How should the CVFF be disbursed?


Aminu Umar (Ship owner)

I think the guideline for the disbursement is very clear, in the sense that the Primary Lending Institutions (PLI’s) will be identified then the PLIs will now engage with the Ship Owners that want to access the facility, and I read that NIMASA has already put in a tender for expression of interest for the PLIs and that’s the banks, and the banks are in consultation and discussing with NIMASA and some of them have already put in their expression of interest. But so far that has not been concluded yet, it is when that is concluded and the banks selected, then NIMASA will give the banks mandate to start discussion with the ship owners. So to be honest now, we are just waiting; the wheel is moving at least; so we hope that they will reach an agreement with the banks because the banks are also funding 35% and also funding the balance of 50% so more or else we can say they are funding 85% so NIMASA have to really discuss with them on this.

Mkgeorge Onyung (Ship owner)

The President has given the instruction to disburse, then you should ask the Minister what he is thinking as regards the disbursement, or you ask the NIMASA DG, but already I think a tender for expression of interest has been placed for the PLI’s so let’s see how it will be disbursed.

John Okpono (Merchant Seafarer)

For every process, there is a guideline, the CVFF is not just a fund that will just be given out, there are criteria, there are conditions one must meet, because it has happened before, money was made available and people did not pay back, some people did not even use it to buy what it was meant for and because we don’t want what has happened before to happen, so when this money is disbursed without following guidelines, what happened before will happen, so I think it boils down to understanding, there is supposed to be synergy between the Presidency and the Ministry of transportation regarding the matter. Not just disbursing without purpose, so I think it’s high time we did what we are supposed to do first. Therefore, if we disburse this money without guidelines, it will back fire, so those who are interested should know that the CVFF is for Cabotage as the name implies.

Capt Adewale Ishola (Master Mariner)

I think there is criteria that has to be met, it’s not just anybody, I think some people were already shortlisted, I think they can just review the situation, so they should follow the lay down criteria, if you did not contribute to the fund, you shouldn’t participate in it, so that’s key.

Capt Taiwo Akinpelumi (Ship Owner)

I think there are guidelines for the disbursement, and I think it’s a good development that the CVFF should be disbursed; it is good for the industry because the industry needs all the money it can garner presently, so I will say the guidelines should be followed for the disbursement

Capt Tajudeen Alao (President NAMM)

Let them follow the guidelines for disbursement. I believe if they duly follow the guidelines for the disbursement, we won’t have issues, NIMASA knows what to do, and I believe they are doing it.