NIMASA set to recover close to $5bn worth of revenue loss in debt

While a maximum cap of 15 percent success rate is payable on any new revenue head discovered  by the consultants within the contract period.
“In other words, Snecou Financial Services Company Limited will be paid 13 percent of only the revenue that is above the threshold of the approved benchmark in the course of the contracting period. Similarly, the company will also be entitled to a maximum of 15 percent of new revenue streams discovered during the period,” Tumaka disclosed in the statement.
She further noted that the aim of the contract is in line with the vision of Dakuku Peterside, the director general, which is also in accordance with the agency’s ‘Medium Term Strategic Growth Plan,’ part of which is to enhance the agency’s revenue.
“We have awarded a debt recovery contract which is totally different from what Global West was doing for NIMASA previously. 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 before the company won its bid. Nothing is wrong with awarding a contract to get our money from our debtors,” said Peterside in the statement.
Peterside also noted that the agency’s debts sums between 4 to 5 billion dollars, which has necessitated an urgent need to recover them in order to develop requisite 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.

UZOAMAKA ANAGOR-EWUZIE