THE Financial Reporting Council (FRC) has suspended the Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Bashir Jamoh and his Director of Finance, Chudi Offodile.
It also slammed NIMASA with a fine of Five Hundred Million Naira (N500,000,000.00)
According to the FRC, the fine was imposed on NIMASA for violating the financial reporting standards in the preparation of the 2018 financial statement and for its withdrawal.
With the suspension, both officials are now incapable of certifying any financial statements in Nigeria.
FRC mandated NIMASA to publish the withdrawal of the audited accounts in two national newspapers within seven working days for non-compliance with financial reporting standards.
The Council stated that its decision should serve as a warning to all reporting entities of their responsibility to comply with prescribed standards and regulations.
Eighteen-Eleven Media