Vincent Toritseju
Lagos — The Nigerian chapter of the Institute of Chartered Shipbrokers, ICS, has kicked against the engagement of estate surveyors and valuers for the auctioning and sale of seized vessels.
The group also lamented the incessant arrest of vessels that have fallen foul of the laws of the land, saying that “It has grave economic implication in the long run.
Speaking to Sweetcrudereports at the just concluded Annual General Meeting of the Institute, its immediate past Chairman, Mr. Tami Adu, said that engaging property agents to sell seized vessels is against international best practices, adding that it portrays Nigeria as an unserious shipping nation.
According to him, the property agents know next to nothing about vessels and as such, these investments will be wrongly valued and sold cheaply.
He lamented the incessant arrest of vessels that have been found wanting as most of these offences can resolved through arbitration that could also save both the Economic and Financial Crimes Commission, EFCC, and the Courts time and money in prosecuting admiralty cases involving the seizure of vessels.
Follow us on twitter
