Business
INTELS Reacts To Pilotage Agreement Termination Plan
INTELS Nigeria Ltd says the Nigerian Ports Authority (NPA) did not give the organisation room to address issues raised by the introduction of the Treasury Single Account (TSA) in the execution of its pilotage agency agreement.
INTELS’ spokesman, Mr Bolaji Akinola said this in a statement issued in Lagos last Tuesday in reaction to NPA’s insistence to terminate the pilotage agency agreement with the firm.
The Managing Director of NPA, Ms Hadiza Usman had told newsmen in Lagos that the organisation was in support of the advice of the Attorney-General of the Federation (AGF) and Minister of Justice, Malam Abubakar Malami that the boats pilotage monitoring and supervision contract with INTELS be terminated.
Usman said that INTELS refused to comply with the directive to pay into the TSA.
Akinola said that the issues arose because the pilotage agency agreement signed in 2010, did not envisage the TSA and as such did not factor it in its implementation.
He explained that INTELS borrowed 1.4 billion dollars (N428.4 billion) from banks to execute the agreement with the understanding that the debt would be offset from monies realised from the pilotage services paid directly to the banks.
The INTELS spokesman said that series of meetings, letters and proposals on how to resolve the TSA imbroglio was rejected by the managing director of NPA.
He recalled that on May 5, INTELS sent a letter to NPA proposing the opening of a jointly-signed account between the company and NPA into which the boat service revenues would be paid.
Akinola said that the proposal, like many others was turned down.
He also faulted claims by NPA that the contract was terminated based on the advice of the Attorney-General of the Federation and Minister of Justice.
“At what point are revenues eligible to be paid into the Consolidated Revenue Fund?
“NPA acting on behalf of the Federal Government entered into a profit-sharing agreement with INTELS for 72 per cent of the revenue to go to NPA while 28 per cent is for INTELS.
“The objective interpretation of the Constitution should be that the revenue due to the Federation should be the 72 per cent due to NPA,’’ he said.
Akinola said that NPA could not fault INTELS in the execution of the contract, which was handled most diligently.
Business
Entrepreneur Fetes Indigenous Patronage …Tasks Govt, NDDC, Others On Procurement
Business
Jonathan Applauds NCDMB, China’s Model for Shaping Nigeria’s Local Content Policy
Business
Vet Doctors Vow Support To Check Rabies Spread In Rivers
-
News3 days agoSoldier, Police Officer Killed As Army Rescues Nine Abductees In Zamfara
-
News3 days agoFubara Reaffirms Commitment To Creating Conducive Environment For Business Growth …Commissions Paint Manufacturing Plant
-
Sports3 days agoFifa Scraps Controversial World Cup in Plan
-
News3 days agoPH NBA Election: Committee Uncovers Over 500 Padded Names On Voters’ Register
-
Business3 days agoFG Grants Customs Duty, VAT Exemptions On Imported Electric, Gas Vehicles
-
Business3 days agoVet Doctors Vow Support To Check Rabies Spread In Rivers
-
Sports3 days ago
INEC Seeks Media Partnership, Declares Readiness For Osun Guber Poll
-
Politics3 days ago
COUNCIL BOSS RECEIVES RETURNING STAKEHOLDERS TO RAINBOW COALITION IN RIVERS LGA
