After what seems like an endless wait, the Nigerian Maritime Administration and Safety Agency (NIMASA) last week announced the names of four banks that will be involved in the administration and management of the Cabotage Vessel Finance Fund (CVFF).
Called Primary Lending Institutions (PLI’s), the banks are: Fidelity Bank, Skye Bank, Diamond Bank, and Equitorial Trust Bank, ETB. The four lucky banks were selected from a list of 21 Primary Lending Institutions who applied for consideration as the administrators of the CVFF.
Commenting on the development, Chairman, Revenue Committee of the Board of NIMASA, Chief Mike Ejezie commended the banks for their appointment and advised them to adhere strictly to the rules guiding their appointment as Primary Lending Institutions to the Agency.
Ejezie described the process of selection as tasking, transparent and demanding, explaining that they emerged “after a rigorous exercise which involved the visit and Evaluation of the Depth of the Maritime Desk of each bank that applied, the Risk Analysis Model, Corporate Governance System and Post Central Bank Audit Report”. “These were some of the criteria considered in the selection process”, he added.
The banks are expected to guarantee the CVFF fund as well as provide 35 per cent contributions to the loan system. They are also expected to disburse the funds to indigenous shipping companies to facilitate acquisition and ownership of Vessels.
In a statement issued in Lagos last week by NIMASA ‘s head of public relations department, Ms Ego Nwokocha, the agency assured that it will continue in its efforts to empower the Nigerian ship owners for the overall benefit of the nation’s economy.
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