Reps probe Export Free Zone operations, query utilisation of N.3bn accrued revenue

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The House of Representatives on Thursday resolved to investigate the operations and management of the Export Free Zones Authorities in Nigeria.
The resolution was passed sequel to the adoption of a motion sponsored by Hon. Ntufam Eta Mbora.
According to the sponsor of the motion, the regulatory agency failed to account for the revenues accruing to the operating registered companies in the designated free trade zones estimated at N300 million and failed to ensure proper monitoring, maintenance of proper transfer pricing audit documentation resulting in shortchanging the country.
He said: “The House notes that the Calabar Free Trade Zone (CFTZ) formerly known as Calabar Export Processing Zone (CEPZ) came into existence in 1992, modified and rebranded as Calabar Free Trade Zone in 2001 whereas the Oil and Gas Free Trade Zone (OGFTZ) Onne, Port Harcourt was established in 1996 but began operation in 2001 as the first two established free zones followed by the establishment of Lekki Free Trade Zone in 2006, while the Warri port complex was upgraded to free trade zone in 2011.

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