Oil theft: FEC okays electronic cargo tracking system
The Federal Executive Council Wednesday approved electronic cargo tracking device that would monitor the vessels entering and leaving Nigeria’s water space. The Minister of Transportation, Jaji Sambo, said the device would help to check the incidence of oil theft along the Nigerian maritime water. He noted the electronic cargo tracking which had been widely implemented […]
The Federal Executive Council Wednesday approved electronic cargo tracking device that would monitor the vessels entering and leaving Nigeria’s water space.
The Minister of Transportation, Jaji Sambo, said the device would help to check the incidence of oil theft along the Nigerian maritime water.
He noted the electronic cargo tracking which had been widely implemented in 26 African counties, including Ghana, Senegal, Benin republic and Togo.
He said the device was expected to tackle under-declaration at ports, secure imports and exports as well as provide transparency in cargo invoicing and declarations.
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He said it would also eliminate loopholes in border operations and boost government revenue in form of duties, port charges and levies.
He said the platform would be deployed by a consortium of five companies made up of a foreign technical partner and four local companies.
Sambo said the platform would also generate revenue for the government “ranging from about $90m per annum to a peak of about $235m per annum.”
“Furthermore it is at no cost to the government, the investments are going to be made by the investing private sector companies and revenues that would be derived from the small margin of charges would be shared in the ratio of 60% to the government and 40% to the consortium of companies.”