By Uzor Odigbo
Special Correspondent, Lagos
Nigerian Maritime Administration and Safety Agency (NIMASA) has stepped up efforts to recover $5 billion debt with the appointment of a debt recovery agent.
NIMASA Head of Corporate Communications, Lami Tumaka, said Snecou Financial Services Company will help recover debts owed for two years in addition to revenue collection.
Snecou’s contract went through the due process of Parastatals Tenders Board (PTB) and is for a first instance of two years which will be subject to renewal.
“Given the urgent need to recover the agency’s debts which are in billions of naira, the agency sought and obtained approval for a ‘Certificate of No Objection’ from the Bureau of Public Procurement in line with the Public Procurement Act (PPA),” Tumaka added.
The contract is based on a success rate of 13 per cent using a benchmark of $19,753,012.36 and N239,607,155.52 monthly revenue while a maximum cap of 15 per cent success rate is payable on any new revenue head discovered by the consultants within the contract period.
Snecou Financial Services Company will be paid 13 per cent of only the revenue above the threshold of the approved benchmark in the course of the contracting period.
It will also be entitled to a maximum of 15 per cent of new revenue streams discovered during the period.
Tumaka explained that this is in line with the vision of NIMASA Director General, Dakuku Peterside, which is in accordance with the agency’s Medium Term Strategic Growth Plan, part of which is to enhance its revenue.
Peterside denied reports that the contract was awarded to Rivers State All Progressives Congress (APC) chairman, saying this is different from what NIMASA had with Global West Vessels in the past.
“We have awarded a debt recovery contract which is totally different from what Global West was doing for NIMASA. The contract was not awarded to the chairman of the APC in Rivers State.
“It was awarded to Snecou Nigeria Limited and we advertised the contract in several newspapers. So I don’t see what is wrong with awarding a contract to get our money from debtors,” he said.
Peterside disclosed that NIMASA is owed between $4 billion and $5 billion, which has necessitated an urgent need to recover it to develop infrastructure for the maritime industry.
“Debts owed NIMASA by various operators in the maritime industry had grown exponentially over the last five years even necessitating an investigation and convocation of a Public Hearing by the House of Representatives Committee on Maritime Safety, Education and Administration in June this year.
“This contract is expected to recover these debts and channel the funds into developing critical infrastructure as well as knowledgeable manpower for the industry.”
