BEARS: CVFF: APC’s Money Bag?

The problems associated with the non-disbursement of Cabotage Vessel Finance Fund (CVFF) vary depending on who you ask. The Minister of Transport, Hon. Rotimi Amaechi insists that modalities must be put in place to ensure recipients of the fund don’t elope after collecting the money; the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside says the issue is beyond his ability and rightly so; but ship owners and the entire maritime sector continues to groan as CVFF is warehoused in the nation’s Treasury Single Account (TSA). The Minister has the prerogative to work out modalities for the disbursement of the fund but he remains nonchalant making industry observers express worry that the ruling party, All Progressives Congress (APC) is saving the over N1billion CVFF money for 2019 elections. While no ship owner has benefitted from CVFF, a similar purse called the Nigerian Content Fund is being operated by Nigerian Content Development and Monitoring Board (NCDMB) has seen about six ship owners benefit over $700million from the fund. If NCDMB’s fund which is 1% of ship owners and other oil and gas operators can work, why can’t CVFF work? The NCDMB is also warehoused in TSA so CVFF can’t enjoy that excuse.

Hmmmmmm……YEYE dey smell ooo!