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CVFF DISBURSEMENT: Despite NIMASA’s Ultimatum, No Ship Owner Qualifies Now, says Engr Greg Ogbeifun

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Engr Greg Ogbeifun

 

 

 

 

By Izuchukwu Ozoemena 

 

 

 

 

As NIMASA gives banks 72 hours to release modalities for the disbursement of the beleaguered Cabotage Vessel Finance Fund (CVFF), Falcon Watch Online recalls a recent caution by Engr Greg Ogbeifun, prominent ship owner and pioneer President, Ship-owners Association of Nigeria (SOAN) that for now, no ship owner can comfortably say he has a contract and this is the rate or the value of the contract, and ‘if I get money to build a ship, this is the opportunity I have to pay back’. No one can say that.”

 

Engr Greg Ogbeifun stated this, Monday, while sharing his thoughts on the current discussions by various ship-owner groups regarding the disbursement of the fund.

 

He spoke at the sidelines of the 9th edition of the African Shippers’ Day event hosted in Lagos by the Nigerian Shippers’ Council in collaboration with the Union of African Shippers Councils.

 

Engr Ogbeifun who is also the Chairman, Starzs Marine & Engineering Co Ltd and member, 2017 Ministerial Interim Management Committee that restructured and repositioned the Maritime Academy of Nigeria, Oron, was emphatic that for now, no ship owner is eligible to benefit from the CVFF if ever it is going to be disbursed.

 

Part of the requirements prescribed by the 2003 Cabotage Act, he told our correspondent, is that the ship owner working to qualify to draw from the Fund must have an existing contract and a viable credit history to convince all and sundry that he has capacity for repayment.

 

“No indigenous ship owner has valid contracts or is eligible for the fund, as many of them have gone bankrupt,” he disclosed.

 

On the talk of equity being canvased by various shipowner groups, he said that anyone talking about 15% equity to be provided by ship owners before accessing the fund is ignorant.

 

For now,  there is no guideline in place as required by law, taking cognizance of the Treasury Single Account (TSA) policy of the Federal Government.

 

Ogbeifun said the current guideline on CVFF disbursement came into being during the tenure of Alhaji Idris Umar as Minister of Transportation. But as it stands now, the Federal Government’s Treasury Single Account regime makes it irrelevant.

 

Unless the Cabotage Act undergoes amendment in line with the requirements of the TSA regime and the Minister comes up with fresh guidelines for disbursement as per the Cabotage Act, anybody talking about disbursement will be breaking the law, Ogbeifun stated.

 

“I tell people that no company or ship owner is eligible to benefit from the CVFF.

 

“Starzs is not eligible too. This is because when I had a contract, and couldn’t get the money, a commercial bank funded the project and paid for the ship. The ship is working and I paid my rent. I don’t have a contract. It is like I want to go and borrow money to borrow a ship and almost all of us are in that situation.

 

“The new government came into place and says all monies of the commercial banks be moved to the TSA at the Central Bank of Nigeria (CBN). The ship owners are saying ‘our money is our private money and should not be in the TSA’.

 

“But it is there already. So, the government decided to lock it. Right now, no primary lending institution (PLI) or all those commercial banks they say they are nominating have the Cabotage fund with them to tell the government that they can now support and go by the terms of the government. So, if any bank is saying it is a PLI, it means they don’t understand what they’re getting into.

 

“Right now, there is no guideline in place as required by law by the current Minister taking cognizance of TSA. So now we have TSA, then how do we go about it? Anybody running around will be breaking the law, including the Minister. And those who are arguing to take the money and they don’t have contracts, how are they going to go about it?

 

“Maybe we should get to talk to ourselves and the only way forward is for the Honorable Minister to take the Act and understand what the Act says and form a small committee, bringing in banks, ship owners and industry players taking cognizance of the current situation and bringing up a guideline and changing the Act through the National Assembly. The conditions can be taken off and verified. Otherwise, government is going to take the money or they simply don’t know what they are doing”, Engr Ogbeifun said.

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Maritime Agencies

Distinguish Between Reclamation and Industrial Dredging, Dredgers’ Association Tells Works Minister.

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By

Minister of works, David Umahi

 

 

 

 

 

By Izuchukwu Ozoemena

 

 

 

 

The Dredgers’ Association of Nigeria (DAN) has advised the Minister of Works, David Umahi, to separate reclamation activities from industrial dredging so as not to confuse Nigerians over the two different types of economic activity.

 

Rising from an emergency meeting in Lagos, Wednesday, DAN took a strong exception to an accusation by the Minister that dredgers are responsible for the poor infrastructural state of Eko and Carter bridges in Lagos.

 

Disagreeing with the Minister’s position, Mr Richard Ntan, DAN’s General Secretary, submitted that there is no direct corelation between

dredging and bridge infrastructure.

 

“We wish to clarify that industrial dredging carried out by our members is not the cause of the damage observed in these structures,”

 

Industrial dredging, according to DAN, is highly regulated, focusing on areas in the creeks and centre of the Lagos lagoon far away from the bridges. Industrial dredging carried out by DAN members is a key essential for maintaining navigable waterways and smooth movement of vessels in and out of Lagos. It is crucial and contributes to growing the city’s economic development.

 

Industrial dredging, the association’s scribe further clarified, is not harmful to infrastructure such as bridges because the process is driven through a well-articulated environmental ecosystem assessment which ensures deeper waterways for large vessels. There is regulation through professional methods strictly supervised to minimise any negative impact.

 

However, the association called for thorough investigation of the ongoing reclamation dredging near Third Mainland Bridge as it is time to truly know the status of those who do reclamation dredging activities as against industrial dredging only members of DAN are known for.

 

“We at DAN support the Minister that reclamation dredging activities should not take place near bridges. It’s important that the Minister finds out the true picture of those dredging near bridges and also not lump us at the Dredgers Association of Nigeria with such operators,” Ntan stated.

 

Dredgers Association of Nigeria, he insisted, remains committed to the responsible conduct of dredging activities in Lagos and across Nigeria in full compliance with national regulations to ensure that operations and activities do not harm the environment or vital national infrastructure.

 

DAN, he added, shares in the Minister’s concerns about the need to preserve Nigeria’s infrastructure.

 

“We are dedicated to ensuring that all dredging operations are carried out in ways that support the nation’s economic growth while safeguarding critical infrastructure such as bridges”.

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Maritime Agencies

Enugu Trade Fair: NPA MD Markets Agency’s Simplified Export Processes That Favour Investors.

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By

NPA Managing Director, Dr Abubakar Dantsoho

 

 

 

 

 

By Izuchukwu Ozoemena

 

 

 

 

The Nigerian Ports Authority (NPA) is linking value creators in the remotest part of the hinterland with the farthest clusters of demand anywhere on the globe even as it strengthens the domestic economy by promoting balance of trade and establishment of the Export Process Terminals

(EPTs) to simplify the burdensome processes of exporting Nigerian goods.

 

Therefore, the NPA Managing Director, Dr Abubakar Dantsoho, implores the trading and investing public to explore the tailor-made simplified export processes and other vistas of opportunity available at the agency.

 

Dr Dantsoho made this call during the ‘NPA Special Day’ session at the 36th Enugu International Trade Fair, with the theme “Developing Nigeria’s Industrial Sector / SMEs for Economic Advancement and Global Recognition”.

 

He stated that as Nigeria’s foremost trade facilitation platform, the NPA is always proud to be associated with the noble cause that the Trade Fair represents, especially seeing that trade remains the most veritable tool for actualising most of Nigeria’s economic aspirations.

 

The doors of NPA, he assured stakeholders, are always open for partnerships even beyond the trade fair.

 

“I therefore want to warmly invite you to interact with our business development team at the NPA pavilion and to also visit our fully interactive online real time website www.nigerianports.gov.ng to access our growth offerings,” he announced.

 

Dr Dantsoho explained that the EPTs were conceptualized to serve as a one-stop-shop for cargo consolidation, stuffing, documentation, packaging, certification and onward shipment through electronic call-up to the Ports in quick turnaround time, thus eliminating the duplications and bureaucratic overlaps that previously rendered Nigerian exports uncompetitive in the international marketplace.

 

“To facilitate Port-Hinterland connectivity and create pathways for Small and Medium Scale Enterprises (SMEs) to play in the export value chain, the EPTs are to be linked with Domestic Export Warehouses (DEWs) in synergy with the NEPC and relevant partners.

 

“To align with the ease of doing business orientation of the Federal Government and the theme of the year’s fair “Developing Nigeria’s Industrial Sector / SMEs for Economic Advancement and Global Recognition”, we are aggressively simplifying our export processes to enable made-in-Nigeria goods transit through our Ports as seamlessly as possible.”

 

The NPA MD further disclosed that to achieve the goal, the agency is eliminating human interface which encourages underhand dealings by pursuing the full automation of NPA processes and procedures through the Ports Community System (PCS) which lays the groundwork for the implementation of the National Single Window (NSW).

 

“For clarity, the NSW is the global best practice for delivering the greatest value with the greatest ease by connecting all stakeholders in the trade value chain for seamless interaction at the push of a button,” Dr Dantsoho said.

 

Dr Dantsoho commended the Enugu Chamber of Commerce, Industry, Mines & Agriculture (ECCIMA) for the resilience to sustain the culture of hospitality and business friendliness that has continued to attract people from all over the globe to be a part of the Trade Fair which is deepening economic prosperity.

 

He stated that the strategic position of Enugu as the gateway to the South-Eastern hinterland presents huge opportunities for the expansion of export opportunities which is the focal point of the NPA.

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Maritime Agencies

Q1, 2025: Tincan Island Port Customs Collects N347bn, Breaks Record.

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By

Comptroller Frank Onyeka, CAC,Tincan Customs Command.

 

 

 

By Izuchukwu Ozoemena

 

 

 

 

The Tincan Island Port Command of the Nigeria Customs Service posted over N347 billion as revenue collection between January and March, 2025, the Customs Area Controller (CAC), Comptroller Frank Onyeka has said.

 

 

Comptroller Onyeka who disclosed this to journalists in his office stated that the breakthrough is in furtherance of the Comptroller-General of Customs, Adewale Adeniyi’s directive on consolidating his policy on collaboration and innovation in discharging the core mandate and functions of the Service.

 

The January, 2025 revenue generation record, the CAC explained, shows a total of ₦116, 412,735,766.23 which represents 24.06% over and above the figure of ₦88, 430,126,122.76 recorded within the corresponding period of 2024.

 

The disposition for February 2025 also shows that the sum of ₦103,254,292,839.23k was generated, indicating 2.90 % over and above the sum of ₦100,253,187,074.72k realized during the corresponding month of February 2024.

 

The Command generated the sum of ₦128,268,749,635.00k for March 2025 and this is 10.3% higher than the ₦115,100,000,000.00k generated over the corresponding period of 2024.

 

The total amount generated for the first quarter of 2025 is thus ₦347,935,672,476.00k which is 12.6% higher than the ₦304,000,000,000.00k generated in the corresponding period of 2024. The CAC of the Comand announced this figure while speaking with a group of journalists at the conference room of the Command.

 

Comptroller Onyeka also used the occasion to harp on the need for stakeholders to do more honest declarations so that seamless operational environment may exist and all sides may benefit from a much better conducive ecosystem. He was particularly appreciative of the support of the CG of Customs and the positive reviews that the media has so far accorded the Command.

 

Comptroller Onyeka promised to continue to engage stakholders in every way possible so that there can be more all round improvement in all aspects of their operations.

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