Contrary to speculation in the Nigerian maritime industry that funding for the Suppression of Piracy and Other Maritime Offences (SPOMO) Act will erode indigenous ship-owners contributions made into the Cabotage Vessel Financing Fund (CVFF) which currently stands around $195m, the Nigerian Maritime Administration and Safety Agency (NIMASA) over the weekend assured that the maritime administration won’t be sourcing for funds to implement the anti-piracy law from the contributions as there are other funding options available for the SPOMO Act implementation.
Addressing maritime journalists in Lagos, the Director-General of NIMASA, Dr Bashir Jamoh explained that the CVFF is just one out of…
Source: Nigerian Tribune
