Missing $1.8 Billion: Senate Gives 48hr Ultimatum to NPA

The Senate Committee on Public Accounts has given the Nigeria Ports Authority (NPA) management a 48-hour ultimatum to provide explanations regarding the whereabouts of over $1.8 billion. 

If the NPA fails to comply, the committee is prepared to use legal measures to enforce accountability.

Senator Ahmed Aliyu Wadada, the committee’s chairman, criticized the NPA’s inability to clarify the missing funds.

He expressed discontent with the Managing Director’s alleged refusal to appear before the panel and noted that the representative was absent during the scheduled interface.

Senator Aliyu emphasized that no one is above the law, and disrespect towards the National Assembly would not be tolerated.

He outlined the committee’s demand for details on $68 million related to outstanding estate rents, shipping bills, service boats, and other financial aspects.

The NPA’s response is expected to include information on longstanding debts and debtors, such as Lagos Channel Management, Bonny Channel Management, and Calabar Channel Management.

Additionally, Senator Wadada disclosed that the committee is investigating the Nigerian Customs Service for under-remittance of N62 billion in revenue generated in 2017.

The under-remittance was highlighted in the 2017 Auditor General Report, and the committee requested the Customs to present their defense within two weeks.

The discrepancy between the NCS’s reported total collection of N691 billion for the federation account in 2017 and the actual remittance of N629 billion raised concerns.

“However, the receipt of NCS collection and remittance into Federation Account 2017 showed actual remittance into the account with the CBN for the year under review to be N629bn.

The committee attributed these anomalies to weaknesses in the internal control system at the Nigeria Customs Service Headquarters in Abuja.

the Senate Committee on Public Accounts is actively pursuing accountability from both the NPA and the Nigerian Customs Service, emphasizing transparency and adherence to legal procedures in their financial dealings.