Intels says it is not indebted to NPA, claims it is owed $750m instead

Intels Nigeria Limited is not indebted to the Nigerian Ports Authority (NPA), the Management of the oil and gas logistics giant, has said.

It said in a statement yesterday that on the contrary, NPA owed it more than $750 million. The logistics firm which responded to what it termed the “termination of its boats pilot-age monitoring and supervision agreement by NPA,” said “while it is open to an amicable resolution of the contract dispute with NPA, it is willing to proceed in all appropriate directions to protect its interests and its 5,000 employees,” pointing out that Intels has not breached or violated the agreement with NPA.

It said: “Intels further confirms the correctness of its actions in line with the agreement signed on 24 August 2018, according to the terms and timing established therein, in compliance with the principle of reciprocity of rights and obligations thereby provided for.

“The same agreement supplements the original agreement and reinforced the understanding of the parties that the agency service was entrusted to Intels in order to guarantee a repayment plan for the significant investments made.

“Intels reiterates that overall, it is not in any way indebted to NPA, but it is instead a creditor of NPA for an amount exceeding $750 million against the financing granted by Intels and associated entities to NPA over time.”

Intels said it is hopeful that the “undergoing amicable procedure with NPA may result in clarifications between the parties and a return to normal operations,” but nevertheless reaffirmed “its willingness to proceed in all appropriate directions to protect its own interests, in line with the contractual agreement, and all valid receivable claims against NPA, for the protection of its corporate interests, its 5,000 Nigerian employees and shareholders and those who have been operating in the country for over 40 years.”

 

Source: The Nation

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