The Nigerian Shipowners’ Association (NISA) on Thursday rejected the Federal Government’s claim that the money contributed by shipowners into the Cabotage Vessel Financing Fund (CVFF) in the last 17 years is $350 million dollars and N16bn.
Recall that the Minister of Transportation, Mu’azu Jaji Sambo recently said in Lagos that President Muhammadu Buhari has approved the disbursement of the fund after 17 years in the custody of the Nigerian Maritime Administration and Safety Agency (NIMASA).
Chairman, Board of Trustees (NISA), Chief Isaac Jolapamo, at the general meeting of the association on Thursday, established that indigenous shipowners would have contributed more than $2 billion dollars to the fund against the Federal Government’s claim of $350 million and N16bn.
Jolapamo pointed out that it was the former Minister of Transportation for State, Gbemisola Saraki, that revealed that the fund contributed so far was around $350 million which is against figures released by previous ministers.
He went ahead to inaugurate a six-man committee to represent the association when CVFF is being discussed by the Federal Government and other concerned agencies.
According to Chief Jolapamo, “It was because the former Minister of State for Transportation, Senator Gbemisola Saraki mentioned 350 million dollars that changed the narrative. Nobody has ever mentioned a figure higher than 150, 190 million dollars but for me, who knows from the beginning how much the money is.
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“The money should be nothing less than $2 billion dollars. And we want to get to the root of it. Where is the money? 350 million dollars and N16bn will not do us anything. It cannot even buy six ships. So, if we have waited for 17 or 18 years, we should know if anybody has dipped his hands in the money. We need to get to know.
“If we have been contributing money for 17 or 18 years, and government is telling us that it is just 350 million dollars and N16bn, then somebody is not saying the truth. To me, I know the money is more than $2 billion dollars.”
Speaking, the Secretary of the six-man committee inaugurated to liaise with the Federal Government in respect of CVFF, Paul Jegede said it is not enough to be excited about the disbursement of the fund but an audit must be carried out to know the exact amount that has been contributed by indigenous shipowners.
“The first step is to really know how much is in the fund. This is because we’ve had different figures from different ministers. Some will say it is just $200 million, others will say, $400 million. And this has been on for more than 17 years. How much is this money?
“Another thing is, what are the modalities for sharing this morning among the contributors? This money belongs to shipowners. It is the proceeds from shipowners’ contracts. It is not government money.
“So, we need to know how much and they need to give shipowners the opportunity to come out with suggestions on the modalities for disbursement so that nobody is cheated. So that you don’t find a situation whereby a company that is just two or three years old is getting a share of the money, using political influence. That will not be right.
“So, a recommendation from shipowners is important to make it meaningful, otherwise the money will not have any substantial addition to the industry,” Mr. Jegede added.
The committee comprises Edward Sowoh as Chairman; Paul Jegede, Secretary; Engr. Emmanuel Ilori; Feyisola Famutimi; Sola Adewummi and Goke Ojo as members.
With the approval of the BoT Chairman, the association agreed that the next election to usher in a new set of Executives of NISA will hold on January 26, 2023, as aggrieved members as expected to be reached out to by the Reconciliation Committee.
