Senate discovers $679.4m unremitted fund by BPE

The Senate has unravelledhow the Bureau of Public Enterprise (BPE) failed to remit $679.4 million derived from the concession of various ports granted to 23 companies under Nigerian Ports Authority (NPA) for 10 years. The discovery was made by the Senate Public Accounts Committee headed by SenatorMatthewUrhoghide, which is currently considering the report of the Auditor- General of the Federation. According to the query by AuGF, 23 companies were granted concessional rent at various ports under the NPA for 10 years and above, associated yearly rent of $679.4 million payable to NPA as at December 31.

However, there was no evidence to show that $679 million was collected as at when due and remitted to the Consolidated Revenue Fund. Meanwhile, theBureauof Public Enterprise in its written response to the Committee, explained that the concession transactions were done in 2005 and the concession agreement executed clearly showed that BPE was only a confirming party while the primary parties to the concessions were the NPA. BPE explained further that the responsibility for such collection was that of NPA and not its own. It said: “Having 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. “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 10 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,




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