February 13, 2025

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CVFF disbursement: Asu Beks writes Oyetola, condemns excuses behind years of delay

Veteran maritime journalist and publisher of Shipping World Magazine, Elder Asu Beks has voiced his disappointment over the prolonged delay in the disbursement of the Cabotage Vessel Financing Fund (CVFF), calling on the minister of Marine & Blue Economy, Adegboyega Oyetola to expeditiously take action and tackle the issue.

Asu Beks also drew the minister’s attention to the N50billion Floatiing Dock acquired by the Nigerian Maritime Administration and Safety Agency ( NIMASA) in 2018, which has since remained idle.

In an open letter to the minister at the weekend, Asu Beks emphasized the need for prompt disbursement of the CVFF fund to empower Nigerian shipowners and enhance their competitiveness in the global market.

He described as shameful Nigeria’s continued reliance on foreign shipowners for exports of its crude oil for over 60 years, since oil was discovered in Nigeria.

The veteran journalist also criticized the leadership of NIMASA for failing to provide a timeline for the disbursement of the fund despite being responsible for overseeing the process.

The letter reads in part, “Sir, I recall drawing your attention to some low hanging fruits which you could harvest from and how these will boost the confidence of the global community. For instance, I drew your attention to the need to revive the moribund Cabotage Vessel Financing Fund, CVFF, which has been in limbo since inception.

“It is totally unacceptable that the disbursement of the CVFF had, over the years, been plagued with unpardonable excuses by those statutorily empowered to effect its disbursement.

“Your Excellency sir, It is a shame that for more than 60 years since oil was discovered in commercial quantity in Oloibiri, Bayelsa State, we have continued to rely on foreign shipowners who dominate the export of oil crude. Sir, I find it difficult to reconcile the inability of previous occupants of your office to tackle this issue expeditiously.

“As a concerned stakeholder, I am yet to see any appreciable commitment by the current leadership of the Nigerian Maritime Administration and Safety Agency, NIMASA, whose duty it is to midwife the process.

“After almost a year in office, the current management team at NIMASA are yet to come up with any modalities or timelines for the disbursement of the Cabotage Vessel Financing Fund. Your Excellency, sir, it is your responsibility, as the supervising Minister to make team NIMASA realize how the prompt release of this fund will turn around the fortunes of Nigerian economy. It is totally unacceptable that NIMASA is offering Nigerians a graveyard silence on such an important issue.”

” Sir, are you also not disturbed that a critical asset such as the N50 billion NIMASA Floating Dock is yet to be put to use since it was acquired? Maybe the only plausible explanation anyone can give on this issue is that “Government property is no one’s property”. In saner climes, heads would have been rolling.”

Asu Beks also stressed the need for extensive public scrutiny of the Marine and Blue Economy policy document.

“Your Excellency, sir, it is true that after several weeks and months of deliberation, the final draft of the policy document of the Marine and Blue Economy is out and has been validated. But the said document, it appears, has not been subjected to extensive public scrutiny. For now, majority of stakeholders are yet to have official copies of the document.

“May I humbly request, Your Excellency, sir, that the Research and Documentation unit of your Ministry should be asked to print and distribute copies of the document to critical stakeholders, “.

He also urged Oyetola to expedite action on the proposed Shipping and Ports Economic Regulatory Agency bill currently awaiting concurrence at the Senate,having been passed into law by the House of Representatives in July last year.

“Your Excellency, sir, I will not conclude this letter without a mention of The Shipping and Ports Economic Regulatory Agency Authority Bill which was recently passed into law by the House of Representatives and awaiting concurrence in the Senate. We are aware that the Nigerian maritime domain is the only sector without regulation.

“We must, however, express our profound appreciation to you for mobilizing stakeholders in support of the bill which subsequently led to its passage.

“About six months have passed since the bill scaled through the lower chamber. It is time, once again, to mobilize towards the expeditions passage of the bill in the Senate. Your Excellency, sir, if you are able to achieve these milestones I have enumerated, your name would have been written in gold, ” he concluded.

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