Intels Nigeria limited (Intels) has been given two weeks by the Nigeria Ports Authority to remit an outstanding $48 million into agency’s treasury single account (TSA).
The money ought to have been remitted in 2017.
Ms. Hadiza Usman, managing director of NPA, in an interview with CNBC Africa, said Intels’ notice of termination will stand if the company is unable to settle the debt.
She said, “I am giving Intels a possible two-week window to provide the payment. Two weeks from this week- following which the notice of termination will not be withdrawn.”
“And just to also add that all procedures have been done. All manner of communication has been made to Intels to remit those monies.”
“One of the issues we have had with Intels is their non-compliance with the TSA. As you are aware, the Nigerian government instituted the treasury single account which is the account that all revenues of government need to be paid into.
“Intels collects revenue on behalf of Nigeria Ports Authority and had refused to comply with TSA and kept retaining those revenues in their coffers.
“So we insisted that they must comply, no company is above the laws of the country and we went through the whole process.
“I think it’s important for all entities operating in an environment to adhere to the rules and regulations,” she said.
“What we seek to ensure is that you have a level playing field and you must comply to regulations. At no point was Nigeria Ports Authority not going to remit their own portion of the revenues.
“All other third-party agreements that we have in the Nigerian Ports Authority have a similar structure, so why should Intels feel it can operate outside of the law? The other companies are complying, why don’t you comply?”
It will be recalled that the Nigeria Ports Authority in September last year voided its agreement with Intels on the advice of Abubakar Malami, the attorney general of the federation.