Fashion
Dantsoho election as PMAWCA new Chair excites Oyetola
Fashion
NIMASA shops for qualified banks to kickstart disbursement of CVFF
–calls for expression of interest from PLIs
– pegs interest rate on loan to single digit
— PLIs to provide 35 percent counterpart funding
— CVFF beneficiary to provide 15 per cent equity contribution
NIMASA to provide 50 percent
Funso OLOJO
The Nigerian Maritime Administration and Safety Agency(NIMASA) has kick started the process of disbursement of the controversial Cabotage Vessel Financing Fund(CVFF) as it has called for expression of interest from interested but qualified Primary Lending Institutions(PLIs).
In its public notice, NIMASA invites Deposit Money Banks( DMBs) which are duly licensed by the Central Bank of Nigeria(CBN) as well as Local and foreign Development Financial Institutions (DFIs) to apply for accreditation as Primary Lending Institutions (PLIs) under the Cabotage Vessel Financing Fund (CVFF).
According to the public notice, successful PLIs are expected to liaise with NIMASA to determine the Risk Acceptance Criteria for applicants in utilizing the CVFF via direct disbursement and/ or by issuing guarantees.
The PLIs are also to participate in providing counterpart financing for the specific transaction(s).
Other functions of the PLIs under the disbursement of the CVFF include adequately structure and secure the joint Lenders'(CVFF and the PLIs) exposure to beneficiaries, primary involvement in loan monitoring and management while ensuring, among other things, adequate and timely repayment of the credit facility extended, bearing the entire credit risk of the entire transactions and any other financial advisory or ancillary services as the CVFF may determine from time to time.
In addition, the PLIs are required to assess(with verifiable evidence) that the indigenous maritime operators, requesting funding under this scheme, can provide a minimum equity contribution of 15 per cent of the credit facility request.
Also, the PLIs should be committed to contribute a counterpart funding of a minimum of 35 percent of the credit facility request and should be committed to providing the counterpart funding at a Weighted Average Single Digit interest rate.
All applications from the interested banks and other financial institutions should reach the office of the Director -General of NIMASA,Dr Dayo Mobereola not later than 2 pm on Tuesday, December 3rd, 2024.
-
Headlines3 months agoEx-NIWA boss, Oyebamiji, emerges most media-friendly CEO in maritime industry
-
Headlines4 days agoFIFA sends Nigeria’s Super Eagles to 2026 World Cup, awards boardroom scoreline of 3 goals to nil against DR Congo
-
Headlines3 months agoMARAN pulls industry’s stakeholders to unveil its iconic book on Maritime industry.
-
Customs3 months agoHow Comptroller Adenuga is raising revenue profile of Seme command, facilitating regional trade.
-
Headlines3 months agoOndo govt inaugurates former NIMASA Director, Olu Aladenusi, as Special Aide on Marine and Blue Economy
-
Headlines3 months agoNigeria showcases readiness for compliance with IMO decarbonization policy at Brazil conference

