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.
The Nigeria LNG Limited (NLNG) has honoured former Minister of Power, Prof. Bart Nnaji, on the occasion of his 70th birthday, for his enduring contributions to science, innovation and the development of The Nigeria Prize for Science and Innovation.
At a colloquium organised in his honour, the company highlighted Nnaji’s more than two decades of involvement in the growth, governance and international recognition of the Prize, describing him as one of its earliest advocates and a key figure in its evolution.
Speaking at the event, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, represented by the General Manager, External Relations and Sustainable Development, Sophia Horsfall, said Nnaji had remained a pillar of the initiative since its inception in 2004.
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According to Horsfall, the renowned engineer and academic has provided intellectual leadership, strategic direction and sustained advocacy that have helped shape the Prize’s vision, strengthen its credibility and advance its role in promoting scientific innovation and national development.
She recalled that Nnaji delivered the keynote address at the inaugural Grand Award Night held in Abuja on October 9, 2004, where he spoke on “Leapfrogging Science and Technology in Nigeria.” She noted that the address reinforced the founding objective of the Prize and helped raise awareness of the initiative among scientists, policymakers and other stakeholders.
Sahara Group is convening policymakers, industry leaders, investors, academia, and media professionals to advance practical solutions for Africa’s evolving energy landscape.
Scheduled for Wednesday, July 22, 2026, in Lagos, this year’s Asharami Square, a flagship thought leadership platform, is themed “Energising Africa’s Future: Legacy, Impact, and Transformation.”
The platform will spotlight the ideas, partnerships, and policy frameworks required to accelerate sustainable energy development across the continent.
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Building on the success of previous editions, Asharami Square 3.0 will examine how collaboration across government, industry, finance, and the media can unlock investment, strengthen infrastructure, and expand access while supporting Africa’s energy transition.
According to Bethel Obioma, Head, Corporate Communications, Sahara Group, the platform reflects Sahara Group’s commitment to driving impactful conversations that translate into real outcomes.
“Africa’s energy future will be shaped by the strength of our partnerships and our ability to turn dialogue into action. Asharami Square continues to provide a platform for convening diverse perspectives, advancing informed discourse, and driving the decisions that will influence policy, investment, and long-term development across the continent.
As we look Beyond XXX, our focus remains on investing in the ideas, partnerships, and platforms that will help shape a sustainable energy future for Africa.”
Also speaking, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, emphasised the importance of grounding energy conversations in context and practical realities.
“Africa’s energy transition must be defined by solutions that reflect our unique realities. Asharami Square plays a critical role in bridging technical expertise and public understanding, ensuring that conversations around energy, sustainability, and development are anchored in evidence, context, and impact.
Through initiatives like Asharami Square, we continue to advance our Beyond XXX philosophy by supporting credible dialogue and strengthening the ecosystems that drive sustainable progress.”
The event will feature a keynote address by Sadiq Wanka, Special Adviser to the President of Nigeria on Power Infrastructure, alongside a high-level panel including Professor Abigail Ndisika, Director, Institute of Continuing Education (ICE), University of Lagos; Temitope George, CEO, Lagos State Electricity Regulatory Commission (LASERC); Adebiyi Olusolape, Associate Editor, Africa, Argus Media; and Kemi Awodein, Managing Director, Investment Banking, Chapel Hill Denham.
A key highlight of this year’s programme will be the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening credible, solutions-focused journalism that deepens public understanding of Africa’s energy transition.
Since its maiden edition in 2024, Asharami Square has facilitated informed dialogue and effective media advocacy to enhance energy transition and sustainability in Africa.
Through the platform and the newly launched Asharami Energy Reporting Fellowship, Sahara Group continues to advance its Beyond XXX vision by investing in the ideas, people, and platforms that will help shape Africa’s energy future, while reinforcing its commitment to bringing energy to life responsibly.
Critical stakeholders are lamenting that fuel importers, licensed by the Nigerian government, are selling imported premium motor spirit (PMS) also known as petrol around N200 per litre, above what local refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) is selling.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) noted that the importers including Matrix, AA Rano, Hayden among others have started pricing imported petrol significantly above the rates offered by the DPRP, raising concerns over the effectiveness of the government’s import licensing policy.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said independent marketers had expected the import licences to serve as a check on domestic fuel pricing but are now shocked to find out that the policy had failed to deliver the desired outcome.
“The independent marketers of Nigeria have looked at the price volatility, the issue of the import license, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to look into this thing transparently through NMDPRA, who is the authority of the industry,” he said.
According to him, the recent import licences issued to marketers have not helped reduce fuel prices as anticipated.
“The recent import licenses, which are termed to be used as a guiding principle or a check to domestic petroleum products being refined here in Nigeria, is not yielding the results as was expected by the independent marketers,” he stated.
Ukadike expressed surprise that some importers were reportedly selling imported petrol at about N1,350 per litre, despite lower prices from the DPRP.
“We were shocked, even as I am talking to you now, that the licenses that have been given to AA Rano, Matrix and all the rest of them to be able to import petroleum products are trying to peg the price of petroleum products at N1,350, which is far, far distant from what Dangote has been selling to us,” he said.
He further questioned the quality and pricing of imported products, insisting that the policy was undermining the purpose for which the licences were granted.
“The essence of NNPC or NMDPRA or the federal government opening up this import license is also to checkmate the domestic price of petroleum products, whereas where we find out that these products are being brought into this country, one, their qualities are questionable, two, their prices are higher,” Ukadike added.
The IPMAN spokesman also warned that continued fuel importation at higher prices was increasing pressure on Nigeria’s foreign exchange market, with the naira approaching N1,400 to the US dollar.
He argued that imported petroleum products priced using the international PLATTS benchmark were about 20 percent more expensive than products supplied by the DPRP, making imports less competitive.
Ukadike urged the Federal Government to sustain the sale of crude oil to the Dangote refinery in naira, saying the arrangement would help stabilise domestic fuel prices, reduce demand for foreign exchange and ease pressure on the local currency.
He also cautioned against what he described as the indiscriminate issuance of import licences, warning that such a policy could ultimately lead to higher pump prices for consumers instead of promoting competition.
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