NIMASA Shipowners Fund Controversy

Experts are calling for an audit of NIMASA's accounts to clarify the status of the $360 million Cabotage Vessel Financing Fund amid conflicting claims about its currency denomination.

Temisan Omatseye defended the conversion of the Cabotage Vessel Financing Fund from dollars to naira during his tenure as Director-General of NIMASA, citing directives from the Accountant-General and favorable interest rates.

NIMASA's Director-General, Dr Dayo Mobereola, clarified that the Cabotage Vessel Financing Fund (CVFF) has not been converted to naira, countering claims made by former NIMASA Director-General Omatseye regarding currency conversion for interest rates.