The Minister of Transport, Senator Idris Umar has restated the commitment of the Federal Government to ensuring the actualization of the Maritime Bank for West and Central Africa, otherwise known as the MOWCA Bank.
The Minister said that the country is aware of the high expectations from Nigeri, especially as Nigeria is the major financier of the organisation and assured that Nigeria is ready to shoulder the responsibilities and also carry others along regarding.
The Minister of Transport, Senator Idris Umar has restated the commitment of the Federal Government to ensuring the actualization of the Maritime Bank for West and Central Africa, otherwise known as the MOWCA Bank.
The Minister said that the country is aware of the high expectations from Nigeri, especially as Nigeria is the major financier of the organisation and assured that Nigeria is ready to shoulder the responsibilities and also carry others along regarding.
Senator Idris Umar stated this when the new Secretary General of MOWCA, Mr. Alain Michel Luvambano paid him a courtesy call in his office in Abuja.
The assurance also coincided with an advice from the Secretary General, Indigenous Ship owners Association of Nigeria (ISAN), Capt. Olaniyi Labinjo, that the Federal Government should establish a maritime bank to disburse the Cabotage Vessel Financing Fund (CVFF).
Labinjo gave the advice last week in Abuja at the 12th Maritime Seminar for Judges organised by the Nigerian Shippers’ Council (NSC) and the National Judicial Institute.
The mariner who commented on “Recent Developments in Maritime Law: Cabotage Act 2003’’ said the review of Cabotage Act could also provide for the composition of a committee or commission of the stakeholders and the Primary Lending Institutions (PLIs) to disburse the fund.
He said that the recovery of the fund could be brought under the supervision of the Nigerian Maritime
But the minister informed the visiting secretary General of MOWCA that he had called for and received a brief on the establishment of the bank and assured of Nigeria’s commitment to the actualization, but required the cooperation and collaboration from other member states and institutions like the World Bank, International Monetary Fund (IMF) and the African Development Bank (ADB) because a bank of such standing will require their collaboration.
Speaking earlier, the Secretary General of MOWCA had pledged the support of the 25-member body to Nigeria. Mr. Luvambano had also informed that he came to visit the Minister in order to present himself formerly to him, having taken office in October, 2011 and to also inform the Minister that the organisation is looking up to Nigeria for the actualization of the MOWCA bank to be headquartered in Nigeria.
But speaking on the bank, Cap Labinjo argued that sections 42 and 43 of the Cabotage Act provide for this contribution (CVFF) by all maritime operators.
“This contribution by Nigerian maritime operators is for the growth and development of the Nigerian tonnage,
“It is not revenue generated for the government and it should not be subjected to appropriation.
“It is co-operative contribution (ESUSU) and the stakeholders must be involved in the disbursement,’’ he said.
Labinjo said that the call for the review of the Cabotage Act was not entirely out of place, “but we are yet to enforce the provisions of the Cabotage Act and to test these provisions in our courts’’.
He said that based on the difficulties so far experienced since the enactment of the Cabotage Act, it was necessary to provide the citizens the statutory rights to bring to the courts such persons that breached the Cabotage provisions.
Labinjo said that the Nigerian Oil and Gas Industry Content Development Act 2010 had no doubt re-enforced the provisions of the Cabotage Act concerning the development of indigenous capacity to own vessels and engage in the domestic coastal trade.
But, the MOWCA scribe who was accompanied on the visit by; Chief Chris Orode , the Chairman , Implementation committee of the proposed Maritime Bank; Colonel Mariko Mamadou, Director of Technical (MOWCA); and Mr. Konan Kouassi Elue, Director of Documentation reminded the Minister that it was the Kinshasa declaration which recommended the establishment of the bank.
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