NPA ends dispute with Intels, seeks Attorney-General’s clearance to restore contract

The business dispute between the Nigerian Ports Authority and Intels Nigeria Limited over revenue sharing structure and payment procedure now stands resolved, the NPA has said.

The maritime agency is however awaiting clearance from the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, for possible restoration of the contract seized from the logistics firm.

Intels and NPA had been locked in a fierce business face-off, resulting in several tension-soaked meetings and exchange of aggressive correspondences.

That followed the company’s non-compliance with the Federal Government’s Treasury Single Account policy.

The NPA had insisted that service boat revenues collected on its behalf by Intels be first swept into its account at the Central Bank of Nigeria, before they are shared by both parties.

But Intels disagreed, saying complying with the policy would have adverse effects on its finances and agreements with its bankers.

On October 5, based on a legal advise by the attorney-general, the NPA terminated the multi-billion naira service boats contract it awarded to Intels several years ago.

However, in a November 10 letter seen by PREMIUM TIMES, the Managing Director of NPA, Hadiza Bala-Usman, told Attorney-General Malami that the dispute between the two parties had now been resolved.

That was after Intels  formally wrote the NPA, apologising for its initial rejection of the regulator’s directive on TSA and then stating its readiness to comply.

In the letter, Mrs. Bala-Usman said Intels “has now tendered its unreserved apology and undertakes to totally comply with Treasury Single Account (TSA) of the Federal Government.”

Premium Times, December 8, 2017

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now