Deep water operations in the oil and gas industry are set for a boost with the acquisition of a vessel ‘Africa Inspiration’
Olisa Agbakoba Legal (OAL) has unveiled a legal framework to reduce lending risks under the $700 million Cabotage Vessel Financing Fund (CVFF).
This was unveiled during the maiden Maritime Policy Roundtable, where stakeholders proposed stronger credit assessments, legal due diligence, effective risk management and enforceable security arrangements for CVFF implementation.
The roundtable was organised as stakeholders continued discussions on the implementation of the CVFF, which was established under the Cabotage Act to support vessel acquisition, strengthen indigenous shipping capacity and expand Nigerian participation in domestic coastal trade.
Olisa Agbakoba, Senior Partner at OAL, stated that the Cabotage Act established the CVFF to support the acquisition of vessels by indigenous shipping operators and to increase Nigerian participation in domestic coastal trade.
He further provided a historical overview of the
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