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FRC fines NIMASA, suspends defective 2018 financial statements

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The Financial Reporting Council of Nigeria has suspended the audited financial statements for the year ended December 31, 2018, of the Nigerian Maritime Administration and Safety Agency and issued a N500m fine.

In a statement issued on Thursday, the FRC, which had vowed stricter enforcement of standards, said that the action was taken 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.

Also, the council 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), thus rendering them incapable of certifying any financial statements in Nigeria.

The notice partly read, “The 2018 Audited Financial Statements of NIMASA are hereby withdrawn, and NIMASA is directed to restate its 2018 audited financial statements. NIMASA is required to publish, within seven  working days from the date of this notice, in at least two national newspapers (full page), that their 2018 financial statements and returns have been withdrawn for non-compliance with Financial Reporting Standards.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 will immediately post this information on its website and inform other regulatory agencies that the defective financial statements and returns have been withdrawn for restatement.

“NIMASA is directed to begin the process of restating the 2018 audited financial statement in accordance with the FRC Act. This restatement will form the basis for the preparation and submission of audited financial statements for the years ended December 31, 2019, 2020, 2021, and 2022.

“NIMASA is required to file the restated financial statements for 2018, together with the management letters issued by their external auditors, with the Council within 60 days.”

The FRC added that the move against NIMASA should serve as a reminder to all reporting entities of their responsibility to comply with prescribed standards and regulations.

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