Amaechi Meets NIMASA, NSC CEOs, Others Tuesday on Cabotage Vessel Fund Disbursement
*Disbursement to begin January 2020
By Francis Ugwoke
It was good news Thursday night when the Transportation Minister, Hon. Rotimi Amaechi said the federal government has given approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF) to indigenous shipping operators for vessels acquisition.
The news is coming after about two decades that the Ship Acquisition and Ship Building Fund (SASBF) was suspended over failure of beneficiaries to pay back their loans.
The Nigerian Maritime Administration and Safety Agency (NIMASA) had in suspending SASBF floated CVFF in 2004 but refused to disburse the fund to operators on the excuse for the past experience.
But the operators had continued to fight on over the years, insisting that the fund was the contribution by indigenous shipowners collected from them by NIMASA.
Some of the beneficiaries of the SASBF later repaid while others had theirs written off.
Amaechi had after series of pressure asked various associations of shipowners to come together to be able to benefit from the SASBF.
The Minister last night after breaking the news said he will meet with the chief executives of NIMASA, NSC, Nigerian Inland Waterways Authority (NIWA) on Tuesday to further discuss on the disbursement plan.
The Tuesday meeting could be to review the guidelines for the disbursement.
He gave an indication that the disbursement will be in January 2020.
The CVFF is believed to be about $180million which is as not so much to address the needs of the indigenous operators.
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