Experts Seek Audit Of NIMASA Account As Controversy Deepens Over $360m Shipowners Fund’s Status

The controversy surrounding the management and currency status of the $360 million Cabotage Vessel Financing Fund (CVFF) has deepened, with maritime industry experts calling for a comprehensive audit of the accounts of the Nigerian Maritime Administration and Safety Agency (NIMASA) from 2004 to date to establish the actual status of the fund.
The call for an audit followed conflicting accounts by a former director-general of NIMASA, Temisan Omatseye, and the incumbent director-general, Dr Dayo Mobereola, over whether the dollar-denominated contributions to the fund were converted into naira or retained in United States dollars.
While Omatseye maintained that the dollar funds were conv...