Cabotage Fund Not For Politicians —NIMASA DG

No Nigerian politician, under whatever guise and no matter how highly placed, would be allowed to access the Cabotage Vessel Financing Funds (CVFF), a loan syndication scheme dedicated to empower Nigerian Ship Owners under the cabotage regime.

This pronouncement was made by Patrick Akpobolokemi, the Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA) recently while recounting the enormous pressure he claimed he had been subjected to by powerful Nigerians who wanted to benefit from the Cabotage loan.

Apparently, some smart Nigerian politicians had been jostling to avail themselves of what they considered a national cake through their associates in the maritime industry.

Akpobolokemi, who was addressing the press on the latest successful onslaught on illegal bunkering activities in Nigerian waters, vowed to resist any pressure to disburse the funds to those who may not use it for what it was meant.

“Politicians see the funds as a bonus and I have resisted all manner of pressure to disburse the funds so far,’’ he stated.

He pledged to personally get involved in the process of disbursement to ensure that the money does not get into the hands of opportunists.

‘’Everybody is scrambling for the money but we are carefully scrutinising all applications. I shall personally inspect the facilities and other logistics of all the intending beneficiaries to ensure that those who eventually get the loans use them for the purpose they are meant’’, Akpobolokemi declared.

He said he would not completely leave the disbursement process to the four banks which have been appointment to administer the funds without interference.

“What happens to the loans if any of the banks go under? NIMASA will then be left to carry the loss alone if the beneficiaries are not properly screened to ascertain the genuineness of their purpose,’’ the NIMASA strongman said.

He appealed to intending beneficiaries to exercise patience as the agency was doing all it could to ensure that the loan scheme does not go the way of the previous efforts when huge sum of money loaned out under the Ship Building and Ship Acquisition Funds (SBSAF) could not be recovered.