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Concession dues: NPA to review dollar payment policy – Punch

HomeNewsConcession dues: NPA to review dollar payment policy – Punch
Concession dues: NPA to review dollar payment policy – Punch
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    Alex Ikechukwu
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Anna Okon

The Nigerian Ports Authority has said that it is ready to review its policy on payment of dues in dollars by port concessionaires.

The Managing Director, NPA, Ms. Hadiza Usman, disclosed this, adding that she had assigned the finance and administration departments of the authority to review the inflow and outflow of dollars in the agency.

She added that this would be done as part of her review of the concession agreement.

She said, “We will look into the dollarisation of payments. This will not be clear until we do a realistic review of the concession agreement.

“Some of our obligations that we pay in dollars, we are looking to see how we can stop paying for everything in dollars. As we review the inflow of dollars, we will also review the outflow of dollars.”

Terminal operators had complained about the continued payment of their concession fees in dollars in view of the scarcity of foreign exchange and the depreciation in the value of the naira.

They had made several appeals to the government that the terms be reviewed so that the fees could be paid in the local currency.

Usman also stated that she would seek expression of interest from transaction advisers that would work with the agency to review the concession agreement that the NPA signed with terminal operators in 2006.

“We are looking for a transaction adviser that will help a robust consortium that will come up. We need to look properly so that we don’t sign an over-supplemented agreement that cannot address some of the issues we have,” she said.

She also said that the authority was carrying out a study into the competitiveness of Nigerian ports to determine how expensive they  were.

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