The Financial Reporting Council of Nigeria (FRC) has taken action against the Nigerian Maritime Administration and Safety Agency (NIMASA) by suspending its audited financial statements for the year ended December 31, 2018, and imposing a fine of N500 million. This decision was made in accordance with the FRC Act 2011 (as amended) and the Financial Reporting Council of Nigeria-Guidelines/Regulations for Inspection and Monitoring of Reporting Entities, as stated in a release on Thursday.

Furthermore, the FRC has suspended the FRC registration numbers of the certifiers of NIMASA’s 2018 audited financial statement, Dr. Bashir Jamoh (FRC/2017/CIANG/00000016699) and Chudi Offodile (unregistered), rendering them incapable of certifying any financial statements in Nigeria. The FRC has directed NIMASA to restate its 2018 audited financial statements and publish a notice in at least two national newspapers within seven working days, informing the public of the withdrawal of their 2018 financial statements due to non-compliance with Financial Reporting standards.

NIMASA has been instructed to begin the process of restating the 2018 audited financial statement in accordance with the FRC Act. This restatement will serve as the basis for the preparation and submission of audited financial statements for the years ended December 31, 2019, 2020, 2021, and 2022. NIMASA is also required to file the restated financial statements for 2018, along with the management letters issued by their external auditors, with the Council within 60 days.

The FRC emphasized that this action against NIMASA should remind all reporting entities of their responsibility to comply with prescribed standards and regulations.

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