A revenue consultant was appointed by NIMASA

THE Nigerian Maritime Administration and Safety Agency (NIMASA) has appointed Snecou Financial Services Company Limited as revenue consultant and debt recovery agent as part of efforts to increase the revenue profile of the agency.

The appointment, which is for a renewable two-year period, is done in line with the determination of NIMASA not only to rake in more money, but to also recover outstanding debts owed the agency.

According to a statement made available to Sunday Tribune by Lami Tumaka, Team NIMASA's head of corporate communications, the approval for the contract was recently granted by the Parastatals Tenders Board (PTB) of NIMASA at its 55th session held in Lagos State..

"Given the urgent need to recover the agency's debts which is in billions of naira, the agency sought and obtained approval for a "Certificate of No Objection" from the Bureau of Public Procurement in line with the Public Procurement Act (PPA).

"According to the contractual agreement already endorsed by both parties, the contract is based on a success rate of 13 per cent using a benchmark of $19,753,012.36 and N239,607,155.52 monthly revenue while a maximum cap of 15 per cent 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 per cent of only the revenue that is above the threshold of the approved benchmark in the course of the contracting period.

"Similarly, Messrs Snecou will also be entitled to a maximum of 15 per cent of new revenue streams discovered during the period."

"This is in line with the vision of the Director General, Dr Dakuku Peterside, which is in accordance with the agency's Medium Term Strategic Growth Plan, part of which is to enhance the Agency's revenue," the statement said.

Peterside was quoted to have observed that "we have awarded a debt recovery contract which is totally different from what global West was doing for NIMASA. The contract was not awarded to the chairman of the All Progressives Congress (APC) in Rivers State.

"It was awarded to Snecou Nigeria Limited and we advertised the contract in several newspapers. We have followed due process in accordance with relevant laws to get our money from debtors."

Dr. Peterside also noted that the agency's debt profile was around 4 to 5 billion dollars, necessitating an urgent need to recover the debt in order to develop requisite infrastructure for the maritime industry.