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.

Fashion

Dantsoho election as PMAWCA new Chair excites Oyetola

— says feat is global recognition of reforms in maritime industry

Funso OLOJO

The Minister of Marine and Blue Economy, Adegboyega Oyetola has expressed happiness over the election of the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho over his election as the first Nigeria to lead Port Management Association of West and Central Africa (PMAWCA.

Dantsoho was elected as the chairman of the Continental maritime body during the closing ceremony of the 44th annual council and 19th roundtable of Directors General of PMAWCA in Conakry-Guinea.

Oyetola described the election of Dantsoho as a global recognition of the government efforts to revamp the Nigerian Maritime industry.

The Minister said the recognition will further fuel Nigeria’s effort to reclaim its maritime global relevance under President Bola Tinubu’s renewed hope agenda.

He said the political will of the President to create the Ministry of Marine and Blue Economy is a monumental step towards harnessing the vast untapped potentials of Nigeria’s maritime sector.

“I congratulate Dantsoho for his election, it is a responsibility that I am sure he can deliver on.

“His election has proven the renewed hope agenda of Mr President to turn around the port economy by creating the Marine and Blue Economy was a step in the right direction.

“President Bola Ahmed Tinubu to create the Ministry is a monumental step towards harnessing the vast untapped potentials of Nigeria’s maritime sector.

” This decision is not only a demonstration of the President’s deep understanding of the economic possibilities of the sector, but also a clear indication of his political will to ensure that Nigeria reclaims its rightful place as a key maritime player globally” Oyetola declared.

In his acceptance speech, Dantsoho said the recognition represents a significant milestone in the continuing march of West and Central Africa Maritime states towards global competitiveness and delivery of world class services.

He added that the Nigerian government commitment to a revolutionary turnaround of Nigeria’s maritime industry, has been characterised by reforms in critical segments of the industry, including port rehabilitation and modernisation, infrastructure, digitisation and automation.

These measures, he added, would undoubtedly boost operational efficiency as well as revenue generation, while augmenting the federal government’s efforts to diversify the economy by boosting non-oil exports.

According to him, “It is with great honour and privilege that I stand before my friends from the countries of West and Central Africa today to accept the mantle of leadership of our great association, PMAWCA and to serve as its chairman.

“I would like to seize this occasion to affirm Nigeria’s will and determination clearly demonstrated by the Hon Minister of Marine & Blue Economy Alhaji Adegboyega Oyetola in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu to sustain the momentum established by my predecessor Mr Martin Boguikuoma, Managing Director of Gabon Ports Authority and to continue to put all efforts needed in order to further consolidate the economic cohesion of the region and to actualize the interests of member ports.

While calling for collaboration among member states, he said it is only through robust commitment and collaboration that mandates can be achieved.

“Therefore, I will be seeking your usual cooperation and advice in helping to ensure that we continue to develop the maritime sector in our various countries and the West and Central African sub-region in general.

“Recalling our deliberations at the Board of Directors meeting, the need to relocate the PMAWCA headquarters to a more visible and befitting place in lagos Nigeria, the training needs of the Association and the PCS is dear to my heart and will do my very best in this direction to achieve these goals,” he said.