Maritime: FRC, Executive Secretary/CEO’s Report: Who Is After Jamoh, DG, NIMASA ?

 By Stephen Ubanna

 Between May, 2021 and now, the plot to remove Bashir Jamoh, OFR, Director General, Nigeria Maritime Administration and Safety, NIMASA, who is dedicated and committed to his job by those opposed to him both within and outside the agency appears to have thickened.

The Opposition People’s Democratic Party, PDP, which had led the pack of those calling for Jamoh’s suspension  form office  was said to have petitioned the Economic and Financial Crimes Commission, EFCC,  ‘’to investigate him over alleged looting of the agency to tune of   N1.5 trillion and the North American country of the United States , US, $9.5 million  under his Leadership.

Kola Ologboniyan, the Party Publicity Secretary who was said to have issued a press statement on May 26, 2021, had asked the antigraft agency ‘’to investigate him’’. The Party did not stop there. It was said to have also demanded that the Maritime Agency Director General should be suspended from office but that was how it could go. 

The question on the lips of most people was: How much does NIMASA have on its kitty for N1.5 trillion and $9.5 million to be looted from its vault and it would still remain in business.  This may have informed why maritime analysts had described the PDP’s petition as laughable ostensibly to distract the hard- working Chief Executive Officer, CEO, of the maritime agency from fulfilling of his three-point agenda of Maritime Safety, Maritime Security and Ship Development.

  Indeed, his sensitisation Campaign for the Nigerian government to develop the multi-billion- naira untapped blue economy bear eloquent testimony of his efforts to contribute his quota to the repositioning of the country’s economy and reduce the over dependence on oil exports to earn forex.

. President Bola Ahmed Tinubu, who incidentally was a former governor of Lagos state may have key into Jamoh’s idea about the blue economy project as he had established a new ministry of marine and blue economy and appointed Adegboyega Oyetola, a former governor of Osun state as the pioneer minister.

The minister, and the NIMASA CEO and his Management team, including other maritime stakeholders are said to have been working closely since September, 2023, to ensure that the ministry meet the deliverables of 2023-2027. 

Given that he has  taking effective control of the running of the ministry  and that the bucks stops on his table may have encouraged him to stand his foot down that the maritime agencies CEOs, must sign  the mandatory performance monitoring bond  on Friday, November 23,  2023, which analysts had said would give him room to sack any of the CEOs that fail to deliver on his mandate .

Rabiu Olowo: FRC Executive Secretary/CEO

As a prelude too the signing of performance monitoring bond by the maritime agencies CEOs, Rabiu Olowo, Executive Secretary and CEO, of the Financial Reporting Council, FRC, of Nigeria, on November 21, 2023, had held an exclusive parley with the Media and stakeholders to introduce to them its ‘’new transformational agenda ’’towards fulfilling its mandate   of ensuring sound  financial reporting , auditing   and corporate governance  standards towards Nigeria’’.

On Wednesday, November 29, 2023, the agency had the workshop at Lagos Oriental Hotel, in Lagos, the nation’s Commercial nerve centre. Many believe that the FRCs Executive Secretary and CEO, may have taken advantage of the workshop on the FRC and Renewed Hope Agenda for a stronger agency to lambast the government agencies that present inaccurate audited financial statements to the council.

 Again, on November 30, 2023, the bubble burst as the agency dropped the bombshell   on NIMASA, under the Leaderership of  Jamoh, the incumbent Director General of the maritime agency and who incidentally was the immediate  Executive Director,  of the agency ‘Finance and Administration Department but reports  to  Peterside, his immediate boss  and who in turn takes orders from the then minister of Transportation.


The FRC, was said to have issued a public notice to the agency regarding ‘’the suspension and restatement  of its audited financial statements  for the year  ended December  31, 2018.The Leadership of  the FRC, may have singled out the NIMASA boss and Chudi Ofodile , his successor overseeing the Finance and Administration for ridicule in maritime circles to achieve a purpose : facilitate their removal from office by President Tinubu.

  If there is going saying the fact that if there is any peron that should be punished for the agency’s 2018, inaccurate audited and approved account, Peterside , the immediate pat Director General should  be the one because he had played in the preparation and approval of the audited financial statements.

   Industry stakeholders would want Olowo and his FRC, Management team, to tread with caution in trying to make mockery of  Jamoh’s  achievements  in the nation’s maritime industry , particular,his efforts in tackling Piracy, Sea robbery and other violent crimes in Nigerian waters  and the Gulf of Guinea over the last three years.

Industry stakeholders have every reason to laugh over the FRC insistence that NIMASA Authorities must withdraw and a bold statement that ‘’the 2018 Audited Financial Statements of agency are hereby withdrawn’. It was said to have also directed the agency ‘’to restate its 2018 audited financial statements in accordance with the FRC Act’’.

The FRC Authorities may have shown that they are out to see to the removal of the NIMASA boss who had won himself to the heart of industry stakeholders  by President Tinubu  as they were said to have    demanded   that ‘’the agency  must publish within  seven working days  from the day of the notice which was said to be November 30, 2023,   in at least  two National Newspapers  full page  , that their  2018  financial  statements  and returns  have been withdrawn for non -compliance  with  Financial  Reporting standards.  

The FRC, had expected the NIMASA Leadership to use the Newspaper Adverts to indict himself and to use it as an ammunition to further arms the minister, Oyetola to facilitate his removal from office by the President.

 The FRC boss may have shocked Nigerians when he declared that the information that would be provided by the maritime agency would not be digested by the agency officials alone, noting that it will be immediately be posted on its website’’ to inform other regulatory agencies that the NIMASA defective financial statements and returns have been withdrawn. Many had seen the plan of the FRC, as a ploy to expose the NIMASA boss and those who had served in the previous Management team still in the present Management and who had played key role in the preparation of the 2018, Financial statement of the agency.

The FRC Leadership may have sent a signal to Jamoh, the NIMASA, CEO and Chudi  offodile, Executive Director, Finance and Administration that the restatement of the agency 2018, audited financial accounts would form ‘’the basis for the preparation and submission of the audited financial statements for the agency’s financial statements for the years ended December 2019, 2020, 2021 and 2022.

The agency was said to have required NIMASA ‘’to profile the restated financial statement for 2018, together with the management letters issued by their external auditors, with the council within 60 days’’.

Given the action taken by Olowo and his Management team members at  the FRC, over the  alleged inaccurate audited 2018 annual report of NIMASA , may have them  to suspend  Jamoh’s registration number which  he had obtained  in 2017, meaning that the NIMASA  boss would no longer  use the agency’s   FRC/CIANG/00000016699 to certify any account and it would be acceptable to the Council.

The punishment that was said to have been meted to the NIMASA Director General, described as misdirected by maritime analysts and which was extended ‘’to the certifiers of the NIMASA 2018 Audited  Financial Statement  and offodile , his success and  who has  not obtained his own  registration  number from the Council  clearly shows  its interest in the case: the removal of Jamoh from office .

The argument in both official and unofficial circles was why did it take the agency such a long time to take a decision on the NIMASA 2018, financial statements that Perterside, the former Director General had been relieved of his appoint by the previous Administration. The FRC may have made the case too bd for Jamoh and Offodile, the two key players in NIMASA, at present when it the declared with the suspension order handed down to the duo, had rendered them incapable and pay money into the Federation account. of certifying any financial statements in Nigeria.

  More worrisome was the N500 million type six penalty slammed on the maritime agency for the withdrawal of the 2018 financial statement believed to be in line with the Regulation 18 of the FRC Guidelines and Regulations 2014.

 Enough of FRC and NIMASA. We turn to the Nigerian National Petroleum Corporation, NNPC, now baptised the Nigerian National Petroleum Company Limited, NPCL, with the passage of the Petroleum Industry Bill, PIB signed into ad by former President Buhari in August, 2021.

The Senate, under the Leadership of Godswill Akpabio, a former governor of Akwa Ibom state, were said to have made all the moves to get the Nigerian President sack Mele Kolo Kyari, Group Managing Director of NPCL but failed.

  The Lawmakers, in the country’s upper Legislative Chamber had recalled that between 2010 and now, past and present Group Managing Director of NPCL, had spent $592 million,€ 4.8 million and £3.4 million, for the Turn Around Maintenance, TAM, of the country’s refineries in PortHarcourt, Warri and Kaduna, with a total Combined capacity of 450,000 b/d yet none of the plants cud process petroleum products which was too bad for the economy.

 .  Between Spetember , 2023 and now, it has been   a case of promises  by Senator Heneiken Lokpobiri, minister of State, Petroleum Resources, Oil, that the rehabilitation work  of the refineries would be completed in  this month of December , as part of the President’s directive.

The Nigerian President may not have allowed his decision to retain or sack Kyari, the NPCL, boss to be guided by the remarks of the Senators. It was not surprising why he has reappointed him to head the NPCL, meaning that the FRC, damning reports on  NIMASA, 2018 audited report when  Jamoh , the agency current  Director General and Offodile, the Executive Director of Finance and Administration, who incidentally was his successor  would not hold waters as the bulks stops on Tinubu’s table.

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