The House of Representatives has asked the Nigerian Maritime Administration and Safety Agency (NIMASA) to stop its plan to disburse the sum of $700m Cabotage Vessel Finance Fund (CVFF) to indigenous shipowners.
At the plenary on Tuesday, members of the House resolved to direct the Committee on Local Content to “immediately commence investigations of the Cabotage Vessel Finance Fund to determine all monies that have accrued to the Fund since its establishment in the year 2003 and report to the House within seven days.”
The House also directed the committee to engage an external auditor to audit all contracts that have been entered into in the cabotage regime and report the same to the House within seven days.
The lawmakers also resolved to “direct NIMASA to immediately stop the planned disbursement of $700m to Nigerian citizens and companies,” asking the agency to lay before the House, an audited statement of account “showing all monies that have accrued to the Cabotage Vessel Finance Fund not later than seven days from the date of this resolution.”
Furthermore, the House resolved to invite the Minister of Transport, Muazu Sambo; and the Director-General of NIMASA, Bashir Jamoh, “to report to the House Committee on Local Content on the state of the Cabotage Vessel Finance Fund and how the funds have been applied over the past 20 years.”
These resolutions were sequel to the unanimous adoption of a motion of urgent public importance moved by a member of the House, Henry Nwawuba, titled ‘Urgent Need to Stop the Planned Disbursement of $700m Cabotage Vessel Finance Fund, and Investigate the Total Accrual of the Fund.’