… As Sambo eulogize late Otunba Folarin at Night of Tribute ***
Lagos Lawyer and Maritime Stakeholder at the weekend identified the benefits and limitations of the 30years old Cabotage Vessel Financing Fund (CVFF) even as the enabling Act is undergoing amendment at the National Assembly, going by indications from the Director General of the Apex Maritime regulatory agency, the Nigerian Maritime Administration and Safety Agency (NIMASA).
The good and bad virtue of the CVFF was contained in a paper presented at the colloquium organised in honour of the late Otunba Kunle Folarin, by his friends in the maritime media in Lagos.
Senior Advocate of Nigeria (SAN), Mrs Chiazor Anisere said although the fund would be disbursed through primary lenders, it may not be sufficient for its intended purpose.
According to her, the previous maritime fund was marked by the lack of transparency on the part of its administrator, the inaccessibility by stakeholders, bureaucratic bottleneck, lack of accountability and limited impact on the industry.
She, therefore, urged NIMASA to demonstrate a high level of transparency and accountability in the disbursement of the fund.
“NIMASA should be transparent by letting people know how much we have in the fund and how to access it.
“NIMASA will also need to be highly accountable by reporting to the public concerning the overall fund, disbursement and the number of beneficiaries, including the balances from time to time”, the Senior Advocate of Nigeria said.
She maintained that, if the fund is efficiently and transparently managed, it would develop the industry through fleet development and vessel acquisition, create jobs for seafarers, encourage indigenous participation in taking back the industry from foreigners and above all improve maritime safety and security, because of increased activities within the country’s coastal areas.
Chiazor said since no one is expected to get more than $25 million with 7 years payback time at single digit interest rate, there was a need for NIMASA, to develop a clear financial mechanism for the fund, so as not to go the way of the defunct Ship Building And Ship Acquisition Fund.
Besides, she urged the agency to set up a monitoring mechanism for the beneficiaries so as to get the necessary feedback needed to sustain the fund and by making sure local shipping practitioners participate, so as to achieve the goal of the fund.
To move the industry forward, the Senior Advocate and maritime lawyer suggested the establishment of a sustainable local shipyard to stop dependency on foreign yards, streamline the process of vessel acquisition, including import procedures and monitor the impact of CVFF, using the service of professionals.
The highlight of the event was the naming of a vessel after the late Otunba Kunle Folarin by the NIMASA Boss, as Dr. Bashir Jamoh announced that the agency was expecting two vessels, adding that one of them would be marked Otunba Kunle Folarin.
Jamoh also gave a reason for the late disbursement of the fund, saying the fund is presently in the Single Treasury Account of the Federal government and that application and approval was needed to get the fund money out for disbursement.
In a related development, the late Otunba Sunday Olakunle Folarin has been described as a Maritime Repository of Knowledge.
The Minister of Transportation, Mu’azu Jaji Sambo, said this during a night of tribute in honour of the late maritime icon at Harbour Point, Victoria Island, Lagos.
The Minister who described the late icon as a gentleman added that death has taken away a great friend and a loving personality.
“We are gathered here today in memory and honour of our dear colleague Otunba Olakunle Afolarin. The nation has lost a maritime repository of knowledge, an experienced maritime practitioner, a voice of the ideal, a highly cerebral gentleman and most importantly, a friend.
“Death has taken away a genuinely warm individual, a loving husband, and a father and deprived so many others, including us all, of a good friend.
“While we mourn the loss of our dear friend, we pay tribute and celebrate a life that was well lived. A life committed to excellence and best practices in the country’s maritime sector,” he said.
While paying tribute to Otunba Olakunle Folarin, the minister recalled their last meeting where the late icon spoke on several interventions of President Muhammadu Buhari in the maritime sector.
According to Sambo, the late maritime icon spoke with experience and sincerity of purpose while making valid suggestions.
“I remember vividly his last meeting in my office, sitting opposite me as he speaks with glee on the numerous intervention that President Muhammadu Buhari’s led administration can on a short-term introduce to the maritime sector.
“He spoke from a depth of conviction, years of experience and sincerity of purpose. His passion was infectious, his conviction was palpable, his banters were endearing, and his suggestions were valid,” he stated.
Sambo said a lot was in the pipeline through the ingenuity of the intellectual doyen that will further enhance the dynamics of operation in the country’s maritime sector, and in honour of his memory,
“I will ensure they are brought to fruition and also include those I cannot achieve in the handover note to my successor. Every moment of his life was dedicated to improving the maritime sector, either in passing down knowledge or being a constructive critic to ensure the ideals are upheld in the sector. He served well and lived well.
“Life can be fleeting. But a life lived to the fullest stays in fond memories. Otunba through his decorum and grace endeared himself to many.
“May his legacies endure, may his eternal voyage to the undying land be smooth, and may the Almighty Allah repose his soul and grant the family he left behind the fortitude to bear the loss.
“Seneca, the wise man of old once said, “ if one does not know to which port one is sailing, no wind is favourable” we should live daily with the knowledge of life’s brevity and daily do good. When the tales of our lives are told in the days to come, they will be of honour, sincerity and triumph.
“May Otunba’s memory be blessed. God bless the seeds he left behind, God bless the Maritime industry and God bless the Federal Republic of Nigeria,” he said.
