• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Cabotage Fund Hits N145.2bn

... As disbursement stalls 20 years after establishment

by Yusuf Babalola
3 years ago
in Business
Cabotage Fund
Share on WhatsAppShare on FacebookShare on XTelegram

The Cabotage Vessels Finance Fund (CVFF), and intervention fund created for the development of the indigeneous shipping sector has hit N145.2billion ($350million at an official rate of N415/$).

Advertisement

The CVFF, created in 2003 under the Coastal and Inland Shipping Act 2003, is a pool of funds derived from two per cent of every contract awarded under the Cabotage regime, which covers shipping activities within the inland and coastal areas of the country and was designed to enable indigenous shipping lines to acquire vessels to enable them compete with their foreign counterparts.

This is given that the Cabotage Act 2003 provides that all vessels for shipping activities within the inland and coastal shipping must be built in Nigeria, owned and manned by Nigerians. The Act has a waiver clause, which allows the deployment of foreign vessels in case there is no indigenous vessels, among others.

Speaking over the weekend, the minister of state, Transportation, Gbemisola Saraki, who assured indigenous shipowners of disbursement noted that it was rather a shame that no indigenous shipowner has been able to access the fund that was designed to enable them acquire vessels nearly 20 years after.

She however assured that the fund was still intact contrary to speculations in some quarters that it may have been misappropriated, which is suspected to be the primary reason for its non-disbursement after several years of selection, pre-qualification and shortlisting of eligible beneficiaries, none of which is yet to access the revolving loan facility several years after.

RELATED

Federal Gov’t Gives IBEDC 7 Days To Reinstate Sacked 3,000 Workers

AMCON Begins Asset Resales, Sells IBEDC For N100bn

8 hours ago
JUST-IN: NCAA Suspends All 737 Aircraft In Max Air Fleet

NCAA Names Max Air ‘Most Unresponsive Domestic Airline’ To Passenger Complaints

12 hours ago

The minister disclosed that the guidelines for the disbursement of the fund have been formulated and would soon be presented to the National Assembly for approval, which would immediately be followed by the actual disbursement of the funds to the already shortlisted beneficiaries.

On the allegation that the Federal Ministry of Finance at some point directed that the fund should not be disbursed, she noted that it was not about the Finance Ministry, it is rather more of securing approval of the guidelines for the disbursement from the National Assembly, which would be done in no distant time.

“It is really very disheartening that the fund has not been disbursed but we will work with the National Assembly to ensure its disbursement; just watch, it has to be disbursed, especially with the coming on stream of the African Continental Free Trade Area AfCFTA. In the course of this visit, I have also interacted with so many stakeholders including the indigenous ship owners. I know the number of vessels that Nigerians had 10 years ago and I know how many they have now.

“It is really a shame that this fund has not been disbursed, I learnt the value is $350million now and I am not sure any part of it is missing. We will work with the National Assembly to pass the guidelines. It is not really about the Federal Ministry of Finance but I think it is more of the political will to disburse it and I think we have the political will to do so”, the Minister also assured.

Recall that the immediate past minister of Transport, Rotimi Amaechi had sometime in 2020, set up a committee to develop fresh guidelines for the disbursement of the fund. Part of the new guidelines was that only indigenous ship owners, who have contributed to the fund are eligible to access the loan.

Headed by the then director general of the Nigerian Maritime Administration and Safety Agency NIMASA, Dr. Dakuku Peterside, other members of the CVFF committee include chairman of Nigerian Ship Owners Forum, Margaret Orakwusi; vice chairman, C&I Leasing, Emeka Ndu; then managing director, Starz Marine, Greg Ogbeifun; and president, Nigerian Shipowners Association NISA, Aminu Umar, among others.

The former DG had assured that the agency was in talks with the Central Bank of Nigeria CBN on how to make funds available to operators in the maritime industry, adding that the agency was also working with the supervising ministry, the Federal Ministry of Transport to ensure that the CVFF was disbursed to qualified applicants using a single digit interest rate.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Cabotage Fund
SendShareTweetShare
Previous Post

Green Infrastructure: Nigeria, AfDB, Others Sign Agreement On Fund Mobilisation

Next Post

Yellow Dot CEO, Bolarinde, Takes Arty Expressions To Eko Atlantic

Yusuf Babalola

Yusuf Babalola

You May Like

Federal Gov’t Gives IBEDC 7 Days To Reinstate Sacked 3,000 Workers
Business

AMCON Begins Asset Resales, Sells IBEDC For N100bn

2025/07/03
JUST-IN: NCAA Suspends All 737 Aircraft In Max Air Fleet
Business

NCAA Names Max Air ‘Most Unresponsive Domestic Airline’ To Passenger Complaints

2025/07/03
Savannah Energy Empowers 100 Students
Business

Savannah Energy Empowers 100 Students

2025/07/03
BIC Reaffirms Commitment To Youth Empowerment Through Creative Initiatives
Business

BIC Reaffirms Commitment To Youth Empowerment Through Creative Initiatives

2025/07/03
Ecobank Nigeria To Reward  500 Customers
Business

Ecobank Group, Google Cloud Partner To Accelerate Financial Inclusion, Innovation Across Africa

2025/07/03
Don’t Rush Into Businesses You Know Nothing About, Stakeholders Warn Retirees
Business

Businesses Sustain Positive Growth Momentum Despite High Prices

2025/07/03
Leadership Conference advertisement

LATEST

NFF, Super Eagles Mourn Legendary Goalkeeper Peter Rufai

Tinubu Mourns Ex-Super Eagles Goalkeeper Peter Rufai

‘My Party, Our Party Now Is ADC’, Ihedioha Tells Supporters, Followers

JUST-IN: Abducted Bayelsa Judge Regains Freedom

Dantata Lived A Life Of Impact — Tinubu

BUK Appoints Professor Haruna Musa As New VC

‘I Love Nigeria’, 11 Other Associations Seek INEC Registration As Political Parties

‘Let’s Walk From Airport To Port Harcourt And See’, Amaechi Challenges Wike To Popularity Contest

Court Sentences 2 Businessmen To 10-year Imprisonment For Fraud

Federal Gov’t To Honour 250 Nigerians At 65th Independence Anniversary 

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.