Posted By: Onyedi Ojiaboron: January 20, 2016
investor got N32 billion for vessels, which he never delivered, a minister said yesterday.

Transportation Minister Rotimi Amaechi said the unnamed investor fled after collecting the cash during the Dr. Goodluck Jonathan administration.

The money was paid from the Cabotage Vessel Financing Fund (CVFF), which indigenous ship owners last month urged Amaechi and Acting Nigeria Maritime Administration and Safety Agency (NIMASA) Director-General Haruna Baba Jauro to speak on.

The CVFF was created by the Coastal and Inland Shipping (Cabotage) Act, 2003 to promote ship acquisition by supporting ship owners.

Section 42, Part VIII of Section 44 of the Act empowers NIMASA to collect and administer the fund, under guidelines by the Minister of Transport, after approval by the National Assembly.

The fund was established to boost local content in the shipping industry.

Amaechi, who spoke yesterday in Abuja when he appeared before the Senate Committee on Marine Transport, did not name the investor.

Amaechi said about N300 billion was released to encourage investors in the maritime sector by the last administration but the many went down the drain.

He said: “In fact, there is a particular man who collected N32billion and left the country. I don’t think that the Federal Government needed to release N52bn to investors in the maritime industry.

“What we are considering is to facilitate a partnership arrangement between the operators and foreign investors in which case we can support Nigerians who had shown serious interest in the business with about 40 percent of the investment while their foreign partners bring 60 percent. That will assure us that we would recoup our investment.

“One of those who collected the aviation bailout who has done nothing with the money is walking freely on the streets of Nigeria; his airline is dead and he did not even deem it fit to inform the ministry.

“I am protecting the maritime funds and we could only disburse it after we have seen the President, the foreign investors who will partner with the Nigerian investors that meet our guidelines. We have the N52bn in the Treasury Single Account (TSA) of NIMASA.”

He told the committee that as a result of massive fraud, NIMASA may be scrapped.

The minister said the Federal Government might be forced to approach the National Assembly to repeal the Act establishing NIMASA, if its management fails to justify the utilisation of the huge resources at its disposal.

Amaechi lamented that NIMASA had nothing to show for the N63billion revenue it generated in 2015.

He cited the instance of lack of equipment at the agency’s search and rescue unit meant to monitor movement of vessels and provide treatment for injured personnel.

He said: “Currently, the way NIMASA is, if you look at it very well, it was worse in the last administration. It was as if it was established just for the purpose of collecting money and nothing more. What we need to do is to ensure that NIMASA discharges its core responsibilities.

“If NIMASA outsources its core responsibility, then it has no business existing. If it is just to collect money from individuals, anybody can do that. We can hire a tax collector to collect money from maritime operators on behalf of Federal Ministry of transport.

“So, it is either NIMASA sits up and carries out its own responsibility or we come to the National Assembly to repeal the Act setting it up and allow the department of marine security in the ministry of transportation to discharge the responsibility currently being discharged by NIMASA.

“We are not going ahead with the university project proposed by NIMASA because we have an institution in Oron, we have Nigeria Institute of Transport Technology, Zaria, and we have the Nigerian College of Aviation in Zaria which we could upgrade to a University status and NIMASA is proposing to build a new one.

“Who will attend the University? How many parents will allow their children to go to such place where it proposes to site the University? What is the aim of the University that we cannot achieve in Oron where they have all the necessary infrastructure.

“I don’t think we are proceeding with the university being proposed by NIMASA because it is a waste of resources, and unfortunately a lot of money had already been released for the University project hence there is no structure on ground but just the feasibility study.

“Whoever that is holding on to the money should better return it. The Chinese company contracted confirmed that only the feasibility study was in place.”

Former President Goodluck Jonathan approved that the NIMASA University should be located at Okerenkoko, Warri South West Local Government.

Amaechi also explained that an arrangement had been put in place to ensure that the dollar revenue accruable to NIMASA was paid directly to the Federation Account to boost foreign exchange for the country.

http://thenationonlineng.net/investor-flees-nigeria-paid-n32b-vessels/

Amaechi playing politics of hate since God knows wen.

Give away.

The same way 100s of billion naira was given to those "investors" who bought the PHCN. They got money from Jonathan through NNPC and absconded with the money. Jonathan called it "intervention fund".

http://www.bloomberg.com/news/articles/2014-09-25/nigeria-s-power-industry-bailout-heads-off-threat-to-lenders

brightology3:
Amaechi playing politics of hate since God knows wen.

how?

Why is he covering the name of the investor?

Amaechi work and stop talking.... Abegi ...you have nothing to show since you have been singing like a canary.... All your achievements have only been when you kept quiet

Wailers, breakfast is ready.
Jonathan's time at Bayelsa was always going to be a pointer to things to come as President but 'we' chose to vote him in still. Let them come brand this media trial and propaganda again.

Some peeps will definitely hate Amaechi


.. Just for telling us

praxisnetworks:
Amaechi work and stop talking.... Abegi ...you have nothing to show since you have been singing like a canary.... All your achievements have only been when you kept quiet

He should work with little 'change' left and stop talking about the much needed funds stolen under your ''Jesus on earth'' PhD holding hero abi. Oya clap for yourself.

Standing5:
He should work with little 'change' left and stop talking about the much needed funds stolen under your ''Jesus on earth'' PhD holding hero abi. Oya clap for yourself.

Claptrap.. He should continue talking then.... Go ahead and arrest him ke if you people are not bastards...

If Nigeria and Nigerians were able to survive Jona, then there's nothing that can defeat us. Lets all rise and defend our country and economy cause not even crude oil price can stop us. Good morning

Jonathan but why

hollywater:
Why is he covering the name of the investor?

because there is no investor all this news are all propaganda, distracting us from the incompetence of the buhari led government

brightology3:
Amaechi playing politics of hate since God knows wen.

You call this politics of hate?! How can be anyone be so shallowminded!

praxisnetworks:

Claptrap.. He should continue talking then.... Go ahead and arrest him ke if you people are not bastards...

Did you read the article to understand where and why he said this?
Cure yourself of bigotry induced hatred.

Standing5:
Wailers, breakfast is ready.
Jonathan's time at Bayelsa was always going to be a pointer to things to come as President but 'we' chose to vote him in still. Let them come brand this media trial and propaganda again.

will this news bring back the 63 people that lost life because of lassa fever ?

will this news change the fact that buhari stole the "budget of change" and lied that he didn't ?

will this news save the job of those workers that will lose their job because of buhari poor economy policy ?

will this news change the fact that buhari dont know how to make the economy less dependent from petroleum ?

I don't think there was a single individual in that admin with a functional brain. Just don't think so.

All they did was share Nigeria in bits and pieces.

kodded:
will this news bring back the 63 people that lost life because of lassa fever ?

will this news change the fact that buhari stole the "budget of change" and lied that he didn't ?

will this news save the job of those workers that will lose their job because of buhari poor economy policy ?

will this news change the fact that buhari dont know how to make the economy less dependent from petroleum ?

Otöndo. Didn't Lassa fever kill people during Jonathan's time? Your hero had 5 times the resource Buhari had but could only come up with cassava bread as a form of diversification of economy.

Where is Jonathan's investors sef?

Someone made away with a large amount as N32billion public fund; Unleash their names now or forever remain silent. The economy is RED and people are suffering.

Its obvious none of those commenting on this thread read what was being said, rather they just look at the topic and rush to come and start insulting each other, and we think we are a serious country. Smh

but JONATHAN why na

Ok

We must apprehend them fast...


Hmmmm, this reminds me of the controversial Yacht Hotel disappears from Lagos waters.

Fashola & the then ACN now APC called it 'Bad Investment'

Nigerian politicians and fraud are Siamese twins.

I expected him to call names nd how dey will extradite those ppl to come and stand trail

Hmmmmm

Saying GEJ administration is corrupt...

What did these administration has done for us than worst... Bad Economy, Fuel Scarcity, Naira keep depreciate and so on

Chei! But why I no know Oga Jona nau. I for don become billionaire by now. The guy ran Nigeria's treasury like a charity organization.

these guys should know that they in power already and stop playing opposition.