How ports cabal defrauded Nigeria of over N30t

Docum‎ents in the possession of a Senate panel have revealed how a ports “Cabal” milked the Nigerian Government of over N30 trillion.
The joint Committee on Customs, Excise and Tariff and Marine Transport during the investigative hearing‎ chaired by Senator Hope Uzodinma, has, however, vowed that all those in the “cabal” would be made to face the full wrath of the law.
Several avenues through which cabal has been defrauding the country, according to the documents in possession of the committee, are incorrect origin, error in calculation, temporary importation, exemption and waivers, Forex manipulations, document forgery, under valuation, incorrect classification, lack of exit certificate by vessels, unit cost analysis and excise.
Others include smuggling and illegal removal of cargo from terminals, abuse of Form ‘M’ and violation of foreign exchange manual issued by the Central Bank of Nigeria.
Speaking during the hearing, Senator Uzodinma cited a situation where ‎a particular cargo left Italy with 20,000 metric tones in the document, but was changed to 5,000 metrics tones when the cargo arrived Nigeria.
Uzodinma said: “It is common knowledge that infractions abound in daily transactions at the nation’s sea ports, commercial banks, shipping companies, terminal owners and operators who connive at ease with officials to defraud our dear nation in trillions of naira.
“Preliminary evidence before us suggest that this is the case in all sea ports.
“Indeed, initial evidence at our disposal clearly suggest that the port cabal has in recent memory defrauded the nation of well over N30 trillion.
“It is distressing to note that while our nation is undergoing an exhausting recession, a group of unpatriotic persons, who brazenly constitute themselves into a cabal, are determined to deepen the pains of the nation through very repugnant practices.”