My dear brother, Dayo Mobereola, Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, I hope this letter meets you in a perfect condition of health?
As DG NIMASA, I appreciate the burden on your shoulders as you navigate through these turbulent times to justify the confidence reposed in you by President Bola Ahmed Tinubu. My prayers today, and every day, is that God should bestow on you the wisdom of Solomon and heart of a lion to overcome the myriad of problems you have had to contend with since the mantle of leadership fell on you to take NIMASA to the Promised Land. As a critical stakeholder, I appreciate the enormous responsibilities which rests on your shoulders. I guess you know that this is a thankless job …only a few would wish that you succeed, while others may be praying for your downfall , just to justify their contentious assertion that “nothing good would come from Dayo Mobereola”.
Unfortunately, your destiny is under the strict control of Baba God , and not these naysayers. I wish you the best of luck, sir.
My beloved Dayo, you remember vividly my last encounter with you in your office. The meeting was arranged by your Executive Director, Finance and Administration, Barr Chudi Offodile, to broker peace between us. This was at the peak of the”Roforofo” between us. It was a fence mending meeting of sort , and I guess you will recall my parting shots as I exited your office that beautiful Wednesday afternoon.
My DG , “if it is the only thing you can achieve during your tenure, make sure the CVFF is disbursed under your watch,” these were my parting words as we shook hands.
It was, therefore, a thing of joy to me when a couple of weeks ago, the Minister of Marine and Blue Economy, Adegboyega Oyetola, handed you a marching order to immediately commence the process for the disbursement of the CVFf.
“I am delighted to announce that under President Bola Ahmed Tinubu’s leadership, and with the support of the Honourable Minister of Marine and Blue Economy, H.E Adegboyega Oyetola, we have secured the necessary approvals for disbursement. This disbursement will be transformative for our industry by empowering indigenous shipowners to compete favourably, boost local content in the maritime sector, create employment opportunities for Nigerian seafarers, and strengthen ancillary maritime services” – The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, in Lagos, at a one-day interactive forum organised for stakeholders on the operationalisation of the Cabotage Vessel Financing Fund (CVFF).
This was a statement of commitment which attracted applause from critical stakeholders, especially shipowners , who had waited for more than 20 years for a day like this.
My DG sir, I am sure you will agree with me that it is not the first time that an assurance such as this would be placed before stakeholders. Under the President Muhammadu Buhari’s administration, a similar approval was sought and obtained by the former Transportation Minister, Mr Muaji Sambo, but actual disbursement did not take place due to some administrative bottlenecks. This is why , Mr DG, sir, the news that “CVFF disbursement will commence in August” has been received with mixed feelings.
Sir, I hereby present to you the list of «Most Frequently Asked Questions about the CVFF» as you prepare to commence disbursement:
1. How much is available to be shared?
2. How many applications have you received from shipowners thus far?
3. Is the August deadline for disbursement sacrosanct. What happens to applications received after August?
4. Has NIMASA carried out due diligence on both the applicants and the 12 Primary Lending Institutions, PLIs?
5. We understand that NIMASA has been able to negotiate a single digit interest regime for the applicants. But who picks up the liability should the applicants default?
6. Mr DG, if this disbursement had been effected 20 years ago , the applicants would have been contending with an exchange rate of 135k/USD, but today, it is 1,650k/USD. Is the current exchange regime not a serious burden on shipowners?
7. We understand the PLIs are asking NIMASA to warehouse its 50 per cent equity share in their bank vaults ahead of the commencement of disbursement.
Will NIMASA comply with this request?
8. We understand successful applicants are expected to refund the loans within a period of eight years. How feasible is this?
9. For 60 years since oil was discovered in Oloibiri in commercial quantity, we allowed foreign shipowners to dominate crude export. And just when the market is no longer attractive following the birth of Dangote Refinery, are we not arriving at the train station when the train has departed?
10. How well is Shipping Development department of NIMASA liaising with shipowners to achieve the true tonnages that banks would require as a critical collateral to support their applications?
11. Frankly speaking, can a $25 million facility get a good seaworthy vessel that will compete effectively with other foreign shipping lines. At the current market prices, a 5,000 teu 15-year-old container vessel goes for at least $41 million?
12. And finally, sir, do we have any guarantees that the loans will not end up in the bank accounts of some politicians as was the experience under the defunct Shipbuilding and Aquisition Fund?
My DG , I rest my case, sir. I remain your friend and brother, Elder Asu Beks, aka Da Godfada