SOAN Members Contribute $5.8m to CVFF, to Engage NIMASA on Disbursement
Ship Owners Association of Nigeria (SOAN) plans to engage the Nigerian Maritime Administration and Safety Agency (NIMASA) to discuss how the Cabotage Vessel Finance Fund (CVFF) will be disbursed.
SOAN President and Chairman/CEO of Starzs Investment Company Limited, Mr. Greg Ogbeifun, who disclosed this at a press conference in Lagos stated that SOAN members alone have contributed $5.8 million (N1.78 billion) to the fund.
The N50 billion Cabotage Vessel Finance Fund, which is being managed by NIMASA was set aside to help Nigerians acquire ships.
The SOAN president said the association intends to engage the authorities on the CVFF because there is a need to fast-track it.
Ogbeifun said: “Let me use my company STARZ as an example. It has contributed over $1.2 million to it. The C&I Leasing Plc has contributed $1.88 million into the CVFF; Slock Limited has contributed about a million dollar or more; and so is Sea-Buck Limited which has contributed over $1.3 million into it.
“So, we have all contributed positively and if we have genuine transactions that need supports, we have a right to go to request for it. I believe that the new administration and Government that is here today is responsible and desirous of breaking the jinx that’s been dogging the CVFF; and the only way to do it, is to test the waters.”
He added that some members of SOAN who have genuine transactions have written to NIMASA, applying for CVFF, “and we are waiting to see how they are going to react to our requests and we intend to collectively engage ourselves on this. Look at our cases, get whoever you need to get to do the transactions, raise analyses and all of that; and ensure somebody says something. We will not take
it lying low.”
He said SOAN members are not going on a confrontation. “You see, the people in government responsible for that fund right now, need ideas on how to appropriately disburse it without risking the funds; and then, wait to see visible achievements by that disbursement. So it is going to be a case of engagement. So I don’t want you to go out there and report it wrongly.”
He added: “We are going to engage collaboratively to see how can do it. But you must understand that if you don’t have a request, then they will be no reason to worry yourself on how to disburse it. But now that we have made some requests, we believe they are going to look at it and I am sure that at some point, the appropriate authorities will invite us to collect it; and say ‘let’s see how we can make it happen.