EFCC cracksdown on stevedoring firms over unremitted Royalties

*EFCC CracksDown on Stevedoring Firms over Unremitted Royalties*

By Babatunde Aremu

The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into several stevedoring firms operating in oil and gas facilities for failing to remit royalties to the Federal Government through the Nigerian Ports Authority (NPA). These firms, which have been operating for about 6 years, allegedly collect between $1.2 million to $1.5 million monthly and are obligated to remit 20-30% of their earnings to the NPA.

According to sources, the stevedoring firms have failed to remit the required royalties, prompting the EFCC to take action. The NPA had been unable to enforce the law due to the alleged connections of the firms to high-level individuals in positions of power.

The investigation may lead to severe consequences for the stevedoring firms involved, including potential prosecution and penalties for tax evasion and financial malfeasance. The EFCC’s actions demonstrate its commitment to ensuring compliance with financial regulations and protecting the nation’s revenue.

The case highlights the importance of compliance with financial regulations and the need for companies to prioritize transparency and accountability in their operations. The NPA and EFCC’s actions serve as a reminder to businesses to adhere to their financial obligations and remit required payments to the government [9].