Wednesday, 22 May 2019

Intels Not Indebted To NPA, We Are Owed $750 Million Instead — Management

The Management of Nigeria’s oil and gas logistics giant, Intels Nigeria Limited, has countered claims of the Nigerian Ports Authority (NPA) as it stated that they are not indebted to the agency but are owed more than $750 million.
The Management of Intels who stated that they are not indebted to the NPA but are rather owed more than US$750 million; added that while they are open to an amicable resolution of the contract dispute with NPA, they are also willing to proceed in all appropriate directions to protect its interests and its 5,000 employees. The statement issued on Tuesday which was in response to the termination of its boats pilotage monitoring and supervision agreement by NPA, reads in part;
“Intels reiterates that, overall, it is not in any way indebted to NPA, but it is instead a creditor of NPA for an amount exceeding US$ 750 million against the financing granted by Intels and associated entities to NPA over time. Intels hopes that the undergoing amicable procedure with NPA may result in clarifications between the parties and a return to normal operations, but it also reaffirms 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.”

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