Indigenous Shipowners Demand Forensic Audit of Cabotage Fund

Indigenous shipowners have called for an independent forensic audit of the Cabotage Vessel Financing Fund (CVFF) after conflicting accounts from the Nigerian Maritime Administration and Safety Agency (NIMASA) and its former Director-General, Temisan Omatseye.

The dispute covers the fund’s management, currency denomination and financial status. The shipowners want NIMASA’s accounts audited from 2004 to date.

Scope of audit

The audit should establish the fund’s actual value, accumulated contributions, withdrawals and investment returns, the shipowners said.

Conflicting accounts

The call follows conflicting accounts by NIMASA and Omatseye over how the CVFF has been managed and what it is worth. The shipowners want an independent review from 2004 to date to settle those questions.