Ship Owners say CVFF is more than $2 Billion

Apparently countering the Minister of Transportation, Engr. Mu’azu Jaji Sambo, the Nigerian Shipowners’ Association (NISA) rejected claim by the Minister that money accruing into the coffers of the Cabotage Vessel Financing Fund (CVFF) in the last 17 years stands at USD350 million.

NISA Board Chairman, Chief Isaac Jolapamo said in Lagos on Thursday during the General Meeting of the association that over USD2 billion must have accrued into the CVFF account.

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“It was because the former Minister of State for Transportation, Gbemisola Saraki, mentioned $350 million that changed the narrative. Nobody has ever mentioned a figure higher than $150 million or $190 million. The money is nothing less than $2 billion. And we want to get to the root of it. Where is the money? $350 million 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 into the money,” Jolapamo said.

The association has also fixed January 26, 2023 to conduct election for its new executives.