CVFF: NISA Ocean transport’s 15% equity contribution is ready—Chairman
Maureen Aguta
As the Nigerian Indigenous Shipowners Association (NISA) inaugurates the six-man board of its new shipping company-NISA Ocean Transport Limited, on Tuesday, in Lagos, the Chairman of the new company, Sir Sunny Omatseye has disclosed that the company is set to commence operation with two state vessels, one a 30 tones tanker vessel and the second one, an Liquefied Petroleum Gas (LPG) vessel with the to providing international standard shipping services.
Speaking with journalists shortly after the inauguration of the board by the Chairman Board of Trustees (BoT) of NISA, the new board chairman, Sir Sunny Omatseye, said that the new board and management of the company will carry it forward for the benefit of members of NISA.
According to him, the decision of the leadership of NISA is that nobody will have majority share in the company because it belongs to all the members of the association and the shipping industry, so everybody who is interested is free to join.
He expressed confidence in the disbursement of the cabotage fund to indigenous shipowners this time around, saying his confidence is stem from the revelation that the directive to disburse the cabotage fund is from President Bola Tinubu himself.
His words: “I am sure that this time around, they will disburse what they can disburse. They might not disburse to all but I am sure that we will be one the first they will look at.”
Omatseye stated that one of the major problems the indigenous shipowners face is waivers, “but I understand that NIMASA is looking at it.” This is as he disclosed that the most important requirement for a shipowner to succeed is a valid contract and the company will soon approach the Nigerian National Petroleum Company Limited (NNPCL) and even Nigerian Liquefied Natural Gas Company (NLNG) to seek for contract.
He dispelled the fear that the coming onboard of the NNPCL Shipping joint venture with Stena Bulk, and Caverton Marine Limited, saying the Nigerian shipping sector is so vast that no one entity alone can cover it, more and more entities are welcome for the Nigerian shipping sector to reach its potential.
Omatseye further disclosed that the new company will be seeking for financing from different financing bodies, including from the Nigerian Maritime Administration’s Cabotage Vessel Financing Fund (CVFF), saying the company is ready with its 15 per cent equity contribution, one of the required conditions a company must meet to quality to access the cabotage fund.
Speaking on the appointment of the board of the company, NISA BoT Chairmam, Chief Issac Jolapomo disclosed that the six member board has two people drawn from the NISA BoT, two from the Exco, and two from the general house.
Sunny Omatseye, the board chairman, and Tunji Brown are representing the BoT on the board; and they have a 10 year tenure; Otunba Sola Adewunmi and Jubril Rowaye, represent the Exco on the board, while Paul Jegede and Emerka Obiogbulu, are representing the General House on the board.
The Exco and General House members on the board; and they have two tenures of 3 years a tenure to be on the board.