NIMASA Boss Risks Dismissal Over Alleged Non-Compliance With Financial Report Standards

• A strong allegation has been levelled against Bashir Jamoh, the director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA)
• Jamoh, in his third year in office, was accused of failing to follow the ethical standard of financial reporting
• However, there are calls for Jamoh's dismissal for non-compliance with the financial reporting standards

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro.

FCT, Abuja - The Nigerian Youth Against Corruption (NYAC) has expressed grave concern after the Financial Reporting Council of Nigeria (FRC) suspended the 2018 audited financial statement of the Nigerian Maritime Administration and Safety Agency (NIMASA) due to failure to adhere to financial reporting standards.

In a press release on Thursday, December 14, Comrade Bethel Aguda, the convener of NYAC, stated that this non-compliance is unacceptable and casts a negative light on the leadership and management of NIMASA, particularly under the supervision of Dr Bashir Jamoh, the director-general.

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The statement obtained by Legit.ng reads reads:

''This egregious breach of financial standards and withdrawal of the audited financial statement signal a failure in the agency's leadership to uphold transparency and accountability.

''Given this significant failure and the resulting penalty imposed by the FRC, NYAC calls for the immediate dismissal of Dr. Bashir Jamoh as the managing director of NIMASA."

Group calls for immediate reforms in NIMASA

The NYAC has called on the appropriate authorities to promptly and decisively address the issues affecting NIMASA's governance and operational credibility.

The organisation highlighted the importance of a transparent and thorough approach to resolving the issue, urging the Federal Government to designate a capable and reliable individual to lead NIMASA.

It was gathered that the move is crucial for reinstating confidence, upholding credibility, and ensuring compliance with financial regulations.

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FRC imposes N500m penalty on NIMASA for non-compliance with financial reporting standards

Similarly, the Financial Reporting Council of Nigeria (FRC) has suspended the Director-General of NIMASA, Bashir Jamoh, for violations.

Alongside Jamoh, the Council suspended Chudi Ofodile and imposed an N500 million penalty on NIMASA.

The FRC asked NIMASA to reissue its financial statement for the year ended December 31, 2022.

Source: Legit.ng