...Calls For Comprehensive Audit Of Fund
Harboursandport: Lagos - September 11, 2024 - Transport management expert and Chairman/Chief Consultant, Global Transport Policy, Dr. Oluwasegun Musa, had alleged that the Federal Government and management of the Nigerian Maritime Administration and Safety Agency (NIMASA) have depleted the $360m Cabotage Vessel Financing Fund (CVFF) meant for empowering local shipping.
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| Dr. Segun Musa. |
The fund which is a two per cent contribution by local ship owners from every operation that they embark upon, was meant to be given back to the ship owners as loans to help them acquire new ships.
Speaking at the monthly Round Table meeting with stakeholders in the maritime industry put together by the Maritime Reporters Association of Nigeria (MARAN), Musa said the inability of NIMASA to disclose exactly how much has accrued to the fund since it's establishment back in 2003, gives room for suspension.
He therefore called for a comprehensive audit of the fund to determine how much has been contributed to the fund, who are those that have contributed and where the money is presently.
He explained that at various times, officials of NIMASA have given different figures as the total revenue collection by it into the fund.
On whether he has proof to show that the fund has been depleted, the transport expert said it is NIMASA that should come out to tell the world that it has carried out a comprehensive audited the CVFF and should make it known to Nigerians.
In his words, "Then talking about the CVFF, it is a very pathetic one. Sorry if I'm a bit emotional about it. For every rumor, there's always an element of truth in it. I remember vividly that at different forums, I've asked NIMASA, can you please audit the total collection up to date since the time they started collecting CVFF.
"If a company is unable to audit its account, there will be suspicion of fraud. If a country is unable to audit his account, there will always be suspicion of fraud or mismanagement.
"So if you say Musa said NIMASA cannot account for the CVFF collection, let them come out and tell you tomorrow, come and see the audited account.
"So that we can see when they start collecting, what has been collected so far and how much is in the account?
"If you are not transparent, it gives room for suspension.
"The money collected is not for the government to keep, the more you keep it you deprive this indigenous players and actors, the more you kill the maritime industry because they are not buying ships alone. They are also building capacity, they are doing technical transfer, they creating jobs and we will be moving more freight.
"So we are the one suffering as long as that money is being kept with the Central Bank of Nigeria (CBN). What's the essence of keeping the money when the money does not belong to you?
"Disburse it let those people start working and create opportunity for others that want to come into that industry. We have 1001 actors that would have turned around the marine industry, but because you are not giving them the capacity and the banks are not financing them, they can't come in.
"To buy a single ships, you need about three or four consortiums of strong banks to acquire a good vessel," he noted.
Recall that NIMASA in a press statement back in December 2022 had quoted the then Director General of NIMASA, Dr. Bashir Jamoh, to have announced that "the funds available for disbursement was slightly over ₦16 billion naira and $350 million dollars. In his words “What we have collected so far is in two folds made up of Naira and Dollar components. So far, the Funds available under the CVFF in naira component is around Sixteen Billion naira (₦16,000,000,000:00), while contributions in Dollar component hovers around the Three Hundred and Fifty Million Dollar mark ($350,000,000:00)."
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