Haboursandport.com: Lagos, Fri 4 October
Dr Eugene Nweke, Head of Research at Sea Empowerment Research Center RGT, who made the call, said that such an audit might unearth underreporting of revenues at the ports.
"unofficial payments - Unreceipted fees, charges, and settlements can lead to underreporting of revenues at the ports, as these transactions might not be officially recorded.
"The Centre strongly sees a need for the Minister to undertake an independent ports operations system study and wishes to suggest that, information raised in part one of this bulletin, the possibilities of non-reasonable and prompt declaration of revenue due for government by some of the agencies in the maritime industry can not be overruled hence, the need for a deliberate tidying of undue compromises and institute the right practices, supported by the right legislations and regulatory framework," said Dr Nweke.
Dr Nweke noted that the possibility of funds ending up in personal pockets is a concern, and this could be due to corruption, bribery, or other forms of malfeasance.
He said that the lack of transparency and accountability in financial reporting can create an environment conducive to under declaration of revenue.
He also said: "Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue., and that 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 underdeclaration.
To address these concerns, Dr Nweke called for strengthening transparency and accountability through regular audits, financial reporting, and public disclosure.
He emphasized the need to enhance oversight from regulatory bodies, audit agencies, and other external entities.
"Implement robust internal controls to prevent corruption and ensure accurate financial reporting.
"Promote a culture of integrity within these agencies, encouraging ethical behaviour and whistleblower protection.
"Conduct regular-reasonableness, into allegations of under-declaration and corruption, with consequences for those found guilty."
Dr Nweke affirms that by taking these steps, it's possible to reduce under-declaration of revenue and ensure that these agencies contribute accurately to the government's coffers," he said.
The Sea Empowerment and Research Centre RGT, has called on the Minister of Marine and Blue Economy to engage an independent firm to audit the port operation system.
Dr Eugene Nweke, Head of Research at Sea Empowerment Research Center RGT, who made the call, said that such an audit might unearth underreporting of revenues at the ports.
"unofficial payments - Unreceipted fees, charges, and settlements can lead to underreporting of revenues at the ports, as these transactions might not be officially recorded.
"The Centre strongly sees a need for the Minister to undertake an independent ports operations system study and wishes to suggest that, information raised in part one of this bulletin, the possibilities of non-reasonable and prompt declaration of revenue due for government by some of the agencies in the maritime industry can not be overruled hence, the need for a deliberate tidying of undue compromises and institute the right practices, supported by the right legislations and regulatory framework," said Dr Nweke.
Dr Nweke noted that the possibility of funds ending up in personal pockets is a concern, and this could be due to corruption, bribery, or other forms of malfeasance.
He said that the lack of transparency and accountability in financial reporting can create an environment conducive to under declaration of revenue.
He also said: "Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue., and that 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 underdeclaration.
To address these concerns, Dr Nweke called for strengthening transparency and accountability through regular audits, financial reporting, and public disclosure.
He emphasized the need to enhance oversight from regulatory bodies, audit agencies, and other external entities.
"Implement robust internal controls to prevent corruption and ensure accurate financial reporting.
"Promote a culture of integrity within these agencies, encouraging ethical behaviour and whistleblower protection.
"Conduct regular-reasonableness, into allegations of under-declaration and corruption, with consequences for those found guilty."
Dr Nweke affirms that by taking these steps, it's possible to reduce under-declaration of revenue and ensure that these agencies contribute accurately to the government's coffers," he said.
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