BULLS: Another CVFF Approval
Several months after the Minister of Transportation, Hon. Rotimi Amaechi announced that the Transport Ministry had obtained Presidential approval to proceed with the disbursement of Cabotage Vessel Finance Fund (CVFF), the Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that it had secured approval for the disbursement of the Cabotage Vessel Financing Fund (CVFF), saying only the fine details of the scheme were being considered before commencement of pay-out.
Industry observers and ship-owners have become perturbed with these incessant assurances and approvals. When precisely would CVFF be disbursed? Where did NIMASA get the approval it announced on Thursday, last week when the President already gave an approval several months ago?