• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Banks to hold shipowners accountable for $200m CVFF disbursement 

Chidinma Nwagbara by Chidinma Nwagbara
January 24, 2020
in Business News, Politics
Amaechi proposes a capital budget of N205 billion for Ministry of Transportation in 2021, FG approves $3 billion Port Harcourt-Maiduguri railway and $462 million Bonny deep seaport, Banks to hold shipowners accountable for $200m CVFF disbursement. FG sets deadline for completion of Ibadan-Kano rail project, gives reason for delay 

Rotimi Amaechi

Share on FacebookShare on TwitterShare on Linkedin

Following the plans to disburse the Cabotage Vessel Financing Fund (CVFF) to shipowners, the Minister of Transportation, Rotimi Amaechi has told banks to hold every beneficiary shipowner accountable for the credit facility.

He said this during a meeting organised by the Federal Ministry of Transportation, in collaboration with the Nigerian Maritime Administration and Safety Agency (NIMASA).

How the funds would be disbursed: According to Amaechi, a committee would be set up for the purpose of disbursement. Guidelines would also be drawn and decisions would be made regarding the interest rate and so on.

RelatedStories

Naira , dollar, exchange rate

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025

He said that essential elements such as the responsibility of monitoring the funds, which were bestowed on the commercial banks were expected to be in the guideline. This would ensure that the lending institutions are in a position to monitor every shipowner that gets a chunk of the CVFF.

“We have agreed to form a committee that will draw up guidelines for the disbursement of the CVFF. The guideline which would be drawn up would be taken to the National Assembly for ratification. The committee comprising of some stakeholders will be headed by the Director-General of NIMASA and they will decide if the interest rate that will be attached to the CVFF will be single-digit or not.

“If we just allow people to take that money without a proper framework to service their loans, then we won’t achieve our aim of developing the maritime economy. People must borrow and return the money borrowed so that others can benefit from the CVFF,” Amaechi said, in a The Nation report.

[READ MORE: NEF, FACAN sign MoU, to access $5 billion fund for entrepreneurship)

What you should know: The CVFF was introduced in 2004 from 2% deductions from every contract value awarded under the Cabotage regime. Shipowners are expected to access it in order to afford the purchase of new vessels and at the same time, maintain the existing ones.

The CVFF is under the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) while the fund is being warehoused at the Central Bank of Nigeria (CBN).

Nairametrics had reported when the Federal Ministry of Transportation disclosed that President Muhammadu Buhari had okayed the disbursement of the CVFF in the first quarter of this year.


Follow us for Breaking News and Market Intelligence.
Tags: Cabotage Vessel Financing FundCentral Bank of NigeriaCVFFNIMASAOn the MoneyRotimi Amaechi
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

Related Posts

Naira , dollar, exchange rate
Currencies

Naira strengthens to N1,550/$ in parallel market; here’s why it’s gaining 

July 12, 2025
CBN, forex
Financial Services

Financial fraud in Nigeria surges by 45%, 70% of losses linked to digital platforms – CBN 

July 10, 2025
CBN, forex
Financial Services

CBN deadline: Nigerian banks race to file capital restoration plans by July 14

July 8, 2025
REPS
Budget

House of Reps approves N774.77 billion NIMASA budget proposal 

July 8, 2025
10 African Central Banks exploring digital currencies in 2025 
Economy

10 African Central Banks exploring digital currencies in 2025 

July 4, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
Next Post
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

CBN raises CRR to 27.5%, holds MPR, other parameters constant

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement
  • Key policies that shaped Nigeria’s tech industry under Buhari’s 8-year rule 
  • Investing in a volatile world: Strategies for Gen Zs, millennials, and retirees

Follow us on social media:

Recent News

NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement

NNPC, Akwa Ibom, GACN sign $3.5 billion gas agreement

July 15, 2025
Key policies that shaped Nigeria’s tech industry under Buhari’s 8-year rule 

Key policies that shaped Nigeria’s tech industry under Buhari’s 8-year rule 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics