By Godfrey Bivbere

THERE are indications that    the planned disbursement of the Cabotage Vessel Financing Fund, CVFF, may not be possible any time soon following fears of the actual value in the fund. This is despite the recent announcement by the Minister of Transportation, Rotimi Amaechi, that the Fund will be disbursed early this year.

However, there are indications that the amount present in the fund does not tally with what is available in the records. A source in NIMASA told Vanguard Maritime Report that the fund was greatly depleted during the dying days of the previous administration of the agency.

Recall that the former Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Patrick Akpobolokem,i had told journalists at the resumption of office that the amount accrued to the fund was a little over $100 million.

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Years into the regime of the present the leadership of the apex maritime agency, the amount being thrown around after about five years is not different from what was declared by Akpobolokemi then. This has got shipping industry operators concerned, with some demanding for a forensic audit to be carried out of the amount so far collected from inception.  Immediate past President of Ship Owners Association of Nigeria, SOAN, Greg Ogbeifun, had earlier told Vanguard Maritime Report, that there was the need for the auditing of the fund to ascertain how much is in it since no one seems to know for sure what the fund is worth.

In his words: “Well, my sincere opinion to be honest with you, is that it is a very welcome development that the president has given the approval but I think it is necessary for things to be done properly. Number one, it is important that the actual amount in that account be established because nobody seems to be very sure has to the actual amount that is in that account and to do that, my sincere opinion is that the minister should get the NIMASA to appoint a renowned consultant firm like PWC or KPMG to carry out a forensic audit of that fund from inception to date.

“Every money that has been collected from that fund by NIMASA can easily be determined by engaging the ship owners and by engaging oil companies that deduction the 2 per cent at source from the ship owners. That way we will know the exact amount that is supposed to be in the account because the minister cannot say he wants to disburse money if he does not even know-how much money is in there.

“So this exercise is the most important exercise to be carried out. My company has been contributing to that fund for more than 10 years and we have the record of every dollar and cent that has been collected from us by our charterer for the fund. “And am sure other ship owners should have their own records, NIMASA who receives the fund should have their records, the banks’ records should be there.”

The International Oil Companies that collect the funds at source from us should have their own record, so it is quite easy to do that,” he noted.

Vanguard