After it was announced in September 2022 by the Minister of Transport, Engr Muazu Sambo that the Federal Government had concluded plans to approve the Cabotage Vessels Finance Fund (CVFF), the fund is ready to be disbursed.
This was gathered after the Nigerian Maritime Administration and Safety Agency (NIMASA), through its, Director General, Dr Bashir Jamoh, gave the banks involved in the disbursement of the fund 3 days to lay out guidelines for disbursement.
The bank involved in the disbursement of the $350 million funds are Polaris Bank, Zenith Bank, UBA, Union Bank and Jaiz Bank.
“We can’t start disbursement without stakeholders’ engagement, therefore, stakeholders’ engagement starts today. We are on track, we have started with the PLIs and all five of them are here today.”
“What we want them to do now is to come up with a collective decision and this cannot take more than 72 hours. They have to decide on a date because we don’t want them to come individually with their own interest rates; We want them to have a consensus and a standard template on the disbursement of funds as well as the interest rate,” the Director General explained further.
Once the banks have submitted the guidelines for disbursement, Engr Jimoh stated that beneficiaries would be invited to be informed about the necessary details for disbursement as he also elucidated on interest rates and collateral for the funds.
“I told the PLIs that on the issue of collateral, they have NIMASA money with them so all these things will be deliberated upon among themselves.
“On the interest rate, we are giving them international currency, not Nigerian currency, so they cannot start looking at Nigeria lending rate, they should look at the uniform international best practices, and the guidelines stipulate everything.”
The CVFF was introduced in 2004 by the Federal Government. It is a 2% deduction from every contract value awarded under the Cabotage regime which shipowners are expected to access for the development of indigenous shipping capacity in Nigeria and to enable them maintain existing vessels or purchase new ones.
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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