Stakeholders call for forensic audit of NIMASA vessel funds

The Nigerian Maritime Administration and Safety Agency (NIMASA) is facing calls for a forensic audit of its Cabotage Vessel Financing Fund (CVFF) following conflicting statements from its former and current leadership regarding the fund's currency status. The Sea Empowerment and Research Centre (SEREC) has renewed its demand for an independent audit, highlighting transparency, accountability and concerns over erosion of contributions.

Former NIMASA Director-General Temisan Omatseye confirmed that dollar-denominated contributions were converted into naira and invested during his tenure. However, current Director-General Dr Dayo Mobereola maintains the fund remains in dollars. SEREC warns that conversion exposes the fund to foreign exchange losses due to the local currency's depreciation, potentially undermining its purpose of supporting indigenous shipowners.

A former President of the National Association of Master Mariners, Capt. Tajudeen Alao, also echoed the call for an audit, emphasizing the need to resolve discrepancies in the fund's management and currency denomination. Alao stressed that an audit would clarify the CVFF's financial history, currency conversions, investments and accrued interest.

Meanwhile, the Nigeria Shipowners Association has urged the Minister of Marine and Blue Economy to clarify why the fund was converted from dollars to naira, arguing that it should retain its US dollar denomination.