Expression of Interest (EoI) as a Primary Lending Institution (PLI) at the Nigerian Maritime Administration and Safety Agency ("NIMASA")

Posted by Kordinichi on Fri 22nd Nov, 2024 - nigeriantenders.com

The Nigerian Maritime Administration and Safety Agency ("NIMASA") invites interested, qualified and reputable Financial Institutions to submit their Expression of Interest to serve as a Primary Lending Institution (PLI). Interested institutions should possess relevant qualifications and experience.

The Nigerian Maritime Administration and Safety Agency (NIMASA) is the apex regulatory and promotional maritime agency. The Agency was created from the merger of National Maritime Authority and Joint Maritime Labour Industrial Council (former parastatals of the Federal Ministry of Transport) on the 1st August 2006. The obligation of regulating the Maritime industry in Nigeria rests on the Agency through the relevant instruments.

The Agency was established primarily for the administration of Maritime Safety Seafarers Standards and Security, Maritime Labour, Shipping Regulation, Promotion of Commercial Shipping and Cabotage activities, Pollution Prevention and Control in the marine environment, the Agency also implements domesticated International Maritime Organization (IMO) and International Labour Organization (ILO) Conventions.

We invite interested, qualified and reputable Financial Institutions for:

Title: Expression of Interest (EoI) as a Primary Lending Institution (PLI)

Location: Nigeria

Introduction

The Nigerian Maritime Administration and Safety Agency ("NIMASA") hereby invites Deposit Money Banks (DMBs) duly licensed by the Central Bank of Nigeria (CBN); and Local and Foreign Development Financial Institutions (DFIs), to apply for accreditation as Primary Lending Institutions ("PLIS") under the Cabotage Vessel Financing Fund ("CVFF" or the "Fund").
Established by the provisions of Section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 (the "Cabotage Act"), the CVFF aims to support the growth of indigenous ship acquisition capacity by providing financial assistance to Nigerian operators engaged in domestic coastal shipping.
The disbursement of the Fund is to be administered in accordance with the Cabotage Vessel Financing Fund Guidelines, 2006 (the "CVFF Guidelines") which was made pursuant to the Cabotage Act.

The functions of the PLIS include the following:

Liaise with NIMASA to determine the Risk Acceptance Criteria for applicants in utilizing the CVFF via direct disbursements and/or by issuing guarantees.
Participation in providing counterpart financing for the specific transaction(s).
Adequately structure and secure the Joint Lenders' (CVFF and the PLIS) exposure to beneficiaries.
Primary involvement in loan monitoring and management while ensuring, amongst other things, adequate and timely repayment of the credit facility extended.
Bearing the entire credit risk of the transactions.
Any other financial advisory or ancillary services as the CVFF may determine from time to time.

In addition, the PLIs are required to:

Assess (with verifiable evidence) that the indigenous maritime operator, requesting funding under this scheme, can provide the minimum equity contribution of fifteen percent (15%) of the credit facility request;
Be committed to contribute a counterpart funding of a minimum of thirty-five percent (35%) of the credit facility request; and
Be committed to providing the counterpart funding at a Weighted Average Single Digit Interest Rate.
The requirements for eligible PLIS can be found on the following link on the NIMASA website: https://nimasa.gov.ng/wp-content/uploads/2024/11/Checklist-of-Documents-for-PLIs-regarding-the-EOls.pdf

Closing Date
Applications are expected to reach the office of the Director-General no later than 2 pm on Tuesday, 3rd December, 2024.

Submission of EoI
Interested and eligible PLIS should forward three (3) copies of their Expression of Interest to:
The Director-General / CEO,
NIMASA Towers,
35, Adetokunbo Ademola Street,
Victoria Island, Lagos, Nigeria.

Note
For further enquiries, contact "CVFF Secretariat Cabotage Unit" via:
Phone: 08083940012 or 07052093580
Email: info.cvff@nimasa.gov.ng