We’ll Comply With Govt’s Directive on TSA – Intels

intels nigeria limited
  • We’ll Comply With Govt’s Directive on TSA – Intels

The Chairman of Intels Nigeria Limited, Mr. Gabriele Volpi, has pledged that his company will comply with the Federal Government’s directive on the Treasury Single Account policy.

He stated this when he flew into the country to intervene in the rift between his firm and the Nigerian Ports Authority over remittances into the TSA.

While the NPA had insisted that all funds collected on its pilotage agency agreement be remitted into the account, Intels argued that such directive was in violation of the terms of its contract. The stalemate led the NPA to terminate the 10-year pilotage agreement contract with Intels.

The cancellation of the contract elicited various reactions from different segments of the society.

But Volpi, who described Intels as a committed development partner to Nigeria, said he would do everything possible to ensure amicable resolution of the crisis.

“We intend to comply with the directive of government and transfer all the revenue to the TSA because we are a law-abiding company,” a statement on Sunday quoted him as saying.

He also allayed fears that the company would pull out its investment in the Badagry deep seaport project.

He said, “We are committed to cooperating with the government and the NPA in the development of Nigeria’s maritime sector and this includes the Badagry deep seaport.

“The Badagry deep seaport is a massive undertaking, which will cost billions of dollars and will be the biggest in Africa and will turn Nigeria into a regional hub for ships bringing goods to the continent. It will also help to move a lot of shipping activities at the Apapa and Tin Can Island ports and help to decongest Apapa; so, we are serious about our investments in Nigeria.”

Meanwhile, President of the Nigerian Importers Integrity Association, Mr. Godwin Onyekachi, has described the Intels’ chairman’s action as a mark of good leadership.

Onyekachi was quoted in the statement as saying, “Disputes are bound to arise in commercial transactions of this nature and it is the responsibility of concerned parties to shift grounds so as to arrive at an amicable resolution.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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