Stakeholders call for forensic audit of NIMASA vessel funds
P
Punch Newspaper
Reported by Anozie Egole
Wed, 4 Nov 2026, 23:13
Photo courtesy of Punch Newspaper · Verified via News Stand NG
Source Attribution: Punch Newspaper
News Stand NG operates under ethical news aggregation guidelines. Source: Punch Newspaper. To read the unabridged investigative reporting and full gallery, visit the original publication.
Alao said an independent audit would help “resolve the lingering controversy over the management and currency denomination of the fund, particularly conflicting claims about whether the dollar-denominated contributions were converted to naira or remained in dollars with the Central Bank of Nigeria.” He said that a former Director-General of NIMASA had confirmed that the dollar funds were converted to naira and deposited with the CBN during his tenure. SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
Context & Background
✦The NISA president wondered why the fund should be converted to naira when shipowners were still required to make their payments in dollars.
Key Figures & Named Entities
Tuesday:SEREC, in its latest bulletin signed by its Head of Research, Eugene Nweke, on Tuesday, explained that the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.naira,:Meanwhile, the Nigeria Shipowners Association has urged the Minister of Marine and Blue Economy, Adegboyega Oyetola, to explain the reported conversion of the CVFF from dollars to naira, maintaining that the fund should retain its US dollar denomination.naira,:“If you have heard from the former DG that the money has been converted to naira, it is left for the DG and the ministry to counter what the man has said because he was once in that position, so he should know better than people like us,” Adewumi said.
Outlook & Next Steps
Follow original publisher reporting for subsequent developments, official responses, and verified updates.
Key Takeaways
Verified Extract
✦Alao said an independent audit would help “resolve the lingering controversy over the management and currency denomination of the fund, particularly conflicting claims about whether the dollar-denominated contributions were converted to naira or remained in dollars with the Central Bank of Nigeria.” He said that a former Director-General of NIMASA had confirmed that the dollar funds were converted to naira and deposited with the CBN during his tenure.
✦SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
✦The NISA president wondered why the fund should be converted to naira when shipowners were still required to make their payments in dollars.
Key Facts:Tuesday: SEREC, in its latest bulletin signed by its Head of Research, Eugene Nweke, on Tuesday, explained that the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.naira,: Meanwhile, the Nigeria Shipowners Association has urged the Minister of Marine and Blue Economy, Adegboyega Oyetola, to explain the reported conversion of the CVFF from dollars to naira, maintaining that the fund should retain its US dollar denomination.naira,: “If you have heard from the former DG that the money has been converted to naira, it is left for the DG and the ministry to counter what the man has said because he was once in that position, so he should know better than people like us,” Adewumi said.dollars.: The NISA president wondered why the fund should be converted to naira when shipowners were still required to make their payments in dollars.
Editorial Excerpt
The Sea Empowerment and Research Centre has renewed its call for an independent forensic audit of the Nigerian Maritime Administration and Safety Agency, following conflicting claims over the…
Frequently Asked Questions About This Story
What is the latest development regarding Central Bank of Nigeria?
Alao said an independent audit would help “resolve the lingering controversy over the management and currency denomination of the fund, particularly conflicting claims about whether the dollar-denominated contributions were converted to naira or remained in dollars with the Central Bank of Nigeria.” He said that a former Director-General of NIMASA had confirmed that the dollar funds were converted to naira and deposited with the CBN during his tenure.
Who are the key organizations or public figures mentioned?
SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
What timeline or key figures were confirmed?
SEREC, in its latest bulletin signed by its Head of Research, Eugene Nweke, on Tuesday, explained that the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.
