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CVFF disbursement to commence in July

By Godfrey Bivbere

The Federal Government has assured that the disbursement of the Cabotage Vessel Financing Funds (CVFF) will commence before the end of July.

Giving the assures at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, Kefas, both the Permanent Secretary of the Ministry of Transport, Nebolisa Emordi and the Chairman of the board of the Nigerian Maritime Administration and Safety Agency (NIMASA), Agbu Kefas, disclosed that all the processes for the disbursement has been completed.

The Permanent Secretary said that “NIMASA has well defined guidelines for the disbursement of the CVFF and as we speak, four banks have been selected as Primary Lending Institutions. They have done their full due diligence and forwarded recommendations to the ministry, as soon as those things are reviewed, we will be making a very strong case to the President because of the volume of money that is involved.

“Once we get that approval, we will be able to disbursed money to indigenous shipping companies and it is a continues process, so as more people are able to meet the criteria, we will be able to disburse more money to them,”

Asked when operators should expect the disbursement he said, “within the next two months maximum.”

However, Kefas had earlier told Vanguard that the disbursement will began before the end of this month.

Chairman of the board also said that the agency has not abandoned it core function of maritime security and capacity development for revenue drive. He explained that the management of the apex maritime regulatory agency is working on all it functions simultaneously with the hope of improving the industry.


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Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.