The Nigerian government has been swindled out of $16m by a foreign shipping investor. Transport minister Rotimi Amaechi detailed yesterday how an unnamed foreign investor had been given $16m for vessels under the nation’s Cabotage Vessel Financing Fund (CVFF) and had then fled the country.
The CVFF was created by the Coastal and Inland Shipping (Cabotage) Act, 2003 to promote local fleet growth.
Amaechi said that the $16m lost was one of a number of failed maritime funding efforts during the previous government administration and he was reluctant to hand out further cash despite local owners clamouring for the funds to be freed up.
“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,” Amaechi said.
Well, It’s not often the thieves are on the losing end. For a country that allows and encourages so much global theft it’s hard to feel any pain for them!