Industry stakeholders have voiced concerns over the decision to lodge the Cabotage Vessel Financing Fund (CVFF) into the Treasury Single Account (TSA). The CVFF, a three percent contribution made by ship owners from contracts executed in Nigeria’s Cabotage area, has traditionally been reserved for maritime development, leading stakeholders to argue that it does not belong in a government account.
At a meeting organized by the Nigerian Chamber of Shipping (NCS) in Lagos, which focused on the theme “Shipping Development: A Catalyst for Maritime Growth,” participants questioned the rationale behind the lodgment of the fund in the TSA. Former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mfon Usoro, called on ship owners to challenge the decision, emphasizing that the funds are contributed by the private sector and should be managed accordingly.
Taofeek Adegbite, CEO of Platform Marines Ltd, echoed these concerns, expressing unease over the lack of transparency regarding the total amount accumulated in the fund. Adegbite stated that ship owners, as the primary contributors, are entitled to know the exact figures accrued in the CVFF. However, it appears that no clear records have been made available, leaving many ship owners in the dark about the current status of the fund.
The discussion highlighted growing frustration within the shipping community, with stakeholders urging greater clarity and oversight in the management of the CVFF, ensuring that the funds are used effectively to boost maritime growth and not absorbed into government accounts without accountability.
