NEPZA, Public Account Committee To Enforce Regulations On FTZs Businesses

The Nigeria Export Processing Zones Authority (NEPZA) and the House Committee on Public Account have resolved to strictly activate their regulations on Free Trade Zones and Enterprises within the zones to enforce maximum remittances to the Federation Account.

The two bodies arrived at the decision during the committee’s oversight tour of the Dangote Refinery & Petrochemicals FZE and the Lagos Free Zone in Lagos.

The NEPZA’s Managing Director/Chief Executive Officer, Dr Olufemi Ogunyemi, in his welcome address said that the Authority was committed to the transparent application of its regulatory powers.

He explained that most of the zones that were functional along with their enterprises had not done badly with remittances to the government, adding, however, that the regulation had to be strictly activated for prompt compliance by all.

“The Authority has again notified all operators of its readiness to strictly apply the regulation to achieve maximum compliance in this regard.
“I would like to assure the committee of our resolve to continue to uphold the tenets of Transparency, Accountability and Fiscal Probity in the management of the scheme’’, he said.

Furthermore, Ogunyemi expressed delight with the overall activities of both Lagos Free Zone and the Dangote Refinery, adding however that they, and all FTZs in Nigeria must do more to ensure compliance with their agreement with government.

On his part, Rt. Hon. Bamidele Salam, Chairman of the Committee expressed delight in the scheme, stating that it had led to seamless attraction of both Local and Foreign Investments.

Salam, however, noted that the Free Trade Zones were meant to fast-track economic growth and industrialisation, adding that all regulations tailored toward the operators’ exercise of transparent businesses in the country would be activated to ensure complete remittances to the Federation Account.

“We are happy with what we have seen here so far. We recognise that both the Dangote Refinery & Petrochemicals FZE and the Lagos Free Zone are excellent examples of the successes made of the scheme by NEPZA.

“However, NEPZA must work harder to spread the scheme across other parts of the country for the sake of equity and balancing of the industrialisation process.

“The committee understands that many of the zones are inactive for some reasons beyond us. The MD/CEO NEPZA and his team should do something quickly to avoid leaving those Operation Licenses in the hands of non-free trade zones operators’’, the committee chairman said.

ENDS

NEPZA, Public Account Committee To Enforce Regulations On FTZs Businesses is first published on The Whistler Newspaper