NEWS
Audit Query: Reps panel Probes NPA, Terminal Operator over $68.473m debts
…As NPA Boss Gives Details Of Transactions
By John Danjuma
The Public Account Committee, (PAC) of the House of Representatives is investigating the Nigerian Port Authority, NPA and Terminal Operators (Nigeria) Limited over $68,473m debts owed the Federal Government on lease and Throughput fair between 2006 and June 2022.
The Committee being Chaired by Hon Busayo Oluwole Oke (PDP Osun) is also investigating the Terminal Operator for using own exchange rate different from the official one approved by the Central Bank of Nigeria, CBN in calculating revenue accuring to the Federal government
All were contained in the query from the office of the Auditor General of the Federation.
The Managing Director of the Nigeria Port Authority (NPA) Mohammed Bello-Koko had indicated in a submission to the Committee that one of the Port operators in charge of the Rivers Port, and Terminal Operators (Nigeria) Limited used its own exchange rate in calculating revenue accruing to the Nigerian government
The NPA boss stated in the Submission that PTOL used N116 to the dollar at a time when the official exchange rate was fixed at N305 to the dollar by the Central Bank of Nigeria in 2016.
The submission dated 27th July, 2022 which was in response to a letter from the committee also revealed that even while using another exchange rate of N151 agreed to after reconciliation, the terminal operator was still indebted to the government to the tune of $68.473 million as at 13th October, 2021.
The Auditor General of the Federation had indicted the company for not paying its lease fees and throughout fee to the government as at when due.
However, in its submission, the company claimed that contrary to the report of the Auditor General, it had been paying its lease fees and Throughput fee to the Nigeria Port Authority as at when due contrary to the AuGF report.
A supporting document submitted by the NPA to the House committee tabulated the payments made by two concessionaires (BUA and PTOL) on lease and Throughput fees between 2006 and June 2022.
A close study of the document however showed a huge disparity in the figures being owed the government by the company.
For example, while the document suggested that in 2008, PTOL was given a bill of $11,333,333.31 and paid $3,333,333.31, outstanding balance against them was put at $17,194,444.67 instead of $8,000,000.
Similarly, in 2019, the bill given to the company for its operation at the Rivers Port Complex stood at $10,080,000.00.
However, while the document indicated that they paid $3,000,000, outstanding balance against them was put at $102,714,749.66, a figure far above the bill given to it as its lease fee.
However, the NPA letter reads: “Your letter dated 20th, July 2022 to the Authority refers to the historical background of the debt profile of PTOL to NPA dated back to – the inception of the concession, in 2006.
“These issues revolve around the inability of the Operator to make payment on its lease fees as signed with BPE and NPA.
PTOL gave the following reasons among others for its indebtedness to NPA:
“Amortization of berth 1-3. The difference in-amortization carried out by PTOL and what was recognized by NPA was significant when converted from dollar to naira.
“NPA relied on the existing exchange rate given by CBN at 305 as at year 2016, at the time of reconciliation while PTOL used N116 to a dollar, being the -rate of dollar at the time of reconstruction.
“After reconciliation, a N151 to dollar was adopted, as stipulated in the supplemental agreement. The difference in valuation amounted to $11,068,187.16 and a credit note was issued on the 5th June, 2020.
“PTOL claimed no operation happened at the berth during the construction period of 2007 – 2009, hence loss of revenue. PTOL claimed 6 vessels were handled by NPA after the signing of the lease’ agreement. And a refund of 50% stevedoring element was considered.
“Huge disparity in lease fees charged compared to BUA. Disparity in existing draft with the initial advertised draft of 10 meters.
Security concerns at the Eastern Port. Oil and Gas related cargo vessel diversion to Onne Port, which they claimed affected their revenue.”
The letter said further that the outstanding debt profile as at June, 2019 against PTOL in NPA records stood at $100,985,846.82 while PTOL acknowledge only $77 ,976,788.81.
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It indicated further that at a joint meeting with BPE, PTOL and NPA on the 14th December 2021 on resolving the outstanding debts of the terminal operator, a further reconciliation was carried out by NPA and PTOL at the Rivers Port.
It said the highlights of the reconciliation showed that “an implementation of a further reduction of 25% lease fee review granted by the Ministry of Transport and BPE in June, 2015.
“This was predicated on the terminal operator paying a Guarantee Minimum Tonnage (GMT) penalty of $2,849,404.41. This review was not Implemented by failure of PTOL to pay the stipulated penalty. A further agreement to issue a credit note of $1,940,821.16 for the
period the detained vessels were at the PTOL berth. These vessels were detained by various government agencies.”
The letter also said that a credit note of $11,821,500.16 was raised for the non-utilization in the berth during the reconstruction of berth 1 – 3 undertaken by PTOL.
It stressed that the second round of reconciliation report is yet to be approved by the Board of the NPA before its dissolution by the Honorable Minister of Transport, while the
report has been forwarded to the reconstituted board and is currently being considered.
It said that after these reconciliations, PTOL debt profile to NPA stood at $68,473,637.72 as at 13th October,2021.
Determined to get to the root of the matter, Committee has directed both the NPA boss and the terminal Operator to appear before it on Tuesday for further investigation.
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
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