The Ship Owners Association of Nigeria (SOAN) has called on the Federal Ministry of Marine and Blue Economy not to disburse the $700 million Cabotage Vessel Financing Fund (CVFF) to all indigenous ship-owners, stating that not all ship-owners qualify to apply for the fund.
Speaking with the Nigerian Tribune in an exclusive chat, President of SOAN, Mr. Sonny Eja stated that any indigenous ship-owners without a valid contract shouldn’t bother applying for the fund.
According to Mr. Sonny Eja, “I was at an event two days ago, and I said, yes, that the plan to disburse the CVFF is a welcome development. But there must be very, very strict measures put in place for people accessing these funds, so that these funds are not diverted for other purposes.
I am not saying that people that would apply for this facility would be very irresponsible not to use it judiciously. That’s why I am happy that the Bank of Industry (BOI) is involved.
“We had a very successful outcome with the Nigerian Content Development and Monitoring Board (NCDMB) intervention fund and I believe also that this is going to be very successful because measures will be put in place to ensure that these funds that will be disbursed, the beneficiaries will be able to pay back. I don’t expect people to be funny with the funds in terms of getting these funds, and then diverting it for other purposes
“I believe that if you have not identified a vessel that you want to acquire, or a tanker, there’s no need wanting to access the CVFF. Also, If you don’t have a valid contract, don’t bother applying for the CVFF. It shouldn’t be a case of, I want to just acquire this vessel, and then begin to source for a contract. How do you intend to pay back?
