Connect with us

Business

Intels Decides Revenue Sharing Formula With FG – NPA

Published

on

intels nigeria limited
  • Intels Decides Revenue Sharing Formula With FG – NPA

The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share.

The NPA and Intels signed a two-legged agreement in 2010 allowing the firm to collect revenue on behalf of the Federal Government agency on some port operations.

The Managing Director, NPA, Hadiza Bala-Usman, told an ad hoc committee of the House in Abuja that the agreement was silent on the sharing formula of the revenue generated by the firm.

She stated this left Intels with the power to decide how much it would remit to the Federal Government from any available balance after it had taken a percentage for its services.

The committee, which is chaired by the Deputy Whip of the House, Mr. Pally Iriase, is investigating the circumstances leading to the termination of the contract last year.

Bala-Usman told the committee that the agreement she met on assuming duties at the NPA in 2016 allowed Intels to take 28 per cent of the generated revenue for its services.

She added that the balance of 72 per cent would later be shared between the NPA and Intels.

However, she explained that it was Intels that decided how much should go to the NPA from the 72 per cent, as the contract was silent on that.

She stated, “The agreement was silent on this aspect. There was nothing suggesting how the balance would be shared.

“So, this gave Intels the power to decide what share to leave for the government and so on.”

The NPA MD recalled that up to 2013, the average monthly remittance by Intels was $3m.

She added that the remittance rose to $5.6m in 2014 after some negotiations and later dropped to $4m in subsequent years.

However, Bala-Usman informed the committee that a dispute arose between the NPA and Intels in June 2016 after the firm declined to comply with the Treasury Single Account policy of the government.

She said the NPA communicated the government’s decision to have all public revenues paid into a central account following which invoices would be issued for Intels to be reimbursed.

She added, “But, Intels declined and chose to continue to keep the revenue. In May 2017, we sought the advice of the Attorney General of the Federation (Abubakar Malami), who appropriately advised that Intels must comply with the TSA policy or the contract should be terminated.

“Based on the advice of the AGF, a notice of termination was issued to Intels.”

However, she admitted that following the face-off, Intels later apologised to the NPA and agreed to comply with the TSA policy.

“So, since September 2017, Intels started complying with the policy, though we have not received the advice of the AGF on the withdrawal of the termination. But, they have been complying since September 2017. Between 2016 and 2017, Intels had collected $48m,” she added.

Out of the money, Bala-Usman said the NPA confirmed the remittance of $28.1m into the TSA, while another payment of $14.5m reported by Intels had yet to be confirmed.

According to the MD, both the NPA and Intels would have to do some reconciliation to clarify whether the two payments came from the $48m or from other sources.

Although, the lawmakers acknowledged that compliance with the TSA policy was important, they noted that the manner in which the NPA applied it to Intels was arbitrary, as it sought to ignore an existing agreement.

However, they criticised those who drafted the agreement for allowing Intels to get away with so much.

Commenting on the unfavourable nature of the agreement, Iriase noted, “Nigeria is worse off with this type of arrangement.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Air Passengers Drop as Domestic Airlines Resume Operations

Published

on

air peace

Number of Air Passengers Drop as Domestic Airlines Resume Operations

The number of air passengers dropped despite Governor Babajide Sanwo-Olu lifting the curfew imposed to address looting and destruction of properties in the state.

The busiest airport in the country, Murtala Mohammed Airport, resumed full operations on Monday, however, passengers are cautious about flying, especially because of the tense situation across the nation.

Some of the officials of the Federal Airports Authority of Nigeria as well as those of domestic airlines confirmed that domestic passenger volume had been on a slow start since they commenced full operations.

Okwudili Ezenwa, the spokesperson for Dana Air, said “We are hoping that by next week, everything should have settled down because right now, people are still trying to be sure of their movements.

“Passengers are being cautious before they come out. So, things have not balanced. People are not leaving Lagos as such from the airport now; rather, they are being careful.”

He added, “In locations where no curfew was announced, other places will still have to feed such locations. So since we have curfews here and there, ultimately it affects areas where we don’t have curfew.

“But we hope everything settles down well before next week.”

Similarly, Stanley Olisa, the spokesperson, Air Peace, explained that even though domestic flight operations had resumed, passengers were still wary of flying.

Yes domestic flights have resumed out of the Lagos airport but it is something that is only picking up gradually,” he said.

Continue Reading

Business

333,000 Artisans: FG Commences One-Time Payment of N30,000

Published

on

MSME

FG Begins One-Time Payment of N30,000 to 333,000 Artisans

The Federal Government on Monday said it has commenced a one-time payment of N30,000 to 333,000 artisans under the Micro Small and Medium Enterprises (MSMEs) Survival Fund.

In a statement issued by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disbursements were being done to verified beneficiaries of the Artisan Support Scheme.

The statement read in part, “In the first stream of payments starting today, beneficiaries are being drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau and Delta States. They form the first batch of applications for the scheme submitted between October 1 and October 10.

“The MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan, NESP, which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020.

“The President asked his deputy, Vice President Yemi Osinbajo, SAN, to head the committee which produced and is overseeing the implementation of the plan. “Under the ESP, the Survival Fund is generally designed to among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.”

Continue Reading

Business

Absorb Exited Npower Beneficiaries, N-power Youths Congress Tells FG

Published

on

Absorb Npower Beneficiaries of Batches A and B, N-power Youths Congress Tells FG

The N-power Youths Congress (NYC) has pleaded with the Federal Government to absorb the 500,000 exited Npower beneficiaries of Batches A and B and pay their outstanding allowances.

The National Coordinator, NYC, Comrade Joseph Enam Maga, stated this in Maiduguri during a press briefing held on Saturday at the NUJ Press Center.

He said thousands of exited beneficiaries are yet to be paid since the month of Match.

He, therefore, called on the Federal Government to offset all the outstanding allowances of Batches A and B and create a permanent job for them.

He said “It is a fact undisputable that thousands of beneficiaries have not been paid since the month of March.

“Promises upon promises have been made on this, but yet no positive result has been recorded. Sometimes I wonder what it takes for the data base manager of Npower to rectify this! Something that can be rectified in a couple of hours has lasted for seven good months now.

“Worst still, this is happening within this period of hunger and starvation because of Pandemic. We call on the minister of humanitarian affairs and disaster management to be human enough to respond to our request and give prompt attention to them.

“We equally wish to bring to the notice of Mr. President that Batch B Beneficiaries have not received their devices as was promised and signed at the commencement of the program.

“It is very sad that up to the disengagement of Batch A and B, nobody has come out openly to tell us what happened to our devices.

The coordinator paused to ask why are Nigerian youths being treated like nobody in their country? What have we done to be neglected like this?

“When the Humanitarian Minister was asked why we were disengaged at this critical time in historical epoch that corona virus is terrorizing the whole world, she responded that we were disengaged because it’s a two years programe that we signed.

“Then comes the question: why did Batch A stayed 4years? And if we signed for two years contract that warranted our disengagement, didn’t we equally signed to be given a device that would help us in our different places of primary assignment and equally increase of knowledge? Please we need answers ma. We need answers.

“We, the 500,000 batches A and B of Npower beneficiaries are calling on our government to respond to our demand. We don’t want to believe that it’s only a state of violence anarchy and doom will make a sane government to listen to her Youth’s grievances.

“Look at the Endsars protest for instance, after many lives have been lost and properties destroyed, our government decided to speak up. Niger delta militants were attended to when they resort to arms.

“The insurgents were given amnesty because of their terrorism. But we the innocent 500,000 graduates have been innocently complaining to our government but they paid deaf ears. We are law abiding citizens and we will continue to be law abiding citizens.

“We want Mr. President to understand that a hungry man is an angry man. We have really endured a lot. We need a quick response to our requests. We can’t be used and dumped like refuse. We refused to be used and dumped”, the National Coordinator added.

Continue Reading

Trending