CVFF: Ship-owners applaud Oyetola over directive to NIMASA

Indigenous ship-owners have unanimously commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, over his recent directive to the Nigerian Maritime Administration and Safety (NIMASA) to begin the process for the disbursement of the Cabotage Vessel Financing Fund (CVFF).

The minister had directed the NIMASA to commence the process that will lead to the long-awaited disbursement of the CVFF. This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.  

Speaking on the minister’s directive, the Managing Director of Starzs Marine and Engineering Ltd, Greg Ogbeifun, said the minister’s directive was a welcome development that will further spur the growth of the sector.

Ogbeifun, who is the former President of the Shipowners Association of Nigeria (SOAN), however, urged the government to allow due process according to the requirements of the Act to be followed.

According to him, the minister acted accordingly by taking the bull by its horns through the disbursement of the fund.

“The minister’s move is extremely commendable. Extremely, extremely commendable. The important thing is that due process according to the requirements of the Act has to be followed. So, that’s the summary. I think it’s a very commendable step. I’ve looked at the marine notice that was sent out and I think it’s majorly in line with the requirements of the Act. 

“Even, when you look at the previous guidelines, there is good reason to at least believe that the Minister is acting accordingly. But I don’t know if the requirements of the Act as it relates to the legislating part of government are followed.

He further agreed that the directive would finally unlock the long-standing issue of disbursement of the CVFF.

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On his own, the President of the Nigerian Shipowners Association (NISA), Sola Adewunmi, also commended the minister, saying it was the first time a Minister would direct NIMASA to commence the process for disbursement of CVFF.

He further stated that with the Minister’s directive, the guidelines should be rolled out to beneficiaries to know how to access the fund.

“With the Minister’s pronouncement, let’s hope that things will change. But let us see the guidelines first. Also, I think this is the first time a Minister will come out to say, NIMASA, start this process. 

“So, let’s see, we are all waiting for the guidelines. When the guideline comes out, we know it is something that will be realistic,” he stated.