Article
Why The SASBF Failed, And The Recovery Philosophy This Time Is Different
Nigeria's Cabotage Vessel Financing Fund was designed to avoid the failures of its predecessor, the Ship Acquisition and Ship Building Fund, which collapsed in the 1990s due to widespread defaults and poor enforcement practices. This briefing examines why vessel arrest, though legally available, should be treated as a last resort rather than a first response when CVFF loans enter distress, and how alternative recovery mechanisms can preserve the fund's revolving capital structure.
Olisa Agbakoba Legal (OAL)