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NEPZA Corrects Error, Says N11.1bn Remitted in Three Years

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NEPZA

By Adedapo Adesanya 

The Nigeria Export Process Zones of Authority (NEPZA) has disclosed that the country’s Free Trade Zones generated N11.1 billion between 2020 and 2023 as against the earlier N11.11 trillion wrongly captured in its submission to the Senate Committee on Trade and Investment.

The Managing Director of the agency, Mr Olufemi Ogunyemi, on Monday in Abuja described the initially quoted figure as a regrettable “typographical mishap.”

He stated that N377.33 million was generated in 2020 while N3.11 billion accrued to the Federation Account in 2021 from the scheme.

According to him, the total remittances from the scheme in 2022 stood at N3.44 billion while an impressive N4.170 billion came through in 2023.

“The attention of the management has been brought to the news making around that the Authority remitted a whopping sum of N11.11 trillion to the Federation Account as at October 2023. This piece of information was a classical typography error and it is regrettable.

“Let me emphatically state that the remittances from the Free Trade Zones from 2020 to 2023 stood at N11.1 billion only. We are however making good progress to take the scheme to that point where it can generate such huge revenue for the government.

“For instance, in 2023, the Nigeria Customs Service (NCS) generated N59.38 billion, and the Immigration Services received N828.7 million from the free trade zones while the Nigerian Ports Authority (NPA) garnered N8.738 billion from the sub-sector,” he said.

Mr Ogunyemi also explained that the Authority was gradually transforming the scheme to become the country’s sustainable economic gateways, adding that more efforts and support were needed to position the scheme for greater exploitation.

“The Nigeria Export Processing Zones Authority (NEPZA) is the major driver of the government’s initiative to diversify the Nigerian economy. With attractive investment packages and a focus on economy-driven sectors, NEPZA provides investment opportunities in different sectors across the country.

“At the moment, the scheme focuses on three critical investment areas which included manufacturing 45 per cent, services 30 per cent, and oil & gas with 11 per cent active investment exploitation,” Mr Ogunyemi said.

The scheme currently has 53 Free Trade Zones harbouring 580 enterprises with a cumulative $30 billion.

The authority collects 20 types of revenues ranging from $500,000 declaration fees, $60,000 annually as Operation License, OPL, and $300 to $500 registration fees in line with extant regulations on internally generated revenue, IGR.

There is also a $100 to $300 Examination fee and Documentation fee per transaction, which occurs on a daily basis, he disclosed.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Port Harcourt Refinery Fully Operational Despite Minor Incident—NNPC

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Port Harcourt Refinery

By Modupe Gbadeyanka

The Nigerian National Petroleum Company (NNPC) Limited has said a minor incident that occurred at the Port Harcourt Refining Company (PHRC) did not affect the operations of the oil facility.

It was reported earlier in the day that the refinery, owned by the Nigerian government but operated by the NNPC witnessed an explosion.

Recall that on Monday night, the Trans Niger Delta Pipeline operated by Shell in Rivers State exploded after some militants threatened to disrupt crude oil production in the country because of a political crisis in the state.

On Tuesday night, President Bola Tinubu declared a state of emergency on Rivers State, suspending all elected political players in Rivers State, including the Governor, Mr Siminalayi Fubara; his deputy, Mrs Ngozi Odu; and all members of the Rivers State House of Assembly.

On Wednesday, it was reported in a section of the media that the Port Harcourt was attacked but the NNPC said the facility is fully operational, assuring that there nothing to worry about.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that despite a minor incident at a section of the Port Harcourt Refining Company (PHRC) earlier today, the plant remains operational and continues to produce on-spec refined petroleum products.

“NNPC Ltd assures the public that there is no cause for concern, as all sections of the recently rehabilitated plant are in full operation,” the terse state by the Chief Corporate Communications Officer of NNPC, Mr .Olufemi Soneye, stated.

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Nigeria’s Accountant-General Seeks Predecessors’ Support to Boost Treasury

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Shamseldeen Babatunde Ogunjimi

By Adedapo Adesanya

The Accountant-General of the Federation, Mr Shamseldeen Ogunjimi, has promised to collaborate and tap from the wealth of experiences of all former Accountants-General of the Federation to improve the country’s treasury.

Mr Ogunjimi disclosed this while receiving two of his predecessors, Mr John Naiyeju and Mr Ibrahim Dankwambo, in his office in Abuja.

Speaking at the event, Mr Ibrahim Dankwambo suggested upgrading the Treasury Academy, Orozo, owned by the Office of the Accountant-General of the Federation (OAGF) to a degree-awarding institution.

Also, Mr Naiyeju charged the new Accountant-General to carry everyone along and advised him to make staff welfare his priority.

In a related development, Mr Ogunjimi expressed his willingness to work with all professional organisations for a positive development to the nation, especially, his professional and academy colleagues of the doctorate class.

Mr Ogunjimi called on his classmates to come up with ideas and suggestions that would enhance the management of the nation’s treasury that will positively affect the economy development.

In his remarks, the Chairman of the Forum of Doctorate Students, Mr Ibrahim Aliyu, said they were in the Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.

President Bola Tinubu appointed Mr Ogunjimi earlier this year. He was picked because of his over 30 years of extensive experience in financial management across the public and private sectors.

He was described as a career civil servant and the most senior director in the Office of the Accountant General of the Federation (OAGF),

“He has held significant positions, including Director of Funds at the OAGF and Director of Finance and Accounts at the Ministry of Foreign Affairs.

“A chartered accountant, certified fraud examiner, chartered stockbroker, and chartered security and investment specialist, Mr Ogunjimi’s academic qualifications include a Bachelor of Science (BSc) in Accountancy and a Master’s in Finance and Accounting,” a statement from the presidency added.

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Ladi Oluwaloni Takes Over as Ayobo-Ipaja LCDA Chairman

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By Dipo Olowookere

The Deputy Chairman of Ayobo-Ipaja Local Council Development Area (LCDA), Mr Oladipupo Oluwaloni, has taken over the affairs of the council, though in an acting capacity.

His elevation was approved by the Governor of Lagos State, Mr Babajide Sanwo-Olu, following the prolonged absence of the council chair, Mrs Bolatito Shobowale.

Business Post gathered that Mrs Shobowale has not been seen at the council for a long time, about six months.

She was not around when members of the Governor Advisory Council (GAC) of the Lagos State chapter of the All Progressives Congress (APC) visited the LCDA last year.

The team, led by a former Deputy Governor of Lagos State, Mr Femi Pedro, was welcomed by Mr Oluwaloni and other council staff.

She was also not available when the council held a graduation ceremony for some residents who underwent an empowerment training last month.

It was learned that her absence from work, based on health grounds, has made it impossible for the 2025 budget to be presented to the council’s lawmakers for approval.

To prevent the shutdown of the council, Mr Oluwaloni has been asked to take over as the chairman of Ayobo-Ipaja LCDA.

He will be expected to quickly present the budget for approval to enable the council carry out critical projects for the benefit of residents of the area.

According to reports, Mr Oluwaloni, who intends to contest for the chairmanship position of the Ayobo-Ipaja LCDA later this year, has been given the go-ahead by the party leaders to lead the council.

Already, the state government, through the Commissioner for Local Government, Chieftaincy Affairs, and Rural Development, Mr Bolaji Roberts, has issued a letter to the acting chairman to resume office with immediate effect.

“This is a great responsibility, and I am fully committed to upholding the trust placed in me. My focus will be on ensuring that governance at the grassroots remains effective, responsive, and aligned with the developmental agenda of our great state,” Mr Oluwaloni commented on his assumption of office.

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