By Capt. Caleb Danladi Bako

The global shipping industry is the lifeblood of international trade, with nearly 90% of goods transported by sea. Behind this vast network of commerce are the seafarers professionals whose dedication keeps the world’s economy afloat. Yet, while the focus often falls on operational efficiency, safety, and environmental concerns, an equally critical aspect remains largely in the shadows: the mental health and wellbeing of those who spend months away from home, isolated and often battling invisible struggles.

Having worked both at sea and now within the maritime industry ashore, we have witnessed firsthand the emotional challenges faced by seafarers. Life at sea is often romanticized, but the reality is far more complex. Prolonged isolation, communication barriers, high-pressure environments, and the unpredictability of life at sea contribute to a unique mental health crisis that has, for too long, gone unspoken.

A seafarer’s life revolves around routines, watches, and operations that leave little room for personal downtime. The absence of family support systems limited recreational facilities, and minimal mental health resources onboard amplify feelings of loneliness and helplessness. Recent studies, including those by the Mission to Seafarers and the International Seafarers’ Welfare and Assistance Network (ISWAN), reveal alarming rates of depression, anxiety, and even suicidal ideation among crew members. These findings highlight a pressing need for the industry to prioritize mental health with the same seriousness as physical safety.
The COVID-19 pandemic further exposed and intensified these struggles. Hundreds of thousands of seafarers were stranded aboard ships, unable to disembark for months beyond their contracts. Crew change crises turned ships into floating prisons, exacerbating feelings of abandonment and mental exhaustion.

Though some shipping companies have since introduced mental health initiatives such as access to tele-counselling and mental wellness apps, these measures are still the exception rather than the norm.

Mental health challenges at sea are not merely personal struggles; they can have direct safety implications. Fatigue, anxiety, and depression diminish focus and decision-making ability, increasing the risk of accidents. Thus, protecting seafarers’ wellbeing is not only a moral obligation but a safety imperative for the entire industry.

As industry experts and former seafarers, we believe urgent cultural change is required. Shipping companies must move beyond token programs to embed mental health care into the fabric of maritime operations.

Practical steps include mandatory mental health training, confidential support systems, improved internet connectivity for family contact, regular shore leave, and destigmatization of seeking help.

It is time to bring the untold struggles of seafarers into the light. By acknowledging their mental health needs and committing resources to support them, we honor not only their critical role in global trade but their fundamental humanity.

Capt. Caleb Danladi Bako
Maritime expert and Academic Researcher

E-mail: Caleb.Danladi@plymouth.ac.uk, dancb2k@yahoo.com
Phone: +2348064218253

BY ABUBAKAR YUSUF

In line with the decade of action , realizing SDGs 2020-2030 agenda, the mission and vision of government agencies, parastatals and departments must be in tandem with the present realities.

Therefore, efforts by the Financial Reporting Council, FRC to implement the already reviewed annual fee due for over two years cannot be over emphasized.

The challenges posed and identified by Manufacturers Association of Nigeria (MAN), as the umbrella body of companies operating in Nigeria may be normal and usual resistance to positive changes, posed by such bodies in the development, improvement and payment of dues across board.

But , irrespective of that , FRC under the leadership of Dr Rabiu Onaolapo Olowo has developed a new template, innovations and initiatives to drive the new council in line with not only the economic indices and realities in the country, but global requirements.

This is in accordance with the zeal to generate more revenues, increased revenue generation for remittances into the federation account to enable government meet up it’s obligations, through internal mechanism and revenue drive .

With the global standards and realities, FRC cannot be operating under the cocoon of archaic policies and programs, leaving behind the modern and modest standards of International Financial Reporting Standards (IFRS), among others requirements.

Penultimate, the experience of the council towards payment of dues and remittances had been lackadaisical and laced with various resistances , litigations and sharp practices, particularly before the new fee reviewed under the guise of many anomalies, which MAN had overlooked .

Therefore, as the administrative head charged with controls and regulations, The Financial Reporting Council, FRC cannot be seen to be underpinned between new evolution and old order , as a government agency under an act amended , the singular decisions to review its activities is encumbered as an independent entity.

Experience have showed that some publicly traded companies, listed on the Nigerian Stock Exchange (NSE), continue to underreport the claims and litigation section of their annual reports, This is despite the Financial Reporting Council of Nigeria (FRC)’s pledge to curb this before now.

The companies, published their 2023 audited financial reports at various times in 2024. However, each report contained figures lower than what was earlier revealed in a 2023 report.

According to the reports, the companies claimed cases against them in court amounted to huge amount .

“There are certain lawsuits pending against the companies in various courts of law. The total contingent liabilities in respect of pending litigations as at 31 December 2023 is ₦7.42 billion.”

“Some companies had the highest reported figure for claims and litigation of some companies in 2023. They stated that the cases against them amounted to N1.008 trillion claims. However, by June 30, 2024, the figure had become zero.”

This is at variance with FRC position, were many companies were underreporting their claims.

Since litigations may not stand the taste of time as adopted by previous leadership, the best solution is to effect an administrative decision beyond stagnating the activities of the new council and effect a new lease of life into the organization, through the enactment of the new regulations, reviews and controls.

“Not disclosing these claims in their annual reports for over a decade violates the International Financial Reporting Standards (IFRS), hence the new leadership envisaged in its new position and decision.”

“Despite the FRC’s vocal commitment to addressing inaccurate financial reporting, it was revealed that partial compliance two years later.”

“The International Financial Reporting Standards (IFRS) are a set of accounting standards introduced to govern how particular types of transactions and events should be reported in financial statements. They were developed by the International Accounting Standards Board (IASB).”

“This IASB has a set of accounting standards that guide certain aspects of financial reporting.”

“IAS 37 is a standard for accounting for and disclosing provisions, contingent liabilities and assets.”

It describes contingent liabilities as “possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity”.

“An example is litigation against the entity when it is uncertain whether the entity has committed an act of wrongdoing and when it is not probable that settlement will be needed,” it states.

“A contingent liability is not recognised in the statement of financial position. However, unless the possibility of an outflow of economic resources is remote (distant), a contingent liability is disclosed in the notes.”

“Going by this provision, all defendants in the suit had contingent liabilities of at least N1.2 trillion each.”

“It is important to highlight that companies in business either have assets or liabilities. Assets add to the financial health of the company while liabilities are losses. ‘Contingent’ is a term that refers to something that is subject to probability or chance, and just as there are contingent liabilities, there are contingent assets.”

“Some companies were taking advantage of an exploitable gap in the IAS37 to operate .”
Interestingly, Council generally observed an exploitable gap in disclosure requirements as per IAS 37: ”
Provisions, Contingent Liabilities and Contingent Assets, especially as it relates to Contingent Liabilities. Paragraph 92 of IAS 37 which states that ‘In extremely rare cases, disclosures of some or all of the information required by paragraph 84-89 can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision, contingent liability or contingent asset.”

” In such cases, an entity need not disclose the information, but shall disclose the general nature of the dispute, together with the fact that, and reason why, the information has not been disclosed’ is instructive in this regard. This implies that entities are not compelled to disclose number of claims and financial implications thereon as such information has the potential to prejudice their position in disputes with other parties.”

“In the course of the reports, some companies declared huge amount of N11.3 trillion in contingent liabilities in its 2023 annual report; the highest it had ever declared since 2014.”

However , to achieve the global SDGs 2020-2030 agenda with Nigeria playing a leading position, the ongoing sharp practices, inactions, anti government and anti council policies by companies in the area of declaration of transparent and accountable financial reports , that is in tandem with the global standards and practices must be adhered to, in line with the intention of the new management and leadership under Dr Rabiu Onaolapo Olowo as the Executive Secretary, Chief Executive Officer ES CEO of Financial Reporting Council, FRC.

Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.

There is something common in politics and with Politicians in this clime, it stems from the arrogance of power, it stinks to high heavens, it is shit in its worst form; that a few men and women play God, they assume that their egocentric predilections represent the collective will, and they undermine the Law as well as the mindset of the electorate. They move to Party B with the mandate given to Party A by the People. And they Cross-carpet or decamp to another Party without deference to the provisions of the Law.

Just yesterday the entire Political Structure in my home State of Delta was led by the State Governor Mr. Sheriff Oborevwori from the Peoples Democratic Party PDP to the All Progressive Congress APC, that tsunami of sorts happened without firm reasons but the usual refrain that ‘they want to align with the centre for more democratic dividends to come to the State’. I wouldn’t have opted to do this piece had the All Progressive Congress APC made great feats of the States under its watch, alas President Bola Ahmed Tinubu (PBAT) and his followers are masters of deceit, subterfuge and perfidy. They spew soulless propaganda, having no soul they lack moral margins, they lie about everything and they destroy the moral fabrics of our nation. They are shameless, spineless and have no scruples.

Where is the Soul of the men of power who dumped the PDP just yesterday for the APC in Delta State? They have chosen to stand on a Blood Stained Mandate. They have elected a Hunger ridden mandate. They have chosen a corruption riddled mandate. They laud an insecurity enabling mandate. They salute a nepotistic mandate. And they dance to a frustration festering mandate. Had the PBAT led APC at the Centre made Nigeria better than it met her, I would applaud Governor Sheriff and his fellow travelers, but the truth is what consistently the APC, including Governor Sheriff Oborevwori and his men have chosen to trample upon, nay the Truth is that under the PBAT led APC Government, Nigeria is today worse than it was yesterday.

What logic situates the movement of the Delta State Political Structures from the PDP to the APC at a time when Nigerians feel the most unsafe in their homeland? When the States of Plateau, Benue and Bornu have become theatres of human barbecues. Is it not stupidity to elect a blood stained and a blood soaked mandate over being in a Party in the opposition?

Is it not a show of shame to elect a mandate that has left the masses of the people in poverty, despondency and want over fueling the fervour of an opposition seeking a new deal and a new Republic of hope for the people? Which sincere and people oriented leader would dump the opposition for a Party that is absolutely rudderless and progressively multiplying poverty? Only the soulless and the shameless, surely.

The fulminating shenanigans that undermine the monstrous corruption of the APC Government, the unending Infrastructural decay, the unhinged failure of the energy and the power sector, the pervasive hunger, disease and pain in the land, and the murderous gangs killing and maiming citizens with reckless abandon defines the Olympic soullessness of the Delta State Political Merchants who have elected a Blood Stained Mandate over matching for the redemption of Nigeria.

I believe that it is manifest stupidity to desert the opposition at a time that our nation is in dire straits and badly craving vibrant opposition. I believe that it is a show of shame to decamp to a Party and a Government that has failed to protect lives and property.

And I hereby lampoon with unbridled vehemence all those who have chosen to stand on the blood stained and blood soaked mandate that PBAT epitomizes.

Hmmm, so suddenly my home State is now APC, interesting. A class of less than 300 people nay ‘leaders’ met at the Government House in Asaba, and in one fell swoop changed the political colour, temperature and identity of the State, interesting. My People, this One-Party State wey APC and PBAT dey push and pursue na to what end? PBAT and his Party the APC through this manifest antics of State capture have tied democracy to the stake, and are daily through acts of impunity, lawlessness, and braggadocio shooting violently at democracy, I pray they do not shoot this jingleover democracy to death. I pray that they understand that One Party State is the precursor to Authoritarian Rule and Dictatorship. And I pray that they are not oblivious of the politico-social tendencies of the Nigerian State, a State that cannot and has never been captured by any one tendency. In any case, before they completely murder democracy, it must be on record that someone warned against the Stupidity, against the Show of Shame and against the Shenanigans of our Political Operators.

Call me names, but let it be on record that when the elders and the hoard of egotistic political merchants that predominate our political kaleidoscope fiddled with the poisoned chalice of sycophancy and hypocrisy, I wasn’t quiet. Let it be on record that when they ate poisoned bread baked with blood stained and blood soaked mandate, and when they chose to dance on the tombs of the dead across our space who were unlived because government failed to protect them, that someone called out the discerning, and warned against the omnious times that they make certain.

The sequel to this patriotic effort shall most certainly tell more, reveal more and foretell the pitfalls that a most arrogant and self-seeking political class weave in the path of our ‘democracy’. We have got some difficult days and difficult times ahead.

Call me the Wailer, that’s ok, for I Wail that Nigeria may become Great.

Prof Chris Mustapha Nwaokobia Jnr
Convener COUNTRYFIRST MOVT. A Good Governance Advocacy Group.