Nigeria Export Processing Zones Authority faces allegations of financial irregularities

The Nigeria Export Processing Zones Authority (NEPZA) is facing scrutiny over allegations of significant financial irregularities occurring during the 2021 and 2022 financial years. Reports indicate that approximately ₦10.4 billion was paid out through three distinct irregular processes during the tenure of former Managing Director Prof. Adesoji Adesugba.

One finding involves 44 payment vouchers totaling over ₦5.7 billion that were reportedly processed without the mandatory 100% prepayment checks required by the Financial Regulations 2009. Additionally, roughly ₦3.79 billion was paid to 40 contractors without evidence of competitive bidding, technical evaluation, or financial assessment. A third finding highlights six contracts worth approximately ₦888 million that were allegedly split between companies to circumvent procurement rules.

Separately, NEPZA has called for the prosecution of individuals responsible for the looting and destruction of the Tinapa Free Trade Zone in Cross River State during the 2020 EndSARS unrest. Dr. Martins Odeh, NEPZA’s Head of Corporate Communications, noted that the vandalism of infrastructure, including the Tinapa Hotel and light rail projects, resulted in losses worth trillions of naira, yet no accountability has been established for the incident.