Nigeria @64: Blue Economy Minister Should Undertake Operations Study to Correct Rising Corruption, Malpractices at Ports – Freight Forwarders
OYETOLA
By Eugene Nweke
The Sea Empowerment and Research Centre RGT wishes to refer the Hon Minister to the issues raised in part 1 of this 3rd Quarter Bulletin September ending 2024.
The Centre strongly sees a need for the Minister to undertake an independent ports operations system study and wish to suggest that, from information raised in part 1 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 cannot 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.
In the light of this, here are some insights to consider:
1. Unofficial payments: Unreceipted fees, charges, and settlements can lead to underreporting of revenue, as these transactions might not be officially recorded.
2. Corruption and personal enrichment: The possibility of funds ending up in personal pockets, as you mentioned, is a concern. This could be due to corruption, bribery, or other forms of malfeasance.
3. Lack of transparency and accountability*: If there’s limited transparency in financial reporting and a lack of effective accountability mechanisms, it can create an environment conducive to under-declaration of revenue.
4. Inadequate Oversight: Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue.
5. Complexity and opacity: 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.
6. Cultural and systemic issues*: Unfortunately, corruption and under-declaration of revenue might be deeply ingrained in the culture and systems of these agencies, making it difficult to address.
To address these concerns, it’s essential to:
1. Strengthen transparency and accountability* through regular audits, financial reporting, and public disclosure.
2. Enhance oversight* from regulatory bodies, audit agencies, and other external entities.
3. Implement robust internal controls to prevent corruption and ensure accurate financial reporting.
4. Promote a culture of integrity within these agencies, encouraging ethical behavior and whistleblower protection.
5. Conduct 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 these agencies contribute accurately to the government’s coffers.
In conclusion, while the Ministry channels attention towards the evolution and integration of the blue economy projects, it must not failed in the areas of repositioning both the global image of our ports and for optimal efficiency and competitiveness.
The way towards achieving this feat, is to undertake an independent port operations system study.
Happy Independence to all Nigerians.
Thank you for your attention.
Fwdr Dr Eugene Nweke Rff Fnis Fptm Ksm
Head Of Research @ Sea Empowerment Research Center RGT.
The Sea Empowerment and Research Centre RGT wishes to refer the Hon Minister to the issues raised in part 1 of this 3rd Quarter Bulletin September ending 2024.
The Centre strongly sees a need for the Minister to undertake an independent ports operations system study and wish to suggest that, from information raised in part 1 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 cannot 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.
In the light of this, here are some insights to consider:
1. Unofficial payments: Unreceipted fees, charges, and settlements can lead to underreporting of revenue, as these transactions might not be officially recorded.
2. Corruption and personal enrichment: The possibility of funds ending up in personal pockets, as you mentioned, is a concern. This could be due to corruption, bribery, or other forms of malfeasance.
3. Lack of transparency and accountability*: If there’s limited transparency in financial reporting and a lack of effective accountability mechanisms, it can create an environment conducive to under-declaration of revenue.
4. Inadequate Oversight: Insufficient oversight from regulatory bodies, audit agencies, or other external entities might contribute to the underreporting of revenue.
5. Complexity and opacity: 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.
6. Cultural and systemic issues*: Unfortunately, corruption and under-declaration of revenue might be deeply ingrained in the culture and systems of these agencies, making it difficult to address.
To address these concerns, it’s essential to:
1. Strengthen transparency and accountability* through regular audits, financial reporting, and public disclosure.
2. Enhance oversight* from regulatory bodies, audit agencies, and other external entities.
3. Implement robust internal controls to prevent corruption and ensure accurate financial reporting.
4. Promote a culture of integrity within these agencies, encouraging ethical behavior and whistleblower protection.
5. Conduct 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 these agencies contribute accurately to the government’s coffers.
In conclusion, while the Ministry channels attention towards the evolution and integration of the blue economy projects, it must not failed in the areas of repositioning both the global image of our ports and for optimal efficiency and competitiveness.
The way towards achieving this feat, is to undertake an independent port operations system study.
Happy Independence to all Nigerians.
Thank you for your attention.
Fwdr Dr Eugene Nweke Rff Fnis Fptm Ksm
Head Of Research @ Sea Empowerment Research Center RGT.
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