We won’t use $195m CVFF to fund SPOMO Act, NIMASA assures shipowners


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