Tuesday, January 31, 2023
Home Law NIMASA meets five select banks over disbursement of cabotage fund 

NIMASA meets five select banks over disbursement of cabotage fund 

The management of the Nigerian Maritime Administration and Safety Agency (NIMASA) on Wednesday met with the representatives of Jaiz Bank, United Bank of Africa (UBA), Union Bank, Zenith Bank and Polaris Bank for the disbursement of the Cabotage Vessel Financing Fund (CVFF).

The five banks have been approved by the Federal Government as the Primary Lending Institutions (PLIs) for the CVFF.

NIMASA Director General, Dr. Bashir Jamoh said the meeting was a major step towards the implementation of the presidential directive on the disbursement of the fund.

“We are engaging the banks on the management and disbursement of the CVFF because they are the ones who have the professional know-how in fund management and this would help us in the reduction of risk in order to avoid the same mistakes of the Ship Acquisition and Ship Building Fund,” Jamoh said.

Also read:

The banks are expected to come up the interest rate, tenor, collateral, and other requirements needed by Nigerian ship owners to access the cabotage fund.

The Managing Director of Jaiz bank, Sirajo Salisu, who spoke on behalf of the PLIs, assured of prompt action towards disbursing the funds, noting that interested ship owners should be ready to abide by the provisions of the Cabotage Act.

“We will try our best to partner with the proposed beneficiaries of these funds and I believe they are much aware that this is not a grant. This is money that is meant for a purpose and we will ensure that that purpose is achieved to the benefits of the country,” he said.

The Coastal and Inland Shipping Act 2003, otherwise known as the Cabotage Act, requires a ship owner to raise 15% of the capital needed to acquire a vessel for cabotage operation while NIMASA and the PLIs will provide 50% and 35% respectively as loans for the purpose.

RELATED ARTICLES

11PLC heads to S’Court over sale of Lagos  Continental Hotel

The statement  signed by a senior legal officer of the company, Samuel Ozeh further disclosed that the parties have also filed a motion for stay of execution of the Appeal Court's  judgement, pending the determination of the suit by the Supreme  Court.

Buhari approves disbursement of cabotage vessel financing fund

The Minister of Transportation, Engineer Mu’azu Jaji Sambo who made the announcement at a press conference at the weekend said that the Presidential approval received by the Ministry on Friday confirmed Union, Zenith, Polaris, UBA and Jaiz Banks as the appointed Primary Lending Institutions for the disbursement of the funds.

Nigeria, Morocco, five other W/African Countries sign on Gas Pipeline Project

NNPCL in a series of tweets, said Nigeria's @nnpclimited, Morocco's ONHYM and the nations of Ghana, The Gambia, Guinea, Guinea Bissau & Sierra Leone, signed an MoU on the gas pipeline project

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Transcorp Power adds 138MW to national grid, commissions rehabilitated GT Unit 20

Chief Executive Officer, Transafam Power Limited, Engr. Vincent Ozoude, expressed delight about the newly rehabilitated unit, which is able to power up to 100,000 homes in a year. 

Fuel scarcity: Oil workers threaten action, want fuel available at approved price

The union in a statement, urged the NMDPRA to compel all marketers and retailers to make the products available at approved price. 

Friesland Campina reconnects to Ikeja Electric after 22 years 

According to the Acting Head of Corporate Communications Ikeja Electric, Kingsley Okotie, the reconnection of Friesland Campina back to the grid was achieved through relentless effort of the Business Optimization team of Ikeja Electric.  

Egbin Power, Sahara Foundation upgrade Ijede Police station

The project, according to a statement, is in keeping with Egbin Power’s commitment to enhancing infrastructure development, socio-economic growth, and effective policing to promote safety and security in the company’s host communities.

Recent Comments