Reps summon NPA, terminal operators over huge debt owed FG – Newstrends
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Reps summon NPA, terminal operators over huge debt owed FG

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The House of Representatives Public Accounts Committee has summoned the leadership of the Nigerian Ports Authority and seaport terminal operators over $852.094 million and N1.897 billion and other funds owed the Federal Government.

According to the committee, N269.410 million of the N1.8 billion has been recovered while the balance of N1.6 billion “invoices processed on the encumbered areas remains unpaid.”

It added, “The sum of $504,663,452.37 is volume change on fix lease lease fee payment by APMT arising from clauses in the concession agreement between NPA and APMT out of the total sum of $852,093,730.77.

“Bills raised on encumbered areas which remain unpaid is $19,169,459.00. The following has been paid GMT-$54,707,700.08, unpaid penalties – $11,922,642.68 and unpaid VAT-$28,693,707.07”.

“$92,533,518.72 has been recovered; leaving unpaid lease and throughput fee in the sum of $139,970,637.71 (made up of $113,982,486.82 and $5,988,150.89) respectively.

The committee directed the NPA management to reconcile their records with the office of the AuGF and provide evidence of remitting the recovered N269.51m and $92.534m to the government.

Business

Panic as CBN set to fire more directors

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Panic as CBN set to fire more directors

About 12 more directors of the Central Bank of Nigeria are said to have been listed for sacking in a reorganization move by the Governor of the apex bank, Olayemi Cardoso.
This is coming after seven directors were fired last Friday.
Two of the seven terminated directors are currently facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Jim Obaze report.
Obaze was appointed as Special Investigator by President Bola Ahmed Tinubu to scrutinise the activities of the CBN under the watch of its former Governor Godwin Emefiele.
While the two directors are said to have accepted their fate, the other five are planning to take a legal action against the bank for alleged unlawful termination of their appointments.
The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as reasons for their dismissal.
The letters stated that they were relieved of their jobs with effect from Friday March 15, 2024.
They were directed to hand over all bank properties in their care to their department’s administrator immediately.
The Nation reported that 12 more directors are set to be dismissed.

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Release Nigerian traders’ data to EFCC, court orders Binance

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Release Nigerian traders data to EFCC, court orders Binance

 

A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.

Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.

This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.

The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.

An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.

He said the data provided would enable the commission to accomplish its investigation activities.

He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.

He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”

He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.

Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.

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Railway

UK firm to build PH-Enugu-Abuja standard rail line – FG

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UK firm to build PH-Enugu-Abuja standard rail line – FG

The Federal Government has signed a Memorandum of Understanding with Messrs MPH Rail Development Limited, a United Kingdom company for the construction of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.

The project when completed will be operated under a public-private partnership framework.

These details are contained in a statement issued by the Federal Ministry of Transportation and published on its website.

Under the MoU, the UK firm will manage the design, construction, commissioning, operation and eventually transfer to the Nigerian Railway Corporation.

The ministry stated that the MoU signing followed the approval of the Outline Business Case and the issuance of a compliance certificate by the Infrastructure, Concession, and Regulatory Commission.

This clearance allows Messrs MPH Rail Development (UK) Limited to focus on assembling the necessary documents for the Federal Executive Council (FEC) approval to proceed with the project.

Some of the essential documents for advancing this initiative are listed as a comprehensive feasibility study report, a full Business Case Study, an Environmental and Social Impact Assessment, the production of a Resettlement Action Plan, and the design of a Financial Model to implement the project.

This would ensure transfer of the line to the Federal Government under a PPP arrangement without incurring loans or debts for the Nigerian government or its agencies.

At the MoU signing ceremony, Alkali pledged the ministry’s support for the successful implementation of the project.

He emphasized the importance of diligent preparation and submission of all requisite documents to expedite FEC’s approval.

The statement read in part, “As part of the initiative to consolidate the ongoing railway modernisation projects consistent with the Renewed Hope Agenda of Presidential Bola Ahmed Tinubu administration, the Minister of Transportation, Senator Saidu Ahmed Alkali, has executed a Memorandum of Understanding on behalf of the Federal Ministry of Transportation with Messrs MPH Rail Development (UK) Limited to enable the company to carry out the design, construction, commissioning, operation and transfer of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line on Public – Private Partnership basis.”

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