The Nigerian Maritime Administration and Safety Agency, NIMASA, has met with the Executive Management of Jaiz Bank, United Bank of Africa, UBA, Union Bank, Zenith Bank and Polaris Bank which are the Federal Government approved Primary Lending Institutions, PLIs, for the disbursement of the Cabotage Vessel Financing Fund, CVFF.
According to figures obtained from the top maritime regulator last year, the fund has accrued to slightly over N16 billion and $350 million, totalling over N176 billion. Sources in the agency said the Funds has sInce inched to N180 billion mark in three new year.
Speaking shortly after a closed door meeting, the Director General of NIMASA, Dr. Bashir Jamoh OFR, noted that the meeting is a major step towards the implementation of the Presidential directive on disbursing the CVFF as announced by the Honorable Minister of Transportation, Engr. Mu’azu Jaji Sambo, late last year.