N3.874billion.

The third highest request came from sea bulk Off-shore Operating Nigeria Limited: N4billon, and Stazs Investment Company; N3.566billion. Others are:  and N3.44billion requested by Zomay marine and logistics limited and UTM dredging which wanted N960million

However, the minister of transport; Senator Idris Umar told a public hearing of the Ad-Hoc committee of the House of Representatives on the CVFF last week in Abuja that, the both Stazs Investments and Seabulk Offshore Operating Nigeria Limited will receive N7.566billion to part finance the acquisition of one Platform Supply Vessel (PSV) and to finance the construction/purchase of one new 90 ton Damen Azimuth Atem Drive Tug 5113 respectively.

He added that both UTM Dredging and Zomay Marine and Logistics, will get N4.4billion for part-financing of the acquisition of three new vessels and the procurement of an Anchor Handling Tug Vessel for Vessel hiring services to NAOC, respectively.

According to him, Nkrah Investment will get the N5.482billion it requested for to finance the acquisition of a Platform Support Vessel and Anchor Handling Tug Boats named MV  Vega Progress and MV Varada Queen, while Aquashield will use its N3.566billion for the acquisition of PSV Dynamic Position Vessel, MV Mariner Sea.

He also disclosed that the four Primary Lending Institutions (PLIs), namely: Diamond Bank, Fidelity Bank, Skye Bank and Sterling Bank will be responsible for disbursing the  CVFF to the six beneficiary companies.