The House of Reps Ad-Hoc Committee investigating the Cabotage Vessel Financing Fund (CVFF) has queried the payment of $362 million to Global West Specialist Vessels Limited owned by ex- militant leader, Chief Government Ekpemupoloaka Tompolo.
Dr Adejare Samuel Babatunde, a member of the committee drew attention of the committee to the fact that the sum of $362 million represented over 50% of Nigerian Maritime Administration and Safety Agency (NIMASA) revenue, against government regulations.
The committee was also irked over other illegal transfer of monies from the agency’s accounts to other accounts and demanded the agency submit a list of its consultants and other contractors.
The committee called for an amendment of the Cabotage Actin order to speed up the process of disbursement of the CVFF which has been hampered by the guidelines.
“The guidelines can be changed any time but changing the law is more cumbersome because by your explanation, we will run into trouble by 2015 when double hull vessels will be phased out.
“We also want the break down of the interest that accrued to the Fund on a year by year basis,”Adejare said.
In an earlier statement the Speaker of the House of Reps had expressed concern over the state of the industry.
He said, “ The fear is that some unpatriotic people are misapplying the Cabotage Vessel Financing Fund to the detriment of its objectives.
“Following the concern expressed by stakeholders and the Nigerian public on the irregularities occasioned by the misapplication of the Cabotage Vessel Financing Fund, the House considered a motion on the subject matter and resolved to set up the Ad-hoc Committee to investigate the application of the Fund so as to address the challenges and find a way forward.”