Headlines

Sambo commends Bello- Koko over NPA’s revenue increase

— reiterates commitment to Lekki deep seaport project

The Eyewitness reporter

The Minister of Transportation, Engr Muazu Sambo, has lauded the efforts of Mohammed Bello-Koko, the Managing Director of the Nigeria Ports Authority (NPA), which he said have made the agency as one of the highest revenue-generating organs of government in the maritime industry.

Making the commendation recently during his visit to the agency, Sambo said he was impressed by the positioning of the port industry and the turn- around strides of the NPA MD in the agency which he said has caught the attention of the federal government.

The Minister, who was accompanied by the Hon. Minister of State for Transportation, Ademola Adegoroye, the Permanent Secretary Ministry of Transportation Dr. Magdalene Ajani, some Directors and other top officials of the Ministry, stated that the Muhammadu Buhari -led administration was quite pleased with the reforms being implemented by the NPA Management in moving the nation forward, especially in view of the positive developments the sub-sector brought to the nation’s economy in line with international best practices.

“The Muhammadu Buhari- led administration was quite elated with Bello -Koko and his management team for their efforts at resuscitating and boosting the economy, especially the Gross Domestic Product ( GDP) which has cushioned the effects of the resources of the nation that have nosedived as a result of the fall in the prices of crude oil”

Sambo also solicited further cooperation from other relevant stakeholders, while assuring them and the maritime community of the readiness of the government to provide the enabling environment and support to make the industry thrive and attract foreign investments.

” MD, I must state that Council is happy with you and your team. I commend you and your management team for your efforts in moving the nation forward, especially in the area of an increase in revenue generation to government coffers.

” You have done well, but I call on you to further block all other grey areas .”

Engr. Sambo further reiterated the commitment of the Federal Government to ensuring that the Lekki Deep Seaport project commences operations as scheduled before the end of 2022.

According to him, the Lekki Deep Seaport and the recently approved Badagry Deep Sea Port would create an avenue for jobs for Nigerians, encourage trade and investments and further boost revenue generation for the country.

The Minister further called on his host to ensure the full implementation of barge operations at the Ports to further facilitate the movement of goods from the seaports.

He said this would also be beneficial to the nation in the area of more jobs for those in the business of fabrication as well as reduce the cost of doing business by investors.

” We are ready to assist you in ensuring that the use of barges is fully implemented in your operations.

” We need to work the talk whilst we wait for the conclusion of other means of evacuation of boxes from the ports to cushion the effect of logistics through land transportation”

Earlier, Bello Koko informed his guests of his management’s resolve to further position the nation’s sea ports in line with International best practices.

He appreciated the efforts of the Ministry in providing support to the Authority at all times, whilst soliciting assistance in other areas of operations.

The NPA MD assured the Minister and his team that the present management under his watch would ensure that operations of its services are further improved upon in view of the constant global competitiveness towards attaining a hub status within the sub-Sahara Africa.

Koko stated that NPA has begun the process of acquiring additional tug boats and pilot cutters for its officials to facilitate the operations.

This, he said, would further reduce vessel waiting time and attract investments to the ports.

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Headlines

EFCC denies disobeying court order on Yahaya Bello

Ola Olukayode, EFCC Chairman

The Eyewitness Reporter

The Economic and Financial Crimes Commission(EFCC) has denied the widely held claim that it flouted a court order restraining it from arresting or harassing Yahaya Bello, the former Governor of Kogi State.

The EFCC said this clarification became necessary against the backdrop of arguments and counter-arguments on whether the anti-graft agency has disobeyed a court order concerning the botched arrest of the former governor of Kogi State.

In a Press Statement signed by the EFCC’s Acting Director of Public Affairs, Mr. Wilson Uwujaren, the Commission clearly pointed out that though Bello sought refuge in a fundamental rights enforcement action through an order granted by Justice Isa Jamil Abdulallahi of the Kogi State High Court, the order did not vitiate or nullify an order made by the Federal High Court for the arrest of the former governor for the purpose of his arraignment.“The enrolled Order of the Kogi State High Court only granted an order to enforce Bello’s right to personal liberty and freedom of movement, it didn’t preclude the Federal High Court ‘to make any Order as it may deem just in the determination of the rights of the Applicant and the Respondent as may be submitted to her for consideration and determination”, he said.

He further stressed that “The Order made by the Federal High Court for the arrest of Mr. Yahaya Bello for the purpose of his arraignment is not in conflict with the Order of the Kogi State High Court.

“The case before the Federal High Court is a criminal charge which is different from the fundamental rights enforcement action that is the subject of an appeal”.

Uwujaren pointed out that the EFCC had a shining track record in the prosecution of politically exposed persons and would continue to exercise its mandate in the overall interest of the nation.

” He admonished Bello to turn himself in and answer to the charges preferred against him by the Commission.

He called on all patriotic Nigerians to lend their voices in support of the Commission stressing that ” the EFCC will not relent in its quest to wrestle corruption to the ground”

Economy

CBN sells $15.830m at N1.021 per dollar to 1,583 BDCs

CBN Governor, Olayemi Cardoso

The Eyewitness Reporter

In its ongoing effort to ensure liquidity in the foreign exchange market which is expected to ease the pressure on the naira, the Central Bank of Nigeria (CBN) on Monday disbursed the sum of $15,830,000m to 1,583 licensed Bureau De Change Operators at $10, 000 each.

In a letter dated April 22nd, 2024 and addressed to the President of the Association of Bureau De Change Operators of Nigeria and signed by Dr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN, the beneficiaries are mandated to sell allocated forex to eligible end users ” at a spread of not more than 1.5 percent above the purchase price.

The CBN said the sale of forex to the BDCs will meet market demand (retail-end) for invisible transactions.

The apex bank however advised all the BDCs to continue to abide by the rules and conditions as stipulated in the operational guidelines.

The beneficiary BDCs have trading locations at Lagos, Abuja, Akwa and Kano.

Headlines

NPA commences rehabilitation of dilapidated infrastructure at Lagos ports with $700m loan from Citibank

Mohammed Bello-Koko, NPA MD

The Eyewitness Reporter

The Nigerian Ports Authority (NPA) has finally secured a loan of $700 million from Citibank to be funded by the UK Export Finance (UKEF) , an export credit agency, to rehabilitate the Apapa and Tin-Can Island ports, Lagos.

The Ports Authority has also opened a discussion with another funding agency to secure financing for upgrading the Eastern Ports including Calabar, Warri, Onne and Rivers Ports as well as the reconstruction of the Escravos breakwater.

Speaking in Lagos on Wednesday during the signing of the mandate letter with Citibank Nigeria, Managing Director of the NPA, Mohammed Bello-Koko, said the mandate letter will be sent to the Debt Management Office for final review and approval.

He said the funds are ready and the reconstruction of the Lagos Ports will start soonest even as the NPA perfects plans to sign another mandate letter for the upgrading of the Eastern Ports in about a month.

“In the last two years, NPA has realised the need for us to rehabilitate and reconstruct the ports all over the country.

” We have been having discussions with multilateral funding agencies who have sent various proposals that we have reviewed.

“What we did is to further discussion with interested parties and we realised is better is to separate the ports in Lagos from the ports in the East, and we are in discussion with other funding agencies to fund the construction of ports outside Lagos,” he said.

According to him, the Citibank facility is the cheapest for the Ports Authority because it comes with affordable interest rates.

“Port efficiency is not about automation which we have already begun, it’s also about the physical infrastructure, which must be in place and that’s why we are automating. Automation will naturally bring efficiency, increase revenue and plug leakages, ” he said.

Bello-Koko said that the NPA putting the Port Community System in place, which is a platform that will improve trade facilitation.

“Currently in Nigeria, importers or exporters fill up to 30 to 40 forms for one transaction but the Port Community System will reduce the numbers of forms, human interference and ensure speedy clearance process in or out of the country,” he added

Earlier, the Managing Director of Citibank Nigeria Limited, Ireti Samuel-Ogbu, said the bank is committed to supporting NPA and the federal government in bridging the infrastructure gap.

“We are absolutely delighted to be partnering with NPA especially being the collection bank for foreign and local currency port levies.

“Now, supporting this strategic initiative through export credit financing to upgrade port infrastructure in Tin-Can and Lagos Ports is commendable. However, we are committed in supporting NPA and the Nigerian Government in all its endeavours, especially in the infrastructure space.

According to her, Citibank was opportune to have met with Wale Edun, Minister of Finance, a few weeks ago where the port upgrading project was mentioned and he was very delighted about the project.

“Since NPA generates its own foreign revenue, we will be able to support foreign facility from our resources because this project is very strategic and an important project for NPA and the country at large.

“We are looking forward to this project and we thank NPA for giving us this opportunity and hope to bring this to fruition as soon as possible,” Samuel-Ogbu said.

In 2023, Bello Koko said the NPA was sourcing about $1.1b in loans to rehabilitate the dilapidated infrastructure at the nation’s ports.