I’m no longer interested in $700m CVFF disbursement —NISA president

The president of the Nigerian Shipowners Association (NISA), Sola Adewunmi, has said that due to lack of jobs, he has lost interest in the application for disbursement of the $700m Cabotage Vessel Financing Fund (CVFF).

Speaking with the Nigerian Tribune, Adewunmi explained that until he has a job, he is not interested in the CVFF disbursement.

According to the NISA president, “For me, I don’t think I am still interested in the CVFF disbursement.

“Yes, government has given the requirement to access the fund. The banks handling the fund have been calling me concerning accessing the fund, but if there is no job, then there is no point collecting the money.

“If anybody collects that money and buys a ship, he will end up wasting his money if he does not have a job. Until there is a job for that ship, anybody that collects that funds and buys a ship has wasted his money, and that means indebtness to the banks.

“I have told those that care to listen, if you don’t have a job for a ship, don’t buy it. If you buy it, you will end up wasting your money and you will be in serious debt.

“Some banks have been calling me to come and access the fund. You know it is the banks that will recommend to NIMASA. They are calling me, but I don’t have a job now and so, there is no need to apply for the fund. Until I see a job that I want to utilise the vessel for, there is no need applying for the fund.”

On why there are no jobs, Adewunmi further explained that most major marketers now have their own ships.

“If you want to rely on chartering services, it’s no longer what it used to be. Before now, most of the major marketers like Metrix, Prudent, Bovas, they charter vessels from people like us. However, the dynamics have changed in the last two years. Most of the major marketers now have their own ships.

“So, chartering is no longer what it used to be. Maybe if I have a contract with Dangote Refinery, I will apply for CVFF. But as it is, the contracts are not there from the major marketers. So, there is no point in applying for the fund,” he stated.