NIMASA Generates N127 bn In Nine Years

…Rejects UBA's N750m pay-off for trapped $13m in defunct Afex Bank

The Nigerian Maritime Administration and Safety Agency (NIMASA) generated N127 billion as revenue between 1999 and September 2008.
NIMASA’s Director-General, Dr. Ade Dosunmu, disclosed this recently in Abuja when he appeared before the Senate Ad-hoc Committee probing the transport sector.
Dosunmu explained that the money was realized from the statutory three per cent dues the Agency collects on ships.
He said that out of the N127 billion generated within the review period, N24 billion was spent as capital expenditure, while N53 billion was for recurrent expenditure within the nine-year period.
Dosunmu said that a total of N31.6 billion has been remitted into the Federation Account by the Agency while it has N12.5 billion in reserve.
Meanwhile, NIMASA has rejected  N750million offer by UBA Plc as pay-off for its $13 million (about N1.5 billion) trapped in the distressed Afex Bank Nigeria Limited, which has now been acquired by UBA Plc.
Dosunmu had told the committee that the agency has written to the office of the Accountant-General of the Federation for advice on whether or not to accept the offer by UBA.