Why SOAN wrote NIMASA to disburse Cabotage Vessel Financing Fund—Ogbeifun
President of the Shipowners Association of Nigeria (SOAN), Engr. Greg Ogbeifun has disclosed that his association has written the Nigerian Maritime Administration and Safety Agency (NIMASA) on why it can no longer hold on to the Cabotage Vessel Financing Fund (CVFF), saying time has come for the disbursement.
CVFF is a product of the Coastal and Inland Shipping Act of 2003 and provides for the disbursement of loans to indigenous operators in the shipping industry to grow their fleet.
He argued that for the fact that his members had over the years done their part according to the Act by contributing to the fund, it is only needful for NIMASA to begin disbursement which remains its own side of the deal.
According to him, “We will engage the authority. For instance, Starz group contributed $1.25 million, C&I Leasing contributed $1.8 million, Slok contributed over $1 million while Seabulk contributed $1.3 million”.
“We have all contributed to the fund and if we have genuine transaction we have the right to meet the government to disburse the fund,” he said.
“Members of SOAN who have genuine transaction have applied for CVFF and we are waiting to see how they will react to that. We will also collectively engage them. We are not going on a confrontation and people in government responsible for the fund need idea on how to appropriately disburse the fund without hitting the rock and to maintain visible achievement,” he argued further.
