BPE Pockets $679.4m From Ports Concession In 10yrs,Senate Alleges 

The  Senate has said that the  Bureau of Public Enterprise (BPE) didn’t remit $679.4 million realized from the concession of various ports  granted to 23 companies under Nigerian Port Authority (NPA) for ten years.

The Senate Committee on Public Account chaired by Senator Matthew Urhoghide, which made this discovery, hinged the investigation, where this was uncovered

 on Auditor General’s report, which had been transferred to the Committee for consideration.

According to the query by AuGF, 23 companies were granted concessional rent at various Port under Nigerian Ports Authority for ten years and above associated yearly rent of $679.4 million payable to NPA as at 31st December.

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

The  Bureau of Public Enterprise,in its written response to the Senate Committee explained that the concession transactions were done in 2005 .

The agency also said the concession agreement executed shows  that BPE was only a confirming party while the primary parties to the concessions are the Nigerian Port Authority (NPA).

According to the agency,the responsibility for such collection, is that of NPA  and not that of the agency, adding, “having midwife 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.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.”

The AuGF query reads: “Twenty-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.

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