Digital application process:
Applicants can apply from anywhere in the world using a smartphone or computer via the CVFF application portal.
Application through approved banks (PLIs):
Applications are submitted through pre-qualified Primary Lending Institutions (PLIs), including First Bank, Zenith Bank, UBA, Union Bank, Fidelity Bank, Bank of Industry, and others selected through a transparent process.
Eligibility requirements:
Applicants must present a bankable feasibility study, contribute a minimum of 15% equity, demonstrate managerial and operational competence, provide acceptable collateral, and meet other CVFF requirements.
Bank-led credit assessment:
The chosen PLI conducts its own credit review using internal processes and timelines, committing at least 15% of the facility.
Funding structure:
CVFF can participate up to 70% of the financing, capped at $25 million or its equivalent, while credit risk rests primarily with the bank.
Issuance of term sheet:
Once the bank is satisfied, a formal term sheet is issued, defining the structure of the transaction.
NMASA due diligence:
The CVFF Secretariat and appointed advisers at NMASA conduct due diligence and eligibility checks.
Certificate of eligibility:
NMASA issues a certificate of eligibility to qualified applicants, ensuring transparency and compliance.
Executive and ministerial approval:
NMASA obtains internal approvals and seeks final consent from the Minister of Marine and Blue Economy.
Offer letter issuance:
After approval, a substantive offer letter is issued to the applicant, outlining terms and conditions.
*Fund disbursement:
Upon meeting all legal, financial, and operational conditions, NMASA disburses funds to the PLI within 72 hours of a valid request.
Strict use of funds:
Funds are deployed strictly for the approved transaction purpose under the supervision of the PLI and NMASA.
Repayment and monitoring:
Repayment begins as scheduled, with interest income remitted back to the CVFF. Continuous monitoring and reporting are carried out.
Risk management and recovery:
In case of default, recovery is handled by the PLI with institutional support from NMASA.
Completion of transaction:
At maturity, successful applicants are formally discharged, the transaction is closed, and indigenous maritime capacity is strengthened.
