Investigations have revealed that the N86.2bn debt being owed the Federal Government by maritime concessionaires at the seaports is unconnected with the inability of the private investors to purchase Dollars from the Central Bank of Nigeria (CBN).

According to an impeccable source at the Seaport Terminal Operators Association of Nigeria (STOAN) who declined to have his name in print, refusal of the Nigerian Ports Authority (NPA) to collect lease and cargo throughput fees in Naira, and the inability of the private investors to obtain Dollars from the CBN is majorly the reason the private investors are indebted to the FG to the tune of N86.2bn.

“The major cause of this N86.2bn debt is the drop in cargo throughput at the seaports coupled with the skyrocketing rate of the Dollars against the Naira. The CBN is not selling Dollars to would be buyers and we cannot buy at the black market because the rate is just too high, yet the NPA insist these fees must be paid in Dollars. Where do we go from here?

“Even if we decide to buy from the black market, which black market will sell Dollars to us for a figure as high as N86.2bn? This are the issues and it is placing constrain on private investors.

“We have enough Naira but cannot get Dollars, and the NPA has refused to collect Naira. So where do we go from here?”

Terminal operators running various terminals across Nigeria’s seaports are currently indebted to the Federal Government to the tune of N86.2bn for lease and cargo throughput fees as at December 2015

The terminal operators indebted to government are  APMoller Terminals, Five Star Logistics, BUA Limited, ENL, Apapa Bulk Terminal, Greenview Development Nigeria. Others are Josephdam Terminal, Tin Can Island Container Terminal, Port and Cargo Handling Services and Port and Terminal Multi-purpose Services Limited. The debts are accumulated fees, charges and rentals that are yet to be paid into the purse of the federal government, owner of the ports that were concessioned to terminal operators in 2006.