“CVFF was $100 million when I was NIMASA DG 12 years ago” – Temisan Omatseye

"CVFF was $100 million when I was NIMASA DG 12 years ago" - Temisan Omatseye


…says fund should have gone beyond $350 million

…subsidy removal will put Nigeria in great mess

Happy Diamond Age

A former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barr. Temisan Omatseye has queried the the Cabotage Vessel Financing Fund (CVFF) being 350 million dollars eighteen years after the commencement of its contribution by ship owners

Omatseye who doubles as a former President of Africa Ship.Ownera Forum, said the fund ought to have gone beyond the amount because as at twelve years ago when he was the DG of the agency, the fund was about $100 million dollars.

He told journalists on the sideline of the Taiwo Afolabi Annual Maritime (TAAM) 5 event that held at the University of Lagos on Friday.

Omatseye wondered that the 3 percent collection from offshore supply boats, tankers and all vessels coming to Nigeria for the past 18 to 19 years could not have remained at that sum.

He therefore called for auditing of the account where all such levies are paid.

His words, “What the National Assembly is doing is not right. First of all, we need to know how much is there.

“We have been collecting this money for 18 to 19.years now, how much is there? You cannot just wake up one morning and say 200 million dollars is there and next tomorrow, you say it is 400 million. Let there be audit because there is a specific account that the IOCs pay this money into

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“Basically from what we know, not a dime has been taken from this money, so you cannot tell me that since 18 years that you have been collecting this money which is 3 percent of every single offshore supply boat, every tanker, every vessel looking in Nigeria.

“I left there when it was 100 million, why are you still telling me it is 350 million. That was twelve years ago.

On removal.of subsidy from fuel, he argued that Nigeria is in a serious mess because of the complacency and failure of the government to invest in shipping over the years.

He said that the tankers that used to carry petroleum products at $20,00 per day has increased to $50,000 and $80,00 to Warri and Calabar respectively.

“Now we are in a mess because when the shipping industry went down, the foreign ship owners took their ships to the western world.

“For instances, the tankers that used to bring petroleum products for 20,000 a day for charter. That means you will do your STS and bring in your goods. Now these same tankers are charging Warri $55,000 a day, Calabar, $80,000 dollars

“So, if they remove subsidy tomorrow, it is not about the landing cost of petroleum, it is the freight rate that is going to kill us.

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“This is because of the complacency and failure to invest in shipping. We are going to be in a total mess because they are going to remove subsidy in a week or two weeks time.”

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