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By Godswill Michael
A detailed financial intelligence document has uncovered how accounts linked to the Nigerian Maritime Administration and Safety Agency (NIMASA) were used to process over ₦3 billion in suspicious and potentially fraudulent transactions, exposing patterns of structured inflows, rapid withdrawals and possible money laundering schemes involving politically exposed persons and contractors.
The report obtained by pointblanknew.com on Thursday reveals that multiple accounts tied to individuals and entities connected to the agency received huge sums running into hundreds of millions and billions of naira, often followed by immediate transfers to other beneficiaries without clear economic justification, raising strong red flags of illicit financial flows.
According to the document, one of the most prominent cases involved structured credits of ₦117 million into the account of a former Director-General, Bashir Jamoh, in two tranches of ₦100 million and ₦17 million. The funds were quickly dispersed across several accounts, with investigators noting that the source and purpose of the transactions could not be substantiated.
Similarly, another account linked to a NIMASA board member recorded inflows exceeding ₦98.4 million, despite the individual being profiled as a civil servant. Analysts flagged the transactions as inconsistent with the account holder’s profile, suggesting possible placement of illicit funds.
The document also details how corporate accounts allegedly linked to maritime operations processed massive inflows, including ₦300 million received within two days, which were immediately transferred out. Transaction descriptions such as “payment for goods” and “web app making” reportedly contradicted the stated purpose of freight services, indicating possible layering to conceal the origin of funds.
In another instance, a NIMASA staff-linked account recorded over ₦302 million in inflows from multiple sources, including a ₦233 million “money market” transaction. Funds were rapidly moved into investment accounts or distributed to multiple beneficiaries, a pattern investigators described as typical of laundering schemes.
Further findings show that some contractors and companies linked to the agency received huge foreign currency inflows, including $2.8 million and $295,000, followed by large cash withdrawals or offshore transfers without supporting documentation. In one case, over $67,000 deposited into an account was almost entirely withdrawn within 24 hours under unclear circumstances.
The report also highlighted repeated cases of “flow-through” transactions, where accounts received large inflows and transferred nearly identical amounts out on the same day, effectively obscuring audit trails. Several accounts exhibited turnovers exceeding ₦3 billion, with no verifiable business activities to justify such volumes.
Investigators noted that many of the flagged accounts belonged to politically exposed persons, contractors, or individuals linked to the maritime sector, heightening the risk of corruption and abuse of public funds.
The findings come amid ongoing controversies surrounding NIMASA. The agency had earlier denied involvement in an alleged ₦1.5 trillion and $9 million corruption scandal, describing claims in a viral video as a “campaign of calumny” orchestrated by mischief makers.
In a statement issued in Abuja recently, Assistant Director of Public Relations, Osagie Edward, said the allegation, claiming that the Director-General paid public funds into a personal account—was recycled content previously investigated in 2021.
He noted that the then Director-General had petitioned the Economic and Financial Crimes Commission to probe the claims, insisting they damaged his integrity and reputation.
However, recent developments have intensified scrutiny on the agency.
Operatives of the Independent Corrupt Practices and Other Related Offences Commission reportedly arrested Jamoh in Kaduna and transferred him to Abuja for interrogation over alleged financial misconduct.
The arrest followed a ₦300 billion corruption petition filed in May 2025 by civil society groups and political organisations, accusing the agency’s leadership of contract inflation, including questionable speedboat leasing deals, and the unauthorised recruitment of over 500 personnel during Jamoh’s tenure.
Regulatory concerns had also emerged earlier when the Financial Reporting Council fined NIMASA ₦500 million in 2023 over fraudulent financial statements. Investigators are now said to be examining key projects, including the Deep Blue maritime security initiative, as well as a sharp increase in the agency’s training budget from ₦66 million in 2019 to ₦1.6 billion within a few years.