The Sea Empowerment and Research Centre RGT has called on Minister of Marine and Blue Economy Adegboyega Oyetola to, as a matter of urgency and necessity, undertake an independent port operations system study to ensure the optimal efficiency and competitiveness of Nigerian ports and reposition their global image.
The call was made by Dr. Eugene Nweke, head of research at Sea Empowerment Research Center RGT, who stressed that while the Ministry is channelling attention towards the evolution and integration of blue economy projects, it must not overlook the possibility of non-reasonable and prompt declaration of revenue due to government by some of the agencies in the maritime industry.
To achieve this, Nweke in an industry intervention entitled, “64th Independence Anniversary: A retrospect of the Maritime Industry – Matters Arising” said there was need for deliberate tidying of undue compromises and instituting the right practices, supported by the right legislations and regulatory framework.
Giving insight to issues bedeviling the sector, he said payments made without receipts ultimately lead to underreporting of revenue, as the fees, charges and settlements might not be officially recorded.
He said there were cases of corruption and personal enrichment resulting in funds ending up in personal pockets, as you mentioned due to corruption, bribery, or other forms of malfeasance.
According to Nweke: “If there’s limited transparency in financial reporting and lack of effective accountability mechanisms, it can create a conducive environment for under declaration of revenue.
“Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue. The operational activities of these agencies can be complex, making it challenging to track and verify revenue generation. This complexity might be exploited to conceal under declaration.”
This he added could also be a result of corruption and under declaration of revenue having been deeply ingrained in the culture and systems of the agencies, making it difficult to address it.
To address these concerns, Nweke suggested some solutions which if adopted and implemented could place the Nigerian maritime and blue economy sector on a higher pedestal of regional and global recognition.
He said transparency and accountability should be strengthened through regular audits, financial reporting, and public disclosure, while oversight from regulatory bodies, audit agencies, and other external entities should be enhanced.
“Implement robust internal controls to prevent corruption and ensure accurate financial reporting, and promote a culture of integrity within these agencies, encouraging ethical behavior and whistleblower protection,” he advised.
Nweke further called for the conduct of regular investigations, into allegations of under declaration and corruption, with consequences for those found guilty.
“By taking these steps, it’s possible to reduce under declaration of revenue and ensure that the agencies contribute accurately to the government’s coffers,” he said.
