Ex-NPA MD says agency generated N541bn in Quarter 1 2024

The immediate past Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, says the agency recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) under this leadership.

Mr Bello-Koko said the revenue jumped from N381 billion in 2022 and N501 billion in 2023 to N541 billion in the first half of 2024.

He added that remittances to CRF increased from N93.4 billion in 2022 to N206 billion in 2023 and to N255 billion in the first half of 2024—surpassing the agency’s year-on-year total revenue generation and remittances in any year.

Mr Bello-Koko, who handed over to the new management on Monday, highlighted the agency’s financial achievements during his tenure.

Appointed by President Muhammadu Buhari in May 2021 and confirmed in February 2022, President Bola Tinubu replaced Mr Bello-Koko on 12 July, and Abubakar Dantsoho was appointed as the new Managing Director.

“By working with all of you here, we have repositioned the Authority for greater operational efficiency and unprecedented revenue generation and remittance to the Consolidated Revenue Fund (CRF) of the Federal Republic of Nigeria,” he said in his address at the NPA headquarters in Lagos.

He said that under his leadership, the NPA  significantly improved its operations and financial performance.

“Unprecedented tax remittances to the Federal Government ranging up to N60 billion in the period of my stewardship,” he stated.

He attributed these successes to several strategic initiatives, including obtaining necessary approvals to operationalise the Lekki Deep Seaport, promoting non-oil exports, upgrading the NPA’s data infrastructure, and improving port efficiency.

“We hit the ground running with the necessary approvals to get the Lekki Deep Seaport fully operational to retake the lost transit and transhipment cargo,” he said.

Mr Bello-Koko highlighted efforts to resolve long-standing issues, such as the traffic gridlock around the Apapa and Tincan Island port complexes, enhancing navigational aids, and upgrading port infrastructure.

These measures, he said, reduced vessel turnaround time from an average of 6.5 days to 5 days and truck turnaround time from 10 days to a few hours.

Reflecting on his tenure, Mr Bello-Koko expressed pride in the progress made and confidence in the new management team led by Mr Dantsoho.

“I wish you the best on this journey,” he said to Mr Dantsoho, adding that the new team consists of distinguished professionals capable of sustaining and surpassing current performance levels.

In his inaugural address, Mr Dantsoho expressed commitment to continuing the work of his predecessor, emphasising collaboration and staff welfare.

“We must rise to the intense competition we face from our neighbours. We must work tirelessly to improve efficiency, reduce costs, and enhance the overall user experience in our ports,” he said.

He assured staff that their welfare would be a priority, with timely payments and a focus on training and capacity development.

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The new MD also pledged to further the digital transformation of the NPA and advance ongoing efforts in port rehabilitation and modernisation.

“We will continue the digital transformation of the Authority and reinforce the current efforts at deploying the Port Community System (PCS),” he said.