The Federal Executive Council (FEC) on Wednesday considered and approved two memoranda in respect of matters pertaining to the efficient performance of the Nigerian Ports Authority (NPA).
Briefing Journalists at the end of the Council meeting chaired by President Muhammadu Buhari on Wednesday in Abuja, the Minister of Transportation, Muazu Sambo said: “The first memo was the renewal of the management contract for the management of tugs, pilot cutters or mooring launches within the limits of Apapa and TinCan Island ports complex.
“This management contract was signed between Nigerian Ports Authority and Messrs LTT Coastal and Marine Services Limited, initially in April 2007, for a period of 15 years, which therefore meant the agreement had expired March last year.
“So the purpose of the memorandum is to seek Council’s approval to renew the management contract, as provided in the management agreement and endorsed by the Bureau of Public Procurement, in favour of Messrs LTT Coastal and Marine Services Limited, for the sum of $29,871,615.22.
“This is an equivalent of N12,440,332,875.44, inclusive of 7.5% VAT, t an exchange rate of one US dollar to N416.46
“The second memorandum that was considered by Council and approved is in respect of a contract for the design, construction and supply of two 80 tons marine tugboats in order to support the operations of the newly commissioned Lekki Deep Seaport in Lagos.”
