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Stakeholders fault lodgement of CVFF in TSA

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By Godfrey Bivbere 

STAKEHOLDERS in the shipping industry have faulted the lodgment of Cabotage Vessel Financing Fund, CVFF, a three per cent contribution by ship owners from every contract executed in the Cabotage area, into the Treasury Single Account, TSA.

TSA

Speaking at an industry group meeting organized by the Nigerian Chamber of Shipping, NCS, in Lagos, the stakeholders noted that since the Fund does not belong to the government there was no need to lodge it in the government account.

Speaking at the meeting with the theme, “Shipping Development: A Catalyst for Maritime Growth, ”former Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mfon Usoro, called on ship owners who are the contributors to the Fund to challenge the decision.

Also read: SOAN plans fresh engagement with NIMASA over CVFF

Similarly, Chief Executive Officer of Platform Marines Ltd, Taofeek Adegbite, expressed worry that the actual amount in the Fund was not known.

Adegbite said that as contributors’, ship owners are supposed to know what has accrued to it. He, however, said that it is unfortunate that no one seems to know how much has so far been collected.

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