Stakeholders demand cabotage fund audit
AI Executive Briefing
Verified Synthesis~92s readIndigenous shipowners have called for an independent forensic audit of the Cabotage Vessel Financing Fund (CVFF) following conflicting accounts by the Nigerian Maritime Administration and Safety Agency (NIMASA) and its former Director-General, Temisan Omatseye, over the fund’s management, currency denomination and financial status. However, NIMASA has rejected the claim, insisting that the dollar component of the CVFF was never converted into naira.
Context & Background
- ✦The shipowners want NIMASA’s accounts audited from 2004 to date to establish the fund’s actual value, accumulated contributions, withdrawals and investment returns.
Key Figures & Named Entities
naira.:However, NIMASA has rejected the claim, insisting that the dollar component of the CVFF was never converted into naira.$250:One LNG tanker alone is about $250m.dollars,:Similarly, President of the Nigeria Shipowners Association (NISA), Alhaji Adewumi, insisted that the CVFF should remain denominated in dollars, arguing that the fund’s guidelines did not provide for conversion into naira.
Outlook & Next Steps
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Key Takeaways
Verified Extract- Indigenous shipowners have called for an independent forensic audit of the Cabotage Vessel Financing Fund (CVFF) following conflicting accounts by the Nigerian Maritime Administration and Safety Agency (NIMASA) and its former Director-General, Temisan Omatseye, over the fund’s management, currency denomination and financial status.
- However, NIMASA has rejected the claim, insisting that the dollar component of the CVFF was never converted into naira.
- The shipowners want NIMASA’s accounts audited from 2004 to date to establish the fund’s actual value, accumulated contributions, withdrawals and investment returns.
Key Facts:naira.: However, NIMASA has rejected the claim, insisting that the dollar component of the CVFF was never converted into naira.$250: One LNG tanker alone is about $250m.dollars,: Similarly, President of the Nigeria Shipowners Association (NISA), Alhaji Adewumi, insisted that the CVFF should remain denominated in dollars, arguing that the fund’s guidelines did not provide for conversion into naira.naira,: He maintained that if the authorities intended to retain the fund in naira, they should explain the rationale, particularly as shipowners continued to make their shipping-related payments and contributions in dollars.
Editorial Excerpt
Indigenous shipowners have called for an independent forensic audit of the Cabotage Vessel Financing Fund (CVFF) following conflicting accounts by the Nigerian...
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
Indigenous shipowners have called for an independent forensic audit of the Cabotage Vessel Financing Fund (CVFF) following conflicting accounts by the Nigerian Maritime Administration and Safety Agency (NIMASA) and its former Director-General, Temisan Omatseye, over the fund’s management, currency denomination and financial status.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Lagos State, Central Bank of Nigeria, Tajudeen Abbas.
What timeline or key figures were confirmed?
However, NIMASA has rejected the claim, insisting that the dollar component of the CVFF was never converted into naira.
