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CVFF: 90% initial contributors currently out of business

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By Godfrey Bivbere

AS the agitation for the disbursement of the Cabotage Vessel Financing Fund, CVFF, continues, there are indications that about 90 per cent of the initial contributors to the fund at inception in 2015/16 has been thrown out of business due to the bad business environment.

Vanguard Maritime Report gathered that the ship owners who were in the forefront in the late 1980’s and 1990’s, under the aegis of Indigenous Ship-owners Association of Nigeria, ISAN, were those who worked with other stakeholders and the Nigerian Maritime Administration and Safety Agency, NIMASA for the establishment of the CVFF.

Former Chairman of ISAN, Isaac Jolapamo, who confirmed this situation to Vanguard Maritime Report, said it is unfortunate that the beautiful idea for the development of shipping industry without government funding have been frustrated by the same government.

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Jolapamo bemoaned the non-disbursement of the funds more than 10 years after it was established, stressing that the purpose for its establishment has been defeated as it was supposed to sustain local ship owners in the business.

He, however, noted that the non-disbursement was not necessarily the fault of NIMASA but that of the Federal Government that seems not to have the desire to improve the fortunes of the sector.

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