Investigation into Cabotage Vessel Financing Fund, CVFF, The House of Rep Ad-Hoc Committee has queried the management of the Nigerian Maritime Administration and Safety Agency NIMASA, over the $326million payment to Global West Specialist Vessels Limited, a company purportedly owned by Chief Government Ekpemupolo aka Tompolo, an ex- militant leader.
In the bid to ascertain the amount of money that has accrued CVFF, the House Committee was set up to also ascertain how much interest, as well as how much the Fund disbursed and to whom it gave the money. It also demanded to know why such huge amount of payment was made to Global West.
In the course of investigation it was discovered that a huge sum was paid to a single company, the Committee therefore, demanded that a detail bank statement of account of the CVFF be forwarded to the committee
The committee, it was gathered, was also irked by the payment of 50 percent of NIMASA’s generated revenue to the said company, contrary to laid down financial regulations of government.
Beside the unauthorized movements of monies from the Fund, the committee further demanded the disclosure of names and the consultants engaged by NIMASA and how much has been paid to the consultants.
The committee then called for an amendment of the Cabotage Act with a view to quickening the process of disbursement of the CVFF which has been hampered by the guidelines
“Following the concern expressed by stakeholders and the Nigerian public on the irregularities occasioned by the misapplication of the Cabotage Vessel Financing Fund, the House considered a motion on the subject matter and resolved to set up the Ad-hoc Committee to investigate the application of the Fund so as to address the challenges and find a way forward.”
The Cabotage Vessel Financing Funds currently stands at over N30billion, including its interest. About six indigenous shipping companies have applied to access the Fund.