Headlines

NPA keeps mum over missing concession fund

Bello-Koko, Ag. NPA MD

—-as PBE indicts agency

Eyewitness reporter

The Nigerian Ports Authority (NPA) has kept sealed lips over the damning allegation surrounding the missing $678.4m(32billion) accrued concession funds.

The Auditor General of the Federation (AuGF), Adolphus Aghughu, in the 2016 audited report of the 2006 concession programme of the Federal government, had accused the Bureau of Public Enterprises (BPE) of not remitting the amount to the federation account.

In a swift reaction to the allegation, the BPE absolved itself of the missing money, asking the AuGF and the Senate, which is probing the scandal, to hold the NPA accountable for the missing fund.

In its written response to the Senate panel, the BPE explained that the concession transactions were done in 2005 and the concession agreement executed clearly showed that the BPE was only a confirming party while the primary party to the concessions was the Nigerian Port Authority (NPA).

The agency also insisted that the responsibility for such collection was that of NPA and not that of BPE

“Having midwifed the concession transactions, the BPE collected some of the remittances to the NPA.

“The NPA has since acknowledged the transfer made regarding the rentals received on its behalf by the Bureau.

“Revenue accruing on the ports concession have, beyond 2008, been paid directly to ‘landlord’ (NPA) and not the BPE as the OAuGF report appears to allege.

“We are, therefore, unaware of the $679.4 million.”

Stakeholders are however asking the NPA authority to clear the air on the controversial missing money, adding that the silence of the agency is uncharitable, given the allegation of the PBE.

Meanwhile, the Senate Public Accounts Committee (SPAC) has begun an investigation to unravel the alleged missing concession funds.

According to the AuGF query, 23 companies were granted concessional rent at various ports under the NPA for 10 years and above at an associated yearly rent of $679.4 million payable to NPA as at December 31.

The AuGF alleged that there was no evidence to show that $679 million was collected as at when due and remitted to Consolidated Revenue Fund.

The AuGF query reads: “Twenty-three companies were granted concessional rent of various ports under Nigerian Ports Authority (NPA) for 10 years and above with associated yearly rent of $679,403,172.00 payable to NPA as at December 31, 2016.

“There is no evidence to show that $679,403,172.00 was collected as at when due and remitted to the Consolidated Revenue Fund.

“This has been communicated to the Bureau vide letter with reference number OAuGF/RESAD/05/2016/07, dated April 19, 2018. No response has been received from the Bureau.

“Unremitted funds may be misapplied by the Bureau. Also, it may lead to the diversion of funds to other uses.

“The Director-General is required to show evidence that $679,403,172.00 was collected and remitted to the appropriate authority.”

Related Topics:featured NPA keeps mum over missing money

Up Next

Denmark releases three suspected pirates arrested in Gulf of Guinea

Don't Miss

Nigeria Customs ramps up revenue profile

Click to comment

Headlines

NIWA partners ICPC to strengthen internal transparency in its operations

Gloria Odion, Maritime Reporter

The National Inland Waterways Authority (NIWA) has announced new strategies aimed at improving its operational system and enhancing collaboration with key stakeholders as part of efforts to boost efficiency and accountability.

Speaking at a post event Press Conference at NIWA Headquarters Lokoja, the Acting Managing Director, Umar Yusuf Girei, while answering questions from journalists stated that, the organization convened a two -day Executive and Anti-Corruption training with the theme “Strengthening Integrity and Revenue System in Inland Waterways Management” organized for Board Members, Management and Area Managers and also 2026 NIWA Management Retreat in Abuja.

The Acting MD noted as part of the Renewed Hope Agenda of President Bola Ahmed Tinubu,with the support Adegboyega Oyetola, Minister of Marine and Blue Economy, the Authority is focused on aligning institutional goals in ensuring better service delivery to Nigerians.

He further said, as part of its anti-corruption drive, the Management held discussions with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to explore measures for strengthening transparency within its operations.

Girei therefore, assured staff that the ongoing reforms under his watch would translate into improved service and better working conditions.

“NIWA remains committed to continuous improvement and stakeholder engagement and the reforms are expected to enhance both internal performance and public confidence”. he stated.

Headlines

Navy appoints new Maritime Guard Commander for NIMASA

Gloria Odion, Maritime Reporter

The Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved the appointment of Commodore Reginald Odeodi Adoki as the Commander of the Maritime Guard Command at the Nigerian Maritime Administration and Safety Agency (NIMASA).

Commodore Adoki takes over from Commodore H.C Oriekeze who has been redeployed.

Commodore Adoki, a principal Warfare Officer specializing in communication and intelligence, brings onboard 25 years experience in the Nigerian Navy covering training, staff and operations.

As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada.

It was under his command that NNS Kada under took her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.

He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics.

He has since earned a Masters in International Law and Diplomacy from the University of Lagos and an M.Sc in Terrorism, Security and Policing at University of Leicester, England.

He is currently pursuing a Ph.D in Defence and Security Studies at the National Defence Academy (NDA).

He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the Agency, the Director General, Dr Dayo Mobereola, expressed confidence in Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA strengthen operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

Customs

Customs collects N1.585 trillion from 51 compliant traders under AEO programme

Funso OLOJO, Editor

The Authorized Economic Operator (AEO), one of the trade facilitation tools introduced by the Nigeria Customs Service in 2025, has begun to yield bountiful harvests with the revenue growth of ₦362.79 billion recorded in 2025.

According to the AEO scorecard released by the Service, the facilitation tool grossed the sum of N1.585 trillion after certification, an increase revenue from N1.222 trillion before certification.

This represents the growth of N362.79 billion(29.68 per cent) for 51 AEO – certified entities as at October, 2025.

The Programme, according to the NCS, also contributed 21.77% to its total revenue collection of ₦7.281 trillion in 2025, while customs duties paid rose by 85.66% due to enhanced compliance and increased volumes of legitimate trade.

According to AEO Monitoring and Evaluation (M&E) Report, the Programme achieved an average compliance rate of 85.45 per cent with the highest at 100 per cent and the lowest at 60 per cent.

“The evaluation applied rigorous methodologies to ensure objectivity, transparency, and alignment with the World Customs Organisation (WCO) SAFE Framework of Standards and the provisions of the Nigeria Customs Service Act, 2023.

“In the area of trade facilitation, AEO participation reduced average cargo clearance time from 168 hours to 41 hours, representing a 75.60% time saving.

“Company operating costs declined by 57.2 per cent while demurrage payments dropped by 90 per cent, limiting capital flight to foreign-owned port service providers and strengthening foreign exchange retention.

” Overall trade efficiency improved by 77.11 per through digitalisation, simplified procedures, and targeted risk management” the Customs declared in the AEO scorecard.

However, the Service singled out with Eight companies for commendation due to their integrity and compliance under the programme.

The companies include Coleman Technical Industries Limited, WACOT Rice Limited, ROMSON Oil Field Services Ltd, WACOT Limited, Chi Farms Ltd, CORMART Nigeria Ltd, PZ Cussons Nigeria Plc, Nigerian Bottling Company Limited and MTN Nigeria Communications Plc.

The Service lauded them for a cumulative voluntary remittance of over a billion naira into the Federation Account following their self-initiated transaction review and disclosure.

“These actions reflect the strengthening of post-clearance audit mechanisms and a growing culture of voluntary compliance within the trading community.

Nevertheless, the Service suspended a firm under the programme for its non- compliance and display of lack of integrity.

The suspended firm engaged in false declaration of consignments contrary to programme obligations.

“Consequently, the Comptroller-General of Customs, Bashir Adewale Adeniyi, directed the immediate suspension of the company’s AEO status in accordance with the AEO Guidelines, the WCO SAFE Framework of Standards, and Section 112 of the Nigeria Customs Service Act, 2023.

The NCS reiterated that the AEO Programme is founded on trust, transparency, and continuous compliance.

“While compliant operators will continue to benefit from expedited clearance and reduced inspection, appropriate sanctions will be applied where violations are established.

“The Service remains resolute in safeguarding national revenue, facilitating legitimate trade, and preserving the integrity and global credibility of Nigeria’s AEO framework” the NCS concluded in the report.