By Godwin Oritse & Maimuna Mohammed

AHEAD of the commencement of  the disbursement of the Cabotage Vessel Financing Fund (CVFF) , the Miniter of Transport,  Senator Idris Umar, has began  the screening  exercise of applicants of the Fund.

Besides the screening exercise, the Minister has also put in place some stringent requirements before the fund could be released to any applicants.

The exercise, otherwise, known as Professional  Surveying, is being dome to ensure that only genuine  Nigerian shipping businessmen benefit from the Fund.

Confirming the development, Media Assistant to the Minister,  of CVFf, Mr. Innocent Ebirim, said that the minister is deeply involved in the entire process because he want to ensure that the Fund is released to competent and qualified applicants.

Ebirim explained that the minister was taking cautious measures to also ensure that the standards and requirements are also met. Some of the requirements stipulated by the Ministry  are that an applicant muat have 15 percent of fund being applied for, a running  contract with any of the International Oil Companies (IOCs just as an applicant must also show evidence of the vessel to be purchased.

It would be recalled that  NIMASA  Director General, Mr. Patrick Akpobolokemi,  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 taking its time to ensure that the over $160 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.