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    Export: Customs set to facilitate more trade through AfCFTA, AGOA says Adeniyi

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        Export: Customs set to facilitate more trade through AfCFTA, AGOA says Adeniyi

        Trade Matters: Customs Service tackles malpractices in bonded warehouses

        Customs, NAFDAC inaugurates Implementation Committee of signed 2024 MoU

        Customs, NAFDAC inaugurates Implementation Committee of signed 2024 MoU

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        Nigeria Customs intercepts container laden with over 10,000 Donkey genitals

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        Customs hosts Igbinedion University students on educational excursion

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        NDLEA Edo State Commander advocates entrepreneurship to combat cultism and drug abuse

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        Export: Customs set to facilitate more trade through AfCFTA, AGOA says Adeniyi

        Trade Matters: Customs Service tackles malpractices in bonded warehouses

        Customs, NAFDAC inaugurates Implementation Committee of signed 2024 MoU

        Customs, NAFDAC inaugurates Implementation Committee of signed 2024 MoU

        Nigeria Customs intercepts container laden with over 10,000 Donkey genitals

        Nigeria Customs intercepts container laden with over 10,000 Donkey genitals

        Customs hosts Igbinedion University students on educational excursion

        Customs hosts Igbinedion University students on educational excursion

        NDLEA Edo State Commander advocates entrepreneurship to combat cultism and drug abuse

        NDLEA Edo State Commander advocates entrepreneurship to combat cultism and drug abuse

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        Oyetola Begins ‘door-to-door’ diplomacy for Nigeria’s IMO Council campaign

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        NDLEA Edo State Command arrests 37, recovers 345.421 kg of drugs

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          NIMASA Dock Deep Blue Vessel at Nigerdock – DG NIMASA

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          CVFF: Minister meets MD/CEOs of PLIs, seeks concerted effort to actualise quick disbursement

          onepageafrica by onepageafrica
          February 24, 2023
          in At The Marina Today, Economy, Lifestyle, News, Society
          0
          CVFF: Minister meets MD/CEOs of PLIs, seeks concerted effort to actualise quick disbursement

          L-R: Surajo Salisu, MD Jaiz Bank, Adekunle Sonola,MD/CEO Polaris bank, Adaora Umeoji, DMD Zenith Bank, Mu’azu Jaji Sambo, Honourable Minister of Transportation, Oliver Alawuba, GMD UBA, Joe Mbulu, ED/CFO Union bank.

          Share this

          The Minister of Transportation, Mu’azu Jaji Sambo, has called for a concerted effort by key stakeholders to make the quick disbursement of the Cabotage Vessel Financing Fund (CVFF) a reality.

          The Minister made the call in Abuja at a meeting with representative Heads of the Primary Lending Institutions, the MD CEO of Polaris Bank, UBA, Union Bank, Zenith Bank, Jaiz Bank, the DG NIMASA, the MD Shipping NNPC and other stakeholders.

          He reiterated that President Buhari had approved the immediate disbursement of the Cabotage Vessel Financing Fund (CVFF) through five primary lending institutions, namely Polaris, Zenith, Union, Jaiz and UBA banks.

          According to him, “The President also approved that the 2% charge that makes up the Cabotage Fund should continue to accrue to the CBN Treasury Single Account (TSA) and each time the account hits $50m, the Minister of Transportation should, on the recommendation of NIMASA, direct the CBN to release the amount to any of the five banks for disbursement.”

          The Minister noted that it had taken seventeen years to get presidential approval for the disbursement and charged the key stakeholders to expedite action on the necessary details to facilitate the quick disbursement of the funds.

          “We have received the approval of the President to disburse the funds.  It is now left for the key players to actualise the approval by the President,” he said.

          Sambo said the maritime sector would be a major income earner for the country if properly managed, adding that it was fulfilling for him to lead the historic process of disbursing the Cabotage Funds.

          Section 44 part VIII of the Cabotage Act 2003 provides for the establishment of the Cabotage Vessel Financing Fund (CVFF) and a 2% deduction on cabotage-protected trade earnings goes into the savings for the development of indigenous tonnage (ships) in Nigeria.

          The Bankers and other critical stakeholders had hours of closed-door deliberation after the minister’s remark, to chart out a clear course for the final disbursements in the coming days.

          Tags: BanksCVFFFederal Ministry of TransportationFinancingPrimary Lending Institutionsshipping development
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