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Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

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Vessel Acquisition: Buhari Approves Disbursement Of Cabotage Vessel Financing Fund

….Appoints Union, Zenith, Polaris, UBA And Jaiz Banks As Primary Lending Institutions

President Muhammadu Buhari, GCFR, has approved the immediate disbursement of the Cabotage Vessel Financing Fund, CVFF, to qualified Nigerians as part of the Federal Government’s commitment to grow indigenous capacity of Nigerians to own vessels.

 

The Honorable Minister of Transportation, Engineer Mu’azu Jaji Sambo who made the announcement at a press conference this weekend said that the Presidential approval received by the Ministry on Friday confirmed Union, Zenith, Polaris, UBA and Jaiz Banks as the appointed Primary Lending Institutions for the disbursement of the funds.

 

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, OFR, 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).

 

On his part, the Honorable Minister noted that the Ministry of Transportation has commenced liaison with the Minister of Finance and the Governor of the Central Bank of Nigeria, for the implementation of the Presidential approval.

 

His words: “The president of the Federal Republic of Nigeria, Muhammadu Buhari has approved my request for the disbursement of the Cabotage Vessel Financing Fund. It is my belief that finally we are going to break the 17-year-old jinx that has hindered the expansion of the maritime industry.

 

“We have made a case that the funds belong to you, the ship owners. Mr. President is a man who respects the law and is on the same page with us to proceed with immediate effect. We will be liaising with the Minister of Finance, Budget and National Planning and the Governor of the Central Bank of Nigeria (CBN) to work immediately for the approval.

 

“We have pledged to the president that they will continue to allow the funds to go into the Treasury Single Account, TSA; however, whenever the money hits the threshold of $50million, the CBN upon recommendation from the Nigerian  Maritime Administration and Safety Agency (NIMASA) and the Federal Ministry of Transportation, would be expected to transfer the funds to the Primary Lending Institutions.”

 

The CVFF was established alongside the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003, to empower indigenous ship owners to take control of the nation’s coastal and inland shipping business, otherwise known as Cabotage trade. Applicants of the Fund would make an equity contribution of 15 per cent while NIMASA would make an equity contribution of 35 per cent; and 50 per cent would be provided by the banks.

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Vigilantes Slain, Village Heads Abducted In Kaduna Attack

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In a tragic turn of events, it has been reported that a group of terrorists attacked Kakangi and Unguwan Matinja communities in the Birnin Gwari Local Government Area of Kaduna State, resulting in the deaths of eight vigilante members and two others.

Additionally, the village heads of Kakangi and Kisaya villages were abducted during the assault.

The attack, confirmed by resident Idris Khalid, occurred early on Thursday when armed individuals invaded the villages.

Among the victims in Kakangi were eight vigilante members, including Bala Kamba, Abdurrahman Musa (Ubale), Kabiru Dan Dugui, Hambali Abu, Aliyu Abu, Nura Jika (Maleka), Mubarak Musa (Dan Wamba), and Ikra Hantsi.

Khalid further disclosed that the two individuals who lost their lives in the Ungwan Matinja community, located under Gayam Ward, were identified as Christopher Abubakar and Isah Gambo.

He explained that the vigilantes came under attack while tracking the kidnapped victims, who had been abducted while en route to a burial ceremony between Kakangi and Sabon Layi.

The resident said “The vigilantes engaged the terrorists, killing scores of them but could not rescue the two traditional rulers and others.

“Normally, anytime there is a kidnap incident, the vigilantes always trail the terrorists to rescue the victims.

“It’s unfortunate that in the process, eight gallant officers of the vigilantes who have been sacrificing in ensuring the safety of our people were lost.”

The Public Relations Officer of the State Police Command, ASP Mansir Hassan, stated that they are actively investigating the matter to ascertain the truth, noting that the area where the incident occurred experienced network issues.

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Subsidy Removal, Currency Reforms Vital For Economic Revival – VP Shettima

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Vice President Kashim Shettima has called on Nigerians to exercise patience with President Bola Tinubu’s administration as it tackles the economic difficulties inherited upon assuming office.

He expressed confidence that the nation’s economy will witness substantial progress in the near future, leading to improvements in key areas such as inflation, income levels, GDP, poverty alleviation, and food security.

The appeal was made during the 2nd Chronicle Roundtable organized by 21st Century Media Services in Abuja on Thursday.

He said “Soon, Nigeria’s economy will experience significant growth once we’ve overcome these sacrifices. Positive changes will soon be evident across all economic indicators – inflation, per capita income, GDP numbers, poverty reduction, food security, and all aspects close to the hearts of our people.”

As the Guest Speaker at the roundtable, Vice President Kashim Shettima, through his spokesman Stanley Nwocha, elaborated on significant policy initiatives undertaken by the Tinubu administration.

These include the removal of petroleum subsidy, which he highlighted as a major issue prior to Tinubu’s leadership.

He emphasized the need for patience and time to tackle the substantial challenges, particularly the nation’s struggling economy, which was in a precarious state upon assumption of office.

Shettima said “We look forward to the positive impact on the economy that will be brought by some of our new initiatives in the oil and gas sector, creative arts sector, the newly rejigged steel and solid minerals sectors, our housing sector, the blue economy, and the digital sectors, to mention but a few.

“There is no doubt that there’s a time to plant and a time to reap. In between those times, we appeal for patience and seek collective sacrifice from all, especially from us. We wish there were a way to treat this ailment without surgery.”

In his address titled “Because These Shortcuts Are Not The Right Ways,” Vice President Kashim Shettima acknowledged the challenging nature of the decision to remove fuel subsidy, given its adverse effects on citizens’ lives.

However, he emphasized that it became a necessary choice when it was revealed that the previous administration of former President Muhammadu Buhari had not allocated funds for it in the 2023 budget.

He explained: “His Excellency, President Bola Ahmed Tinubu, chose the option that would save the life of the nation, instead of one that would merely prolong its imminent and predicted economic death. Before we took charge, the biggest elephant in the room was the question of fuel subsidy removal.

“We understood why our predecessor made the decision to remove it and refused to budget for it in their final fiscal year. The year before we took office, Nigeria’s debt service-to-revenue ratio had grown to 111.8%.

“The anticipated debt crisis may sound like fancy economic jargon to the man on the street, but you and I are in a better position to understand how such miscalculations have played out in other countries. It’s an economic death sentence.

“In plain terms, our debt servicing was such that if you earned, say, N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor. How do you intend to survive this, and how many more loans before you become a pariah?.”

“We are not even discussing the nation’s budget deficits, diversions of resources from critical sectors of the economy, and corruption masterminded in the subsidy regime.”

Recognizing the principle of government continuity, Vice President Kashim Shettima stated that any successor to the previous government would have faced the same choice: to navigate through the challenges or abandon ship, risking national collapse.

He noted that other presidential contenders did not find it ethically acceptable to criticize the removal of fuel subsidy, as it was among the solutions they had also proposed to the Nigerian people.

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Another Premium Under-Bridge Apartment Uncovered In Lagos

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It appears that these are the days of uncovering the premium habitats of ‘forcing guys’ with another under-bridge apartment exposed in the Ikoyi Area of Lagos.

On Thursday, Commissioner for Environment and Water Resources, Lagos State, Tokunbo Wahab, took to his verified X handle to shed light, via text and video clips, on another illegal settlement under the Osborne Bridge, Ikoyi, Lagos State.

Wahab wrote, “Another illegal settlement was discovered under the Osborne Bridge, Ikoyi.

“Lagos State Environmental Sanitation Corps #LAGESCOfficial (KAI) commenced immediate clearance operation.”

Biztellers had served a report of the initial discovery on Tuesday of a premium 86-room-under-bridge apartment, well partitioned into “10×10” to “12×10” with annual rents of up to N250,000.00

Netizens have been wondering who were behind the ambitious and illegal apartments, well in the heart of Lagos, with residents said to be of varied social and professional profile.

A man-about-town, Udeme Uyana, told Biztellers that he wouldn’t be surprised should more discoveries of such under-bridge apartments be made in Lagos.

He said, “There is a high level of illegality going on in Lagos and a lot of people want to cash in on whatever opportunities to make ends meet. Those living there, would have been struggling to cut transportation expenses of coming from the outskirts of Lagos to their jobs in the Island. While the builder and managers would have been well connected with the powers-that-be in Lagos, hence no arrests have been made.”

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