Business
NPA Debunks Non-Remmitance Of N713bn
The management of the Nigerian Ports Authority (NPA) has reached to recent press publications alleging the failure of the Authority to remit the sum of over 713 Billion Naira into the federation Account since 2009.
The Committee on Public Finance of the on-going National conference made this known in a report submitted to the conference.
According to the report, the Non-remittance of the Authority’s revenue to the Federation Account is in contravention of section 162 of the 1999 Constitution.
“Ordinarily the Management would not have reacted to this mis-information and wrong insinuation, but considering the mis-perception it may cause amongst the wider public, we are constrained to put the records straight under the following points”, the statement said.
In a statement signed by the Assistant Manager Public Affairs, Mr. Iliya Musa and made available to The Tide in Lagos said, the Nigerian Ports Authority was established by the Nigerian Ports Authority Act, Cap N126 LFN, 2004, and has power to construct, equip, operate and provide seaport services to the general public.
According to him, the Authority is to be the commercial arm of the Government which has to operate almost like any other business and make profit before remitting its operating surplus to the Government, being the owner. This is net of all cost of undertaking operations, including development, maintenance of facilities, purchase of equipment and administrative expenses.
“In pursuance of the above, the Authority was given financial autonomy under section 13-14 of the Ports Act to apply its revenue towards carrying out the operations, development of ports, purchasing of equipment before remitting the surplus to government.”
Mr Musa said Section 14 (1) of the Ports Act allows the Authority to maintain a general reserve fund into which, it sets aside appropriate amounts for replacement, contingencies and other purposes. The monies are to be applied for purposes of the Authority with the approval of the Minster as provided under section 14(2). However, with the coming into force of the constitution of the Federal Republic of Nigeria, the appropriations in respect of the Authority are approved by the National Assembly by virtue of section 81 of the constitution.
Section 15 allows the Authority to apply its surplus revenues for its own purposes as it may determine, adding that with the coming into effect of the 1999 constitution, the surplus revenues of the Authority were made subject to the consolidated revenue fund established under section 81(1) of the constitution stressing that this supersedes section 15 of the ports Act in order to bring it in line with the constitution.
“For the avoidance of doubt, the Authority prepares annual reports not later than six months after the end of each year and submits to the Minister. It is only then that revenue surpluses are determined for remittance under the Fiscal responsibility Act when all costs as appropriated for it by the National Assembly must have been settled.
Because of the peculiarity of the industry, the requirement to pay all revenues directly to the Federation Account is not practicable as at the point of collection from third parties, the monies are not yet revenues of the Authority until the service and all associated costs are covered.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
-
Opinion10 hours ago
Ending Malaria Menace For Improved Health
-
Sports10 hours ago
Arsenal Eye Special Performance In Paris
-
News9 hours ago
FG Licenses 11 New Private Universities
-
Business10 hours ago
Over 2m Passengers Board Blue Rail Train – Commissioner
-
Rivers10 hours ago
NLNG Initiates New Empowerment Scheme For Host Communities
-
Opinion10 hours ago
Nigeria’s Poor Economy And High Unemployment Rates
-
Sports10 hours ago
London Marathon Breaks World Record
-
Featured9 hours ago
Tinubu committed to unlocking Nigeria’s potential – Shettima