By Godfrey Bivbere
Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Patrick Akpobolokemi, has said that politicians have been mounting pressure on his management to favour them in the planned disbursement of the Cabotage Vessel Financing Fund (CVFF).

Disclosing this recently in Lagos, the NIMASA boss said despite the pressure, he has remained resolute because he does not want to be remembered as one who disbursed monies meant for expanding the shipping base of country to people outside the profession as was the case with the Ship Acquisition and Ship Building Fund (SASBF).

According to him, ‘’Politicians see the fund as a bonus and I have resisted all manner of pressure to disburse the funds so far”, the NIMASA strongman stated, explaining the reason for the delay.

He pledged to personally get involved in the process of disbursement to ensure that the money does not get into the hands of opportun ists.

‘’Everybody is scrambling for the money but we are carefully scrutinising all applications. I shall personally inspect the facilities and other logistics of all the intending beneficiaries to ensure that those who eventually get the loans use them for the purpose they are meant.”

On why the agency ha not commenced the disbursement of the fund, he explained that the Indigenous Shipowners Association (ISAN) in a recent meeting with NIMASA, said the disbursement is not their major problem but the absence of the cargoes for them to left.

He noted that as a result, NIMASA’s management is focusing on efforts to make jobs available for local shipowners and further disclosed that the decision on the disbursement of the funds would not be left to the four commercial banks.

‘’What happens to the loans if any of the banks go under? NIMASA will then b left alone to carry the loss in the event that the beneficiaries are not properly screened to ascertain the genuineness of their purpose”NIMASA strongman said.

He appealed to the intending beneficiaries to exercise patience as the agency was doing all what it takes to ensure that the loan scheme does not go the way of the previous efforts when huge sum of money loaned out under the Ship Building and Ship Acquisition Funds (SBSAF) could not be recovered.

Akpobolokemi hinted that the delay in disbursing the loan was further necessitated by the position of members of the Indigenous Ship Owners Association of Nigeria (ISAN) who maintained that their problem was not the craze to access the funds but how to get the cargo.

The association has said that if its members should collect the loans ahs have no cargo to carry, it may be difficult to repay the money.

According to its Chaiman, Chief Isaac Jolapamo, the pre-occupation of genuine ship owners is how to secure regular job and not to get a loan he may not be able to pay back due to lack of cargo to carry.

It was against this background that Akpobolokemi said he was taking his time in disbursing the loans if those who really need it said they wanted job security first before thinking about how to secure the loan.

Over $100million (N15.3billoin) has so far accrued to the fund since the Cabotage regime became operational about eight years ago. The fund is the derivative of the three per cent of the contract sum made by cabotage vessel and payable to NIMASA.

Four banks, namely Diamond bank, Skye bank Fidelity bank and Equitorial Trust bank (ETB) were appointed as the primary lending institutions to administer the funds while over 100 intending beneficiaries have applied for the funds.