– The Fund has been politicised -NIMASA D,G
Vincent Toritseju
Lagos — The Ship Owners Association of Nigeria, SOAN, yesterday said that the Cabotage Vessel Financing Fund, CVFF, cannot be disbursed, saying that ” It is illegal to so going by the law.
Speaking at 2022 Maritime Stakeholders Forum organised by Alumni Maritime Academy of Nigeria, Oron, AMANO, in Lagos, formers President of the Forum, Engr Greg Ogbeifun, said that before now, there were guidelines that determines the disbursement adding that with advent of the Treasury Single Account, TSA, those guidelines are no more tenable.
Ogbeifun also said that until the law concerning the disbursement of the Fund is changed, the CVFF is stuck.
According to Ogbeifun, the Fund as it is now stuck at the TSA unless the law with regards to disbursement is changed. We also need to know the actual amount in the Fund, that is why we have called for comprehensive audit of the Fund, that way we will know how much has been accrued to the Fund.”
The Starz Investment Chairman also said that the Fund is needed to galvanize the maritime economy with a view to grow the larger economy.
Similar, President of AMANO, Mr. Emmanuel Maiguwa, said that it has become imperative that as leaders and players in the maritime industry, all available resources must optimize to ensure that Nigerian Maritime industry is abreast and at par with standards and best practices.
Recall that before, the CFVV was domiciled at the Nigerian Maritime Administration and Safety Agency, NIMASA, who in turn kept the Fund in four commercial Banks after thorough selection process.
Also recall that the coming of TSA, the Fund was moved from the commercial Banks and taken to the TEA.
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