Jamoh Calls for Stakeholders Engagement

 Jamoh Calls for Stakeholders Engagement in #278.5bn CVFF Disbursement

ZAINAB JUNAID 

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has called for stakeholders engagement in order to hasten disbursement of the recently approved #278. 5bn Cabotage Vessel Financing Fund (CVFF). 

Dr. Jamoh made this call at the Colloquium held on Thursday at Rockview Hotel, Apapa, in honour of late Otunba Kunle Folarin with the theme “Ensuring Effective Disbursement of Cabotage Vessel Financing Fund.”

It could be recalled that the Federal Government approved the disbursement of the (#278. 5bn) CVFF to indigenous ship owners in December 2022 after 17 years of neglect which has hindered expansion of the Shipping Industry. Government also appointed five commercial banks for the disbursement of the fund- Union, Zenith, Polaris, United Bank for Africa and Jaiz Bank respectively. 

The announcement does not only break jinx but also rekindled hope of the ship owners that has lost. 

Speaking as one of the panelists at the Colloquium, Dr. Jamoh noted that the CVFF funds cannot be disbursed easily without stakeholders engagement pointing out that about eight shipping companies have not paid their Ship Acquisitions and Ship Building Funds (SASBF) till date. “More reasons stakeholders needs to be engaged in the disbursement of this funds, “ he said. 

Also speaking on the topic, Jean Chiazor Anichere, (SAN), an expert in the industry explained that a ship owner or company can get about $25 million (N10, 282,023,175.00) and shall have a maximum of seven years’ payback. The CVFF is to be disbursed on a single-digit interest rate of 5.6 percent, 0.25 percent processing fees. 

She went further attributing inaccessibility of funds and lack of transparency as major barrier of Cabotage Vessel Financing Fund (CVFF) since its inception.

To her, “The CVFF, a government-funded initiative established to promote the development of a Nigerian-owned and operated maritime industry has faced limitations and challenges among which she highlighted to include - Lack of transparency; inaccessibility; Limited funds; Bureaucratic process; Limited Impact; Lack of accountability. 

“It is worth noting that these challenges can be addressed with proper management, transparency and stakeholder engagement. A better defined and transparent loan disbursement process, and a system of accountability for the loan use and repayment, would go a long way in addressing some of these limitations,” Jean said. 

However, on the legacy left behind and in memory of late Otunba Kunle Folarin, NIMASA DG, announced at the event that one of the expected Vessel by the agency to be delivered in February has been named after Otunba Kunle Folarin. 

“This is done to honour him for his great contributions in the industry” Jamoh said. 

Other Stakeholders present at the event are High Priest Chris Asoluka, Chief Remi Ogungbemi, NUJ Chairman Lagos State Chapter, Mr. Leye Ajayi Madam Bola Muse, Alhaji Aminu Umar, Madam Vivian – General Manager Nigeria Chamber of Shipping, Chief Jolapo Isaac. They regarded Otunba Kunle Folarin as a living legend maritime economist, a cerebral and an encyclopedia who had lived his life not only to impact the young ones but laid a legacy, a foot print that other stakeholders must build on.