DG NIMASA says deposits exceeding N32b, $209m in cabotage fund account
Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, has revealed that money in Cabotage Vessel Financing Fund accrued to N32 billion and $209 million.
Jamoh made this disclosure in Lagos weekend saying: “The CVFF account has two components. There is a dollar and naira component. As of the time we came into office, over a year ago and now, we have over N32 billion and $209 million.”
He said NIMASA has shortlisted 11 companies to benefit from the fund which was set up to enable Nigerian ship owners renew their fleet.
The DG also said the agency was seeking approval from the Federal Government to cancel duties for Nigerian flagged ships.
He noted that following the agency’s advertisement for banks to express interest in the disbursement of the CVFF fund, four primary lending banks has also been shortlisted.
According to him, NIMASA had made presentations to the Federal Ministry of Transportation asking the four primary lending institutions to come up with guidelines on the disbursement.
