Inside N375 Billion in NPA Spending: What Audited Records Reveal About Expenditure Patterns During Bello Koko’s Leadership Years

‎Secrets Reporters

A review of audited financial records of the Nigerian Ports Authority (NPA) spanning six financial years has uncovered expenditure patterns exceeding ₦375 billion across key spending categories, raising questions about transparency, project implementation, procurement documentation and value for money during a period that coincided with Mohammed Bello Koko’s rise through the authority’s leadership ranks.
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‎The review by SecretsReporters examined expenditure figures contained in the NPA’s audited financial statements from 2018 to 2023. The period covers Bello Koko’s tenure as Executive Director, Finance and Administration, his appointment as Acting Managing Director in May 2021 following the suspension of his predecessor, and his subsequent confirmation as substantive Managing Director in February 2022.
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‎He remained in office until July 2024, when President Bola Ahmed Tinubu approved the appointment of Dr. Abubakar Dantsoho as Managing Director of the authority.
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‎While the expenditure figures reviewed by SecretsReporters do not in themselves establish wrongdoing, they reveal significant public spending under several expenditure heads that may warrant closer examination by oversight institutions, including the National Assembly, the Office of the Auditor-General for the Federation, the Bureau of Public Procurement and, where evidence of criminal conduct emerges, relevant anti-corruption agencies.
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‎One of the most notable expenditure categories relates to office buildings.
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‎Financial records reviewed by Secrets Reporters show that the authority reported spending ₦10.733 billion on office buildings in 2018. The figure declined to ₦2.567 billion in 2019 and ₦1.591 billion in 2020 before rising again to ₦3.671 billion in 2021. The authority subsequently reported ₦2.999 billion in 2022 and ₦2.489 billion in 2023.
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‎The cumulative expenditure under this category exceeded ₦24 billion over the six-year period.
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‎Although the authority has over the years announced various infrastructure projects across port locations, procurement specialists consulted by SecretsReporters noted that expenditure of this magnitude would ordinarily be accompanied by detailed records identifying project locations, contractors, contract values, completion certificates, valuation reports and evidence that projects were delivered according to approved specifications.
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‎Another expenditure category that drew attention during the review was office equipment.
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‎The audited records indicate that the authority spent ₦2.425 billion in 2018, followed by ₦554.25 million in 2019 and ₦277.21 million in 2020. Expenditure subsequently increased to ₦1.35 billion in 2021, ₦1.043 billion in 2022 and ₦2.094 billion in 2023.
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‎Total spending under the category exceeded ₦7.7 billion.
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‎Public finance experts observed that office equipment is a broad expenditure classification capable of covering computers, communications systems, furniture, surveillance equipment and other administrative assets. They argued that expenditure under such a category should ordinarily be supported by procurement records identifying suppliers, quantities purchased, distribution locations and the procurement methods used.
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‎Even more significant were the expenditures recorded under vessels and crafts, one of the most capital-intensive components of the authority’s operations.
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‎According to the audited records, the authority reported expenditure of ₦189.28 million in 2018 before spending increased sharply to ₦3.968 billion in 2019. The authority subsequently reported ₦3.335 billion in 2020, ₦4.102 billion in 2021, ₦10.999 billion in 2022 and ₦8.734 billion in 2023.
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‎The cumulative expenditure on vessels and crafts exceeded ₦31 billion during the review period.
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‎Marine asset acquisition was repeatedly highlighted by Bello Koko during his tenure as part of efforts to improve port efficiency, navigational safety and operational capacity. However, maritime analysts who spoke with SecretsReporters noted that expenditure of this scale naturally raises questions regarding the number of vessels acquired, contract values, procurement procedures, technical specifications, delivery timelines, deployment status and current operational condition.
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‎Perhaps the most financially significant capital expenditure category reviewed by Secrets Reporters relates to spending on wharves.
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‎The audited records show that the authority reported expenditure of ₦6.04 billion in 2018, followed by ₦14.359 billion in 2019 and ₦13.625 billion in 2020. Expenditure increased further to ₦17.373 billion in 2021 before declining to ₦6.751 billion in 2022 and ₦6.497 billion in 2023.
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‎In total, spending under the wharves category exceeded ₦64 billion during the six-year period.
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‎Marine engineering specialists explained that wharf rehabilitation and expansion projects are typically capital-intensive because they involve piling works, quay strengthening, fender systems, dredging support infrastructure, concrete construction and cargo-handling improvements. Nevertheless, they noted that expenditure at such levels would ordinarily be supported by detailed engineering documentation, project reports and independent verification of completed works.
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‎The most striking expenditure pattern identified during the review relates to administrative expenses.

‎According to the audited records, the authority reported administrative expenses of ₦63.229 billion in 2018, ₦49.217 billion in 2019, ₦26.368 billion in 2020, ₦30.109 billion in 2021, ₦32.621 billion in 2022 and ₦48.199 billion in 2023.
‎Altogether, more than ₦249 billion was recorded under administrative expenses alone during the six-year period.
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‎Financial accountability advocates interviewed by Secrets Reporters observed that administrative expenses often comprise a wide range of operational obligations, including utilities, maintenance, logistics, consultancy services, consumables and other recurrent expenditures.
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‎However, they stressed that expenditure of such magnitude underscores the importance of transparency and public accountability regarding the specific services provided and the value obtained from public funds.
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‎The expenditure patterns emerged during a period when the Nigerian Ports Authority consistently reported significant revenue growth.
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‎According to publicly available figures released by the authority, revenue increased from ₦317 billion in 2020 to ₦361 billion in 2022 before rising to ₦501 billion in 2023. The authority attributed the increase to operational reforms, technology deployment and improved revenue collection mechanisms.
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‎Bello Koko has previously defended the authority over financial issues raised by oversight bodies.
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‎In 2023, he appeared before the Senate Committee on Public Accounts regarding audit queries involving alleged non-remittances and maintained that the issues largely stemmed from legacy concession agreements executed in 2006 rather than diversion of public funds. He argued that much of the disputed amount represented outstanding liabilities owed by concessionaires.
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‎Similarly, in 2024, the House of Representatives Committee on Public Petitions dismissed a petition alleging irregularities involving trade receivables after the petitioners failed to appear before the committee to substantiate their claims.
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‎Transparency advocates, however, argue that explanations relating to previous audit disputes do not diminish the need for public scrutiny of major expenditure categories contained in the authority’s audited records.