{"id":68557,"date":"2023-01-25T12:41:04","date_gmt":"2023-01-25T11:41:04","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=68557"},"modified":"2023-01-25T12:41:04","modified_gmt":"2023-01-25T11:41:04","slug":"nimasa-task-banks-on-350m-cabotage-fund-guidelines","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nimasa-task-banks-on-350m-cabotage-fund-guidelines\/","title":{"rendered":"NIMASA Task Banks On $350m Cabotage Fund Guidelines\u00a0"},"content":{"rendered":"
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The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a 72-hour ultimatum to the Primary Lending Institutions (PLIs), to release modalities for the disbursement of $350 million Cabotage Vessels Finance Fund (CVFF).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"\"The PLIs approved for the disbursement of the fund are: Zenith, Polaris, United Bank of Africa (UBA) Jaiz and Union bank.<\/p>\n

The Director General of NIMASA, Dr Bashir Jamoh, told Journalists after meeting with the Banks that the modalities to be released would include interest rate, tenure, collateral and requirements needed to access the fund.<\/p>\n

He pointed out that the interest rate must be of international best practice because the money to be given was in foreign currencies.<\/p>\n

Jamoh added that the disbursement of CVFF would not start without stakeholders engagement.<\/p>\n

\u201cWe can\u2019t start disbursement without stakeholders engagement, therefore, stakeholders engagement starts today. We are on track, we have started with the PLIs and all the five of them are here today.<\/p>\n

\u201cWe have listened to them and they listened to us and from all indications they are ready for us as well.<\/p>\n

\u201cWhat we want them to do now is to come up with a collective decision and this cannot take more than 72 hours. They have to decide on date because we don\u2019t want them to come individually with their own interest rates.<\/p>\n

\u201cWe want them to have a consensus and a standard template on the disbursement of funds as well as the interest rate,\u201d he said.<\/p>\n

The NIMASA boss pointed out that once the PLIs had finished on the guidelines, the shipowners would be invited.<\/p>\n

On the interest rate and collaterals needed by shipowners to access the loans, the NIMASA DG said the guidelines would be adhered to.<\/p>

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\u201cThe guidelines will tell us the interest rate, the tenure and what will be the collateral, because we can\u2019t allow them to make the shipowners feel insecure.<\/p>\n

\u201cI told the PLIs that on the issue of collateral, they have NIMASA money with them so all these things will be deliberated upon among themselves.<\/p>\n

\u201cOn the interest rate, we are giving them international currency not Nigerian currency, so they cannot start looking at Nigeria lending rate, they should look at the uniform international best practices, and the guidelines stipulate everything,\u201d he said.<\/p>\n

The Managing Director of Jaiz bank, Dr Sirajo Salisu, thanked NIMASA for the confidence imposed on the bank, adding that they would do everything possible to ensure that the funds were disbursed to beneficiaries.<\/p>\n

\u201cit\u2019s really an opportunity because out of the banks operating in Nigeria you counted very few of us worthy and it\u2019s something we really appreciate. We will try our very best to put something on the table.<\/p>\n

\u201cSo, having the commitment, we will try our best to partner with the beneficiaries or the proposed beneficiaries of these funds.<\/p>\n

\u201cI want to believe they are much aware that this is not a grant, this is not money that they will just take away, this is money that is meant for a purpose and we will ensure the purpose is achieved to the benefit of the country,\u201d he said.<\/p>\n

Also speaking, the Director and head of Enterprises, Polaris bank, Mr Femi Aribaloye, said whatever that would be needed by the banks to ensure the disbursement would be carried out.<\/p>\n

He, however, raised concerns regarding the risks involved on the part of the banks.<\/p>\n

\u201cWhatever it is that we need to do in terms of structure and interest rate will be carried out, but the most important thing here is to ensure that this succeeds.<\/p>\n

\u201cWe are also very much aware of the environment we operate in, we know things can be a little bit turbulent; policies, economic situation, things might change. So, we need to ensure things are done well. nan.\u201d<\/p>\n<\/div>\n<\/article>\n

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The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a 72-hour ultimatum to the Primary Lending Institutions (PLIs), to release modalities for the disbursement of $350 million Cabotage Vessels Finance Fund (CVFF).\u00a0<\/p>\n","protected":false},"author":6,"featured_media":65322,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[5250,17],"tags":[743],"coauthors":[2391],"class_list":["post-68557","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-maritime","category-news","tag-nimasa"],"yoast_head":"\nNIMASA Task Banks On $350m Cabotage Fund Guidelines\u00a0 - National Wire<\/title>\n<meta name=\"description\" content=\"The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a 72-hour ultimatum to the Primary Lending\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nimasa-task-banks-on-350m-cabotage-fund-guidelines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NIMASA Task Banks On $350m Cabotage Fund Guidelines\u00a0 - 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