ICS Berates EFCC Auctioning Vessels To Estate Surveyors, Valuers

The Institute of Chartered Shipbrokers (ICS) berates EFCC auctioning vessels to estate surveyors and valuers. 

It noted that auctioning seized vessels to real estate agents usually results in a valuation that is less than their worth.

ICS said Shipbrokers are saddled with that responsibility of evaluating vessels and not real estate agents.

The Institute of Chartered Shipbrokers (ICS) Nigeria Chapter has berated the misplacement of priority placed on the auctioning of vessels by the Economic and Financial Crimes Commission (EFCC) who prefers inviting real estate surveyors and valuers to evaluate vessels.

Speaking at the Annual General Meeting and election of new Executives in Lagos, the immediate outgoing Chairman of the institute, Mr. Tami Edu noted that the implication of auctioning seized vessels to real estate surveyors and valuers usually results in a valuation that is less than their worth.

He charged the members of the institute to pull for more publicity in order to educate the public about the functions and roles of shipbroking in the country.

“We have a problem in this country. How would EFCC seize all sort of vessels and take to wherever they want to and they would leave them there? And the agency would advertise for these vessels to be auctioned on behalf of the government and guess who would be called for the auctioning, real estate agents. The agents would present themselves as brokers.

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“And when it comes to valuation, they who don’t understand what they are selling, just place value on the auctioned vessel like a building. They evaluate it the way they do to buildings. They deal with it that way which is not so at all when it comes to the valuation of vessels. Anywhere in the world, Shipbrokers are saddled with that responsibility of evaluating vessels not real estate agents,” Tami Edu.

Speaking during his address after being elected as the Chairman of the institute,  Dr. Chris Osoba pledged his commitment to play his part in reinstating  Nigeria into the International Maritime Organization (IMO) Category C, adding other maritime nations have members in the institute making it easy for him to influence them.

He also stressed the need for the institute to liaise with the Ministry of Transportation to let it know the influence of Shipbrokers in the shipping ventures.

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“We need to be very close to the government of the day particularly, the Ministry of Transportation. The current Minister of Transportation may not know much about the Institute of Chartered Shipbrokers. He may not know that shipbrokers are actually the ones who call the shots in global shipping. The top shots in IMO are members of ICS and we sit at the same table to discuss issues.

“We can use this to our advantage to network with these people

“So, it’s important to engage the Transport Minister to let him know that we’re in the meetings, classes, and engagements with the top-notch players in shipping. I’m a member of The Baltic Exchange. This group comprises the biggest ship owners. The late Ojo Madueke when he was Minister of Transportation said he attended an IMO meeting and didn’t understand the ‘English’ they were speaking.

“We need to tell the Transport Minister that this Category C status on the IMO Council is seeking can be gotten through ICS. I understand that there are some industry issues that have been highlighted as shortcomings but the network opportunity to clarify this is available at ICS,” Enare said.

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