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
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