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Reps probe revenue leakages at free trade zones

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Reps probe revenue leakages at free trade zones
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By Levinus Nwabughiogu-Abuja
House of Representatives has mandated its Committee on Commerce to investigate the activities of the Free Trade Zones, the Oil and the Gas Free Trade Zones to determine revenue leakages.
The Committee is to carry out an analytical overview of the operations of the Nigerian Exporting Processing Free Zone Authority (NEPZA) and Oil and Gas
Free Trade Zone Authority (OGFTZA).
The decision was reached on the heels of a motion captioned “Investigation into the Operations and Management of the Export Free Zones Authorities in Nigeria”, moved at Wednesday plenary by Hon. Ntufam Eta Mbora. ....

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Breaking News | Reps Probe Revenue Leakages At Free Trade Zones

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By Levinus Nwabughiogu-Abuja House of Representatives has mandated its Committee on Commerce to investigate the activities of the Free Trade Zones, the Oil and the Gas Free Trade Zones to determine revenue leakages.
The Committee is to carry out an analytical overview of the operations of the Nigerian Exporting Processing Free Zone Authority (NEPZA) and Oil and Gas
Free Trade Zone Authority (OGFTZA).
The decision was reached on the heels of a motion captioned “Investigation into the Operations and Management of the Export Free Zones Authorities in Nigeria”, moved at Wednesday plenary by Hon. Ntufam Eta Mbora.
In his motion, Mbora noted that the aims of establishing free trade zones were for the provisions of foreign exchange earnings, job creations, revenue generation, attract direct foreign investment to enhance knowledge, technology transfer, grants, requisite permits and licenses to conduct approved ente ....

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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 e ....

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