$700m CVFF Fund: NIMASA Confirms 20% of 70 Applicants Clear First Hurdle
Director General of NIMASA, Dr Dayo Mobereola
By DAPO OLAWUNI
Fresh indications have emerged that not less than 70 applications have been received from shipowners by the Nigerian Maritime Administration and Safety Agency (NIMASA) ,all justling to access the controversial $700milion Cabotage Vessels Financing Fund (CVFF)
After collecting the CVFF fund from Shipowners for the past 22 years, specifically, since May 2004,
the apex maritime agency, NIMASA has failed to give an accurate amount of money that has accrued into the CVFF account so far.
The CVFF fund is generated from 2% surcharge on the contract sum performed by any vessel engaged in the coastal trade in Nigeria.
Speaking in an interview, a board member of NIMASA, Iroghama Ogbeifun has however revealed that out of the 70 applications received for the fund, 20 of them has scaled through for now and are being processed.
“So far, about 70 applications have been received through the Cabotage Services Department within NIMASA, and 12 Primary Lending Institutions (PLIs) have been onboarded to participate in the scheme.
“About 20 per cent of applicants have successfully completed their applications and are currently undergoing the relevant processing by the PLIs”
“I am optimistic that a number of companies will emerge as beneficiaries of the fund. The Minister has demonstrated a strong commitment to the process and has publicly stated that the necessary approvals have been obtained from Mr President to put the required structure in place for disbursement.
“At this stage, the responsibility largely rests with the private sector to meet the credit and financing requirements of their respective Primary Lending Institutions and position themselves to access the fund.
“For many years, the CVFF was seen as an aspiration that might never materialise. Today, we are much closer to seeing it become a reality. For that reason, I believe it is fair to say that, after decades of expectation, the long-standing CVFF jinx has finally been broken” she said
