FRC imposes N500m penalty on NIMASA for non-compliance with financial reporting standards
By Chris Udochukwu The Financial Reporting Council of Nigeria (FRC) has suspended the 2018 audited financial statement of the Nigerian Maritime Administration and Safety Agency (NIMASA) for non-compliance with financial reporting standards. In a public notice, the FRC management directed NIMASA to begin the process of restating its audited financial statement for the year ended December 31, 2022. The council also imposed a type six penalty of N500 million for the withdrawal of the financial statement. The action was in accordance with the FRC Act 2011 (as amended) and the council’s guidelines and regulations for the inspection and monitoring of reporting entities. “The FRC registration numbers of certifiers of NIMASA’S Audited Financial Statement, Dr. Bashir Jamoh (FRC/2017/CIANG/00000016699) and Chudi Offodile (Unregistered), are hereby suspended,” The statement reads. “This suspension renders them incapable of certifying any financial statements in Nigeria. “The 2018 Audited Financial Statements of NIMASA are hereby withdrawn, and NIMASA is directed to restate its 2018 audited financial statements.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 (7) working days from the date of this notice, in at least two …
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