WIMA to FG: Establish Maritime Bank with CVFF Monies

WIMA to FG: Establish Maritime Bank with CVFF Monies
Written by Maritime First

Mrs. Rollens Macfoy

Following the controversy trailing the delay of the Cabotage Vessels Financing Funds (CVFF) to indigenous ship owners by the Federal Government, the Women In Maritime Association (WIMA) Nigeria Branch has urged that the fund be used, to establish the Maritime Bank.

It would be recalled that the Minister of Transportation, Rotimi Amaechi a few years ago, during the Ship Owners Association of Nigeria SOAN annual general meeting in Lagos, vowed that in so far as he remains the Minister of Transportation, the CVFF would not be disbursed. He has kept his pledge.

Speaking at the 7th Year Anniversary Lectures and Awards organized by Searchlight Media Concept, the President of WIMA, Nigeria, Mrs. Rollens Macfoy pointed out that the establishment of the Maritime Bank would enable shipowners and other stakeholders to easily access loans for vessel acquisition without too much headache.

She also averred that this would reduce the stress maritime stakeholders usually go through in their attempts to access loans for the acquisition of ships from commercial banks.

The WIMA president added that the floating of the maritime bank would further empower ship owners and investors to buy ships for the optimisation of the Industry.

The WIMA boss who is also the Managing Director, Oceandeep Nigeria Limited, stated that WIMA Nigeria will continue to campaign as an agent of change in the nation’s shipping industry, stating that the CVFF was long overdue for disbursement to shipowners.

Macfoy was of the view that ship acquisition for operators in the industry would further boost capacity and enhance indigenous participation in the shipping industry.

Lola Adesokan

She lamented that the lack of a maritime bank has contributed to a major setback for shipowners in capacity building and manpower development due to the high lending rates from conventional banks in the country.

According to her, the CVFF should be enough to establish the maritime bank which will solve the problem of paucity of funds in the sub-sector.

The WIMA president who condemned multiple checkpoints at sea called for the harmonisation of such levies and taxes collected from ships on the nation’s coastal waters for the growth of the Industry.

She further queried the delay in the installation of scanners at the nation’s seaports for the ease of cargo clearance, even as she maintained that political will power from the government can turn around the fortune of the maritime sector.

Aside from maritime bank establishment, while harping on the way forward of these quagmire bedeviling the industry, Macfoy clamoured for a technologically driven industry powered with adequate equipment and facilities to boost capacity.

Earlier, Publisher Searchlight Magazine, Mrs. Lola Adesokan called on the federal government to expedite actions to complete the port corridors.




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Maritime First