The Nigerian Shipowners Association (NISA), Ship-Owners Association of Nigeria (SOAN) and maritime lawyers have commended the Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, for display of transparency and steadfastness in the process currently being carried out to disburse the Cabotage Vessel Financing Fund (CVFF) since the approval was given by the federal government.
Member of NISA and SOAN who preferred to be anonymous , said they were pleased particularly with the seriousness and speed with which the NIMASA DG has treated the issue since the Minister of Transportation, Muazu Sambo conveyed President Muhammadu Buhari’s approval for the disbursement of the fund.
According to the ship owners, they were happy that NIMASA DG and his team have been able to hold different meetings with both the banks and the stakeholders so far on the process.
They revealed that during the meetings, the NIMASA displayed enthusiasm and honesty of purpose in ensuring that the fund is disbursed.
Similarly, a maritime lawyer, Mr Kasarachi Opara, described the steps taken by Jamoh as commendable and reassuring, adding that the decision of this administration to give out cabotage fund to indigenous shipping operators, though belated, should be applauded and Kudos given to the Buhari led federal government for taking that bold step unlike the past administrations.
Opara however expressed concerns on the implementation of the necessary guidelines by the designated banks as required by the apex maritime body.
He said, “I must commend the DG of NIMASA for his outstanding performance that has raised the hope of practitioners in the industry. My concern is more on the implementation of these processes by the designated banks. It is one thing giving an order and another thing implementing the order given.
“Nigerian commercial banks are not best of friends when it comes to loans because they make the loans practically impossible for beneficiary to pay back, because of their high and unreasonable interest rates and so many other charges attached to the same loan which largely contribute to failures in repaying loans generally.”
