Plugging Revenue Leakages At Liberia’s Seaports

Acting MD engages Smit Lamnalco, ArcelorMittal

The era of revenue leakages in millions of dollars that were not realized from Marine operations, lease payment and remittances through concession fees at the “Gateway to the Nation’s Economy” is being plugged.

The Celia Cuffy Brown’s Administration at the National Port Authority (NPA) has detected major cash sources were monies can now be legitimately collected consistent with the act governing the Seaports of Liberia.

This latest move is inched on huge financial liabilities which amounted to US$680,000 that was discovered by the Port’s new Management team prior to taking over.

It is also aimed at reclaiming territory control of all viable economic hubs in the revenue growth corridors of the country to ensure sustained development and economic prosperity.

On Wednesday, 13, June, 2018, the new management team at the National Port made yet another record, setting achievement for the first time in more than half a decade thereby initiating a major deal for potential revenue inflow  at the Port of Buchanan.

Located 272 kilometers south–east of Monrovia, the Port of Buchanan is Liberia’s second largest port and its poised to be used as a transshipment pathway and a major hub for job creation in the wake of the Costal high way project by President George M. Weah.

The deal when consummated will remit all funds to the coffers of the National Port Authority as legitimate revenue for the NPA.

The decision to consummate the deal was reached following series of engagements by the current Management of the National Port Authority regarding the action by ArcelorMittal to have hired Smit –Lamnalco to render Marine Services at the Port of Buchanan and collect millions of dollars for the past six years without remitting a dime to the Regulatory Authority (NPA) as required by laws.

NPA acting Managing Director Madame Celia Cuffy Brown said the engagement with ArcelorMittal was cordial but tense, adding that the upliftment of Liberia remains the common patrimony to the citizens and each one must play his or her part honestly.

Madam Brown further described the exercise as the “political will power to ensure that all legal revenues siphoned from the ports in the past be remitted to NPA coffers as her administration would not shy away from being transparent.

This follows the May 25, 2018, NPA and APM Terminals deal which would now allow 15% payment in royalty on total annual revenue from Marine Services before expenditure and taxes to the National Port Authority plus the additional 50% of the remaining profit.

It also the  US $ 1.25 Million arrears for the extra two years APM Terminals operated the Marine Services as well as the five years training  package for NPA Staff and the first ever 37.5 % payment from APM Terminals annual gross revenue through the Weigh bridge operation among others.