MAN Targets N24bn Revenue for 2026, Expands Cadet Training, Secures Global Certifications

By Christiana Ekpa

The Acting Rector of the Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom State, Dr. Kevin Okonna, on Wednesday projected a revenue of N24,010,563,603.44 for the 2026 fiscal year.

Okonna disclosed this while appearing before the House of Representatives Committee on Maritime Safety, Education and Administration during the institution’s 2026 budget defence.

He explained that after a projected remittance of N10,805,915 to the Consolidated Revenue Fund, the academy would retain a net revenue of N23,999,757,688.44.

Providing a breakdown, he said the revenue projections include a 5 percent NIMASA statutory fund of N13,333,194,665.74; an expected outstanding 2025 budget release of N55,000,000; and N696,664,160.64 from the MOWCA fund.

Other sources include N697,380,000 from cadet and student fees, as well as N30,174,140 from miscellaneous revenue streams such as rent.

On expenditure, Okonna said the academy plans to spend N8,787,698,249.52 on overhead costs, N1,356,817,590.36 on personnel, and N13,855,241,848.55 on capital projects—bringing total expenditure to N23,999,757,688.44.

Highlighting recent achievements, the Acting Rector said the academy had made significant progress in the past year. He revealed that 80 cadets from the 2021 set secured automatic employment and sea-time experience during their 2025 graduation.

He added that the institution signed a three-year Memorandum of Understanding with NLNG Shipping and Marine Services Limited between December 2025 and February 2026, leading to the placement of 43 cadets onboard NLNG vessels.

Okonna further disclosed that MAN secured two international certifications covering quality management systems and education organisation management systems, alongside achieving 24-hour power supply for cadets and students on campus.

In her remarks, Chairman of the Committee, Hon. Khadija Waziri-Bukar A. Ibrahim, described the academy as pivotal to Nigeria’s maritime capacity development and economic growth.

She noted that the maritime sector remains a critical pillar of the economy, supporting international trade, enhancing national security, and creating employment opportunities.

While acknowledging the academy’s importance, she pointed to persistent challenges including infrastructure deficits, inadequate training equipment, and the need for modern simulation facilities that meet global standards.

Ibrahim assured that the committee would support initiatives aimed at improving maritime education, infrastructure, staff welfare, and international certification compliance, while also stressing the need for transparency, accountability, and fiscal discipline.

She emphasised that the engagement was collaborative, not adversarial, with a shared goal of transforming the Maritime Academy of Nigeria into a globally competitive institution that contributes meaningfully to the nation’s blue economy.

End