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House of Reps gives NIMASA green light to disburse CVFF –appoints audit firm to coordinate, monitor  disbursement

Hon. Legor Idagbo
The eyewitness reporter
The House of Representatives has given the Nigerian Maritime Administration and Safety Agency (NIMASA) a clean bill of health over the controversial Cabotage Vessels Financing Funds(CVFF) and consequently directed the agency to disburse the funds.
It would be recalled that the lawmakers, a few weeks ago, halted the planned disbursement after long and painstaking groundwork made by the Ministry of Transportation and NIMASA towards the disbursement process.
The House had raised concerns over the funds, said to be about #700m, and decided to ask its committee on Nigerian Contents Development and Monitoring to investigate the funds.
This followed a motion during its sitting last month on the matter and subsequently directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to stop the planned disbursement of the fund.
However, after concluding its investigation, the House found tenable the need to disburse the funds to the eligible indigenous ship owners.
Addressing journalists in Abuja Thursday, the Chairman of the committee, Hon. Legor Idagbo said that its investigations indicated that due process was followed, informing that the disbursement can now be made.
“The House of Representatives at its sitting on Tuesday, 4 May 2023, deliberated on a motion on the Planned Disbursement of $700 Million Cabotage Vessel Finance Fund, and investigate the Total Accrual of the Fund, and referred same to the House Committee on Nigerian Content Development and Monitoring to, amongst other resolutions, investigate and urge the Nigerian Maritime Administration and Safety Agency (NIMASA) to immediately stop the planned disbursement of $700 million to Nigerian citizens and companies and to lay before the floor of the House, an audited statement of account showing all monies that have accrued to the Cabotage Vessel Finance Fund not later than fourteen (14) days from the date of this resolution.
“The Committee requested the Nigerian Maritime Administration and Safety Agency and the Ministry of Transportation to provide detailed information on the total amount accrued to the Fund and disbursements since inception.
“The Committee met with the Minister of Transportation and the Director-General of the Nigerian Maritime Administration and Safety Agency ({NIMASA) on Thursday, 11 May 2023 to find out about the details concerning the matter.
” After a thorough analysis of the various submissions on the matter coupled with the explanations given by the Ministry and NIMASA, the Committee discovered that due process was followed in the planned disbursement of the Cabotage Vessel Finance Fund.
“The Committee notes that the Cabotage Vessel Finance Fund (CVFF) is a fund that was set up in 2003 by the Coastal and Inland Shipping Act.
” The Fund was established for the purpose of developing indigenous ship acquisition capacity, and to provide financial assistance to indigenous shipping operators.
“The Committee further notes that there is a lack of Capacity amongst indigenous/ Domestic Coastal operators in Nigeria, thus the reason Nigerian National Petroleum Corporation Limited (NNPC) still awards contracts to foreign shipping Companies in contravention of the Cabotage and Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
“Some of these awards have been previously investigated by the Committee which led to their cancellation.
“It was also discovered that the total funds of $360m in the Cabotage Vessel Finance Fund (CVFF) account with the Central Bank of Nigeria (CBN) represents 50%, while the remaining counterpart funds of 50% is from stakeholders and Banks which is 15% and 35% respectively.
“NIMASA should go ahead with the disbursement of the Cabotage Vessel Finance Fund (CVFF) in compliance with the extant laws and laid down guidelines for the said disbursement.
“To ensure the disbursement does not violate any of the extant laws made by the National Assembly, the following persons were nominated to supervise the disbursement process:
“Rt. Hon. (Barr.) Legor Idagbo  – Chairman ii. Hon. Henry Nwawuba – Member iii. | Mrs. Kehinde Bolade Olaiya – Committee Clerk.
“An Audit firm, Stratford Hill and Co. was appointed by the committee as the coordinating enforcement auditor for the CVFF.
“The Committee applauds NNPC for its commitment to awarding the shipping contracts to indigenous companies that have built capacity to the level where they can successfully execute these contracts.
“The Committee is grateful to the leadership of the House for the confidence bestowed on it to carry out the investigation”.
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Customs

Group confers “continental” award on Adeniyi over customs’ phenomenal revenue record

Adeniyi, CGC
Funso OLOJO
The Comptroller General of the Nigeria Customs Service, C.G.C Adewale Bashir Adeniyi, has been nominated and approved to be honoured with “The Continent Man of The Year 2024” Award by Board of Editors and Publishers of Continent magazine.
This resolution was announced by the spokesman of the group, Mr David Oladimeji, at the end of group’s meeting held on Friday, September 13th, 2024 in Abuja.
The meeting was organized by” The Continent “Magazine to deliberate on a personality and organisation deserving of the Award.
The Board’s attention was drawn to the statement made recently by former governor of the Central Bank of Nigeria (C.B.N) and sitting Governor of Anambra state, Prof Chukwuma Soludo,who told his constituents in Awka that the Customs and F.I.R.S have sustained the nation’s economy from collapse since February this year, when the NNPCL stopped remittance of statutory revenue to the Federation Account for onward disbursements to the three tiers of governments.
Oladimeji said “the Board noted that this is not an easy task to be achieved under the astute and dedicated leadership of C.G.C Adeniyi, considering the fact that the Customs and it’s officers have been perceived by the public as corrupt and fraudulent”
” In a bid to commend and encourage leaders of the customs and F.I.R.S as well as their lieutenants not to rest on their oars, the Board resolved to honour the C.G.C, his Command Controllers and Revenue Collectors who had made significant sacrifices and excelled in their national anti-smuggling, revenue collection assignments with “The Continent Man of The Year” and “Pillars of Nigerian Economy 2024″ Awards”
As plans are geared towards the  celebration of the international and national icons at a date to be announced soon, “The Continent” special edition will publish the profile and achievements of the deserving recipients that earned them recognition and honour.
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Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with  the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

The Director General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba, made this disclosure during a visit by the Management of the Bank of Industry, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.

 He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”
He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%)

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Headlines

NIMASA secures support of Bank of Industry for enhanced capacity building in maritime industry

Funso OLOJO

The Nigerian Maritime Administration and Safety Agency (NIMASA) has broker a partnership with  the Bank of Industry (BOI) to enhance its capacity building effort in the maritime industry.

The Director General of NIMASA, Dr. Dayo Mobereola, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba, made this disclosure during a visit by the Management of the Bank of Industry, led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.

 He stated, “In addition to safety, security, and maritime labor, the Agency’s mandate encompasses capacity development aimed at growing the sector.”
He also reaffirmed the Agency’s commitment to collaboration as a vital tool for achieving its mandate.

“The aim is to actualize the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy”, he said.

On her part, the Executive Director of Large Enterprises at BOI, Mrs. Uz’Okpala, affirmed the Bank’s readiness to support NIMASA.

She also emphasized the importance of collaboration in implementing a robust capacity-building initiative that will contribute to economic growth in Nigeria.

Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation.

It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).

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