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HomeNewsFG appoints 5 commercial banks for 278.5b naira CVFF

FG appoints 5 commercial banks for 278.5b naira CVFF

The Federal Government has appointed five commercial banks for the disbursement of the 278.5 billion naira Cabotage Vessel Financing Find, CVFF, 17 years after it commenced collection of funds.

The banks are Union Bank, Zenith Bank, Polaris Bank, United Bank for Africa, UBA, and Jaiz Bank. They will serve as Primary Lending Institutions for the disbursement of the funds.

The breakdown of the amount shows that the Naira component amounts to 16 billion naira while the foreign currency is about 350 million dollars.

Sambo stated that the approval was forwarded to his office but had thought it wise to use the opportunity for the ceremony where some of the primary beneficiaries are in attendance.

Minister of Transportation, Mauzu Sambo who represented  President Mohammadu Buhari at the flag-off ceremony of Batch B of the 3rd phase of the Nigerian Seafarers Development Programme, NSDP has said that the president has directed that the fund be disbursed immediately. It can be recalled that deductions from all contracts within the Cabotage area by Nigerian shipowners started 17 years ago with stakeholders calling for the disbursement to aid the nation’s shipping capacity.

The Minister has directed the Director General of Nigerian Maritime Administration and Safety Agency, NIMASA, to start the process leading to the disbursement immediately. VANGUARD

Procyon News

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