By Godfrey Bivbere
AFTER five years of waiting game, federal government has finally given the management of the Nigerian Maritime Administration and Safety Agency, NIMASA, consent to commence the disbursement of the Cabotage Vessel Financing Fund, CVFF.

To this end, NIMASA management has instructed the five commercial banks selected to manage the fund to process all the applications send to them by intending beneficiaries.

A source close to the management of NIMASA who disclosed this to Vanguard in Houston, Texas at the just concluded Offshore Technology Conference, OTC, said that some of the banks should have started contacting those applicants who are qualified for the loan.

The source also told Vanguard that a meeting has been schedule to hold in Abuja between the apex maritime agency’s management and top officials of the ministry of transport after OTC.

Confirming this to Vanguard, Public Relations Officer of NIMASA, Hajia Lami Tumaka, said that all arrangements have been concluded, saying that the banks would start the disbursement soon.

Similarly, President of Women’s International Shipping & Trading Association (WISTA), Mrs. Jean Chiazor Anishere, confirmed that one of her members has gotten a letter from one of the selected financial institutions, informing her that she has been selected as one of the beneficiaries of the fund.

On why it took several years before the disbursement, Tumaka said though there were some grey areas which were being smoothened, it is better to start it well rather than to have a repeat of the Ship Acquisition and Ship Building Fund (SASBF). She explained that the agency’s management under its Director General, Patrick Akpobolokemi, is determined to get it right this time around.

It would be recalled that the NIMASA helmsman had raised an alarm early last year that politicians were scrabbling for the funds and had vowed that no politician, no matter how highly placed will benefit from the fund.

He noted then that the agency is bidding its time to ensure that the over $110 million lifeline meant to empower shipping practitioners does not gett into wrong hands

According to him, “No Nigerian politician, under whatever guise and no matter how highly placed would be allowed to access the Cabotage Vessel Financing Funds”. “Politicians see the fund as a bonus and I have resisted all manner of pressure to disburse the funds so far.

“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’’, Akpobolokemi declared

The agency had over two years ago, selected four commercial banks from the 21 that indicated interesting in administering the fund.

The four banks are Fidelity, Sky, Diamond and ETB. The four banks have since been given letters of authority to that effect after a rigorous process including their experience and expertise of maritime business.