Dr. Bashir Jamoh, DG, NIMASA

Contrary to popular  and widely held views and insinuations that the Cabotage Vessel Finance Fund, CVFF, belongs to Nigerian Ship Owners, the Executive Director, Maritime Labour and Cabotage Services at the Nigerian Maritime Administration and Safety Agency, NIMASA, Engr. Barr. Victor Ochei has countered such views, describing such beliefs as misconception and lack of understanding of the provisions of the Cabotage Act.

Addressing issues raised by Journalists at a media parley in Lagos, Ochei said the 2% Surcharge paid by shipping service providers into the CVFF is akin to tax and could therefore not be regarded as funds belonging to Ship Owners.

According to the Executive Director, private funds do not go into government coffers.

“From when the Treasury Single Account, TSA, was introduced, all funds by whichever name called have moved into the TSA”.

“By that national arrangement, NIMASA is not even in charge of the CVFF, this is the reality which maritime stakeholders have to come to terms with” Ochei said.

Giving a breakdown of the makeup of the CVFF and it currency components, the ED, disclosed that as at the last update received by nimasa, the Dollar component stood at $200m and N32b.

“Like i said, the CVFF is warehoused in the TSA. Payments made by International Oil Companies, IOCs and others go straight into the Fund and we do not gets daily updates”

“As it is, even if we (NIMASA) want to do anything with or through the CVFF, we will have to apply for and get approval before doing anything”, Engr. Ochei reiterated.

Over the years, Nigerian Ship Owners have clamoured for the disbursement of the CVFF insisting that the CVFF is money contributed by them for them.
The CVFF was at a point in time was described as “OSUSU” money by indigenous ship owners.

Whether the clarifications and insight given by Engr Ochei addresses the issue of disbursement of the Fund or opens another round of debates on the 17 year old fund is definitely a matter of great interest to Nigerian maritime stakeholders.

Expectedly, the last may not have been heard on the controversial CVFF.