The Senate has uncovered how the Bureau of Public Enterprise (BPE) failed to remit about N23 billion ($679.4 million \u2013 N480 per dollar) realised from the concession of various ports granted to 23 companies under the Nigerian Port Authority (NPA) for 10 years.<\/p>\n
The Senate Public Accounts Committee chaired by Senator Matthew Urhoghide hinged the investigation on auditor-general\u2019s report which had been transferred to the committee for consideration.<\/p>\n
According to the query by AuGF, 23 companies were granted concessional rent in various ports under Nigerian Ports Authority for 10 years and above associated yearly rent of $679.4 million payable to NPA as at 31st December.<\/p>\n
But there was no evidence that $679 million was collected as at when due and remitted to the Consolidated Revenue Fund.<\/p>\n
However, the BPE in its written response to the Senate\u2019s Committee said the concession transactions were done in 2005 and the concession agreement executed clearly showed that BPE was only a confirming party while the primary party to the concessions was the NPA.<\/p>\n
The BPE said the responsibility for such collection was that of \u201cNPA and not that of our agency.\u201d<\/p>\n
BPE said, \u201cHaving midwifed the concession transactions. The BPE collected some of the remittance to the NPA. The NPA has since acknowledged the transfer made regarding the rentals received on its behalf by the bureau.<\/p>\n
” Revenue accruing on the Ports concession have, beyond 2008, been paid directly to \u201cLandlord\u201d, NPA and not the BPE as the OAuGF report appears to allege.<\/p>\n
We are therefore unaware of the $679.4 million.\u201d<\/p>\n
The AuGF query reads, \u201cTwenty-three (23) companies were granted concessional rent of various Ports under Nigerian Ports Authority for ten years and above with associated yearly rent of $679,403,172.00 (Six hundred and seventy-nine million, four hundred and three thousand one hundred and seventy-two dollars) payable to NPA as at 31st December, 2016.<\/p>\n
\u201cThere is no evidence to show that the sum of $679,403,172.00 was collected as at when due and remitted to the Consolidated Revenue Fund.<\/p>\n
\u201cThis has been communicated to the Bureau vide letter with reference No. OAuGF\/RESAD\/05\/2016\/07 dated 19th April, 2018.No response has been received from the Bureau.<\/p>\n
\u201cUnremitted funds may be misapplied by the bureau. Also, it may lead to diversion of funds to other uses.<\/p>\n
\u201cThe diretor-general is required to show evidence that the sum of $679,403,172.00\u00a0 was collected and remitted to the appropriate authority.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Senate has uncovered how the Bureau of Public Enterprise (BPE) failed to remit about N23 billion ($679.4 million \u2013 N480 per dollar) realised from the concession of various ports…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-90387","post","type-post","status-publish","format-standard","hentry","category-exclusive"],"yoast_head":"\n