By TheHonourable

Prior to the concession of the sea ports in Nigeria, Nigerian ports were nothing to write home about. 

There were apparent lack of cargo handling equipment and in some terminals where they existed at all, they were inadequate. In most cases, they were dilapidated. Besides these, unnecessary delays in cargo clearance resulted in loss of huge sums of money in form of damaged goods.

In early 1980s, Alhaji Atiku Abubakar with his friend, Gabriel Volpi, an Italian Director of a shipping company, Med Africa, established an oil servicing company, and registered it as Nigeria container services (NICOTES).

In 1982, the Nigerian Port Authority (NPA) invited private investors to operate the federal lighter terminal partially completed (FLT) of the Onne Port Complex in Rivers State. Of the eight companies, NICOTES was one of the two companies that continued after two years.

In 1988, NICOTES obtained a five-year lease from NPA to operate its facilities at the Onne port complex, Warri old port and Calabar new port. The ports which had suffered underutilization before the lease agreement, became a strategic location for the creation of an integrated transit and supply bases and optimal oil service centres.

In 1992, to meet the need for large and long term investments required to boost the sector, NICOTES applied for, and was granted a twenty-one year extension for its leases at Onne Port Complex, Warri Port Complex and Calabar New Port.

Also in 1992, the government invited the maritime industry to participate in the needed investments to complete the development of the federal ocean terminal (FOT), and NICOTES partnered to complete the FOT. The project further expanded with another rounds of invetments by NICOTES. One of which was the development of about 100,000 square metres stacking area and the refurbishment of warehouses. These allowed the first vessels to be berthed at the FOT in 1995.

In 1996, the Federal Government in acknowledging the impressive developments at Onne, and to encourage further investments, declared Onne Port, a free Oil and Gas zone.

For Atiku Abubakar supporting Late Shehu Yar'Adua in asking Abacha to announce a date for handling power to a civilian, General Sani Abacha seized NICOTES and renamed it- Integrated and Logistic Services (INTELS), and Alhaji Atiku Abubakar and others were removed from the board of the company. With Abacha dead and General Abdusalami Abubakar as head of State in 1998, INTELS was returned to the owners.

With over $50 billion in investment projects, Onne port complex had grown from a small unused and underdeveloped port it usecomplearly e the largest Oil and Gas free zone in the world.

The NPA pilotage monitoring and supervision agreement with INTELS, recently terminated by the federal government, was an agreement, which could help INTELS and other investors recover their investment.

President Buhari, like General Abacha is proving to Nigerians that he does not in any way tolerate opposition. And while President Buhari is putting the over 30,000 jobs created by INTELS in jeopardy, he should equally understand that even as president, he hasn't created the number of Jobs, Atiku has.

Source: https://m.facebook.com/story.php?story_fbid=1239962482816628&id=100004086647936&fs=1

Cc: Seun
Lalasticlala

Ok

This isn't good for a nation trying to woo foreign investors..

Strongly agreed with the writer of this piece. Thank you for putting this up.

This move by the Federal government has proven how weak they are and a show of shame.

Thank you once again.

Shallow people who don y'know the history of Intels are quick to ascribe the success of the company to corruption not knowing Intel success is a result of painstaking risk, investment and perverance that spans over 30 years , even Abacha was wise enough not to try to close Intel down because he understood how devasting that would have been to the economy but Buhari being the certified dollars he is has taken the decision to make Intel redundant for political reasons while forgetting the impact it will have in over 30000 jobs on period in our history when unemployment is at its highest ever...This is another example of the myopia Buhari suffers that has made Nigeria a living hell today

Since this is a copied post I have little to say but OP because Atiku/INTEL is the next new thing to Eldorado is that why Atiku must not be made to render precisely how much is generated by Intel ? Why does your saint have a problem routing Intel generated revenue through TSA ? What does it cost Atiku to keep records and demand for the fraction negotiated after each fiscal year ? Every businesses in Nigeria had been made to go that way so tell me do Atika and his Italian friends own bigger heads than the rest of us ?

Shawnnn01:
Since this is a copied post I have little to say but OP because Atiku/INTEL is the next new thing to Eldorado is that why Atiku must not be made to render precisely how much is generated by Intel ? Why does your saint have a problem routing Intel generated revenue through TSA ? What does it cost Atiku to keep records and demand for the fraction negotiated after each fiscal year ? Every businesses in Nigeria had been made to go that way so tell me do Atika and his Italian friends own bigger heads than the rest of us ?

I wonder how the taste of Atiku's behind is in the mouth of the op and his lackeys. NPA simply demanded Intel pays all the money realized to government coffers they said no they will collect and remove their share bla bla bla but government cannot give an individual a free hand to do as he please with our money.

vedaxcool:


I wonder how the taste of Atiku's behind is in the mouth of the op and his lackeys. NPA simply demanded Intel pays all the money realized to government coffers they said no they will collect and remove their share bla bla bla but government cannot give an individual a free hand to do as he please with our money.

You guys are just being sentimental. Even as we speak there are some agency of Government that are not subjected to TSA policy because of their peculiarity. The contracts were signed before the implementation of TSA and the terms and conditions must have been clearly spelt out. How do you expect Intel after spending billions of dollars to develop the port facilities to now pay first to TSA and then pass through the bureaucracy of getting their commission? There are several control methods that the Federal Government can put in place to track the revenue of Intel. We should not play politics with everything. Our Economy is going down the drain because of the actions and inactions of this Government. Have you ever wondered why foreign investors are running away from Nigeria......No sane foreign investor will want to do business with a country where the President can revoke contracts simply because he doesn't like you.

Contracts often have a termination clause for both sides. That is what the government should have triggered if there's a need. Not for the AGF to start quoting law.

[s]

factsandfigures:
You guys are just being sentimental. Even as we speak there are some agency of Government that are not subjected to TSA policy because of their peculiarity. The contracts were signed before the implementation of TSA and the terms and conditions must have been clearly spelt out. How do you expect Intel after spending billions of dollars to develop the port facilities to now pay first to TSA and then pass through the bureaucracy of getting their commission? There are several control methods that the Federal Government can put in place to track the revenue of Intel. We should not play politics with everything. Our Economy is going down the drain because of the actions and inactions of this Government. Have you ever wondered why foreign investors are running away from Nigeria......No sane foreign investor will want to do business with a country where the President can revoke contracts simply because he doesn't like you.

[/s]

How does Atiku's behind taste? So government should start building control measures because Intel refuses to comply with simple directives or wait Intel is now a government Agency that can exempt itself from TSA? You should be ashamed of yourself defending a Fulani man ... the real slaves of Fulani have been exposed....did Intel complain to you that they cannot sue the government to court ? It is a pity after defending Intel insensible actions those silly water maps on your ceiling ain't going anywhere soon.

aolawale025:
Contracts often have a termination clause for both sides. That is what the government should have triggered if there's a need. Not for the AGF to start quoting law.

AGF needed to quote the law because the contract in itself was illegal when it gave a company the right to directly collect government revenues and deduct it before paying government. ... as we can see none of Atiku's behind lickers are seeing the illegality just the politics. loosers thry are.

vedaxcool:


AGF needed to quote the law because the contract in itself was illegal when it gave a company the right to directly collect government revenues and deduct it before paying government. ... as we can see none of Atiku's behind lickers are seeing the illegality just the politics. loosers thry are.

From what I read, intels developed the port and made it a money spinner. Government is still owing almost 700m dollars. No bank or company would put its money into development like that if it doesn't have a sort of control on revenue inflow.
The looser in the long run is Nigeria. Now they are trying to concession the airports. Who would want to near that?

Shawnnn01:
Since this is a copied post I have little to say but OP because Atiku/INTEL is the next new thing to Eldorado is that why Atiku must not be made to render precisely how much is generated by Intel ? Why does your saint have a problem routing Intel generated revenue through TSA ? What does it cost Atiku to keep records and demand for the fraction negotiated after each fiscal year ? Every businesses in Nigeria had been made to go that way so tell me do Atika and his Italian friends own bigger heads than the rest of us ?

If the IOCs were mandated to route all revenues from oil into the TSA before deriving their share, be rest assured that they'd all close shop and move on to more favorable and business friendly climate. While on paper it appears simple and sensible for all funds to be routed to the TS, in practice however, the presence of a crumbling bureaucracy makes it a nightmare for a potential investor who's saddled with obligations to lenders etc.

aolawale025:


From what I read, intels developed the port and made it a money spinner. Government is still owing almost 700m dollars. No bank or company would put its money into development like that if it doesn't have a sort of control on revenue inflow.
The looser in the long run is Nigeria. Now they are trying to concession the airports. Who would want to near that?

Honest investors who are willing to obey the law. Being an investor doesn't place you above the law. If Intel like they should bring in the concept of ports to Nigeria that does not mean when you act outside the law.

OnucheAdams:


If the IOCs were mandated to route all revenues from oil into the TSA before deriving their share, be rest assured that they'd all close shop and move on to more favorable and business friendly climate. While on paper it appears simple and sensible for all funds to be routed to the TS, in practice however, the presence of a crumbling bureaucracy makes it a nightmare for a potential investor who's saddled with obligations to lenders etc.

You talk of Bureaucracy like you even understand how government payment system really is when it is the same system that pays civil servants ttheir salary. And cease the poor comparison to the oil sector which has special laws and procedures that govern its activities. The whole issue is simple Intel collects money and pays the money into the TSA, government refunds Intel its money. But insisting Intel holds money belonging to government which it can deliberately underdeclare because it has banks loans to pay is just unconscionable.

factsandfigures:
You guys are just being sentimental. Even as we speak there are some agency of Government that are not subjected to TSA policy because of their peculiarity. The contracts were signed before the implementation of TSA and the terms and conditions must have been clearly spelt out. How do you expect Intel after spending billions of dollars to develop the port facilities to now pay first to TSA and then pass through the bureaucracy of getting their commission? There are several control methods that the Federal Government can put in place to track the revenue of Intel. We should not play politics with everything. Our Economy is going down the drain because of the actions and inactions of this Government. Have you ever wondered why foreign investors are running away from Nigeria......No sane foreign investor will want to do business with a country where the President can revoke contracts simply because he doesn't like you.

On point!
We need another IBB to remove Buhari.

OnucheAdams:


If the IOCs were mandated to route all revenues from oil into the TSA before deriving their share, be rest assured that they'd all close shop and move on to more favorable and business friendly climate. While on paper it appears simple and sensible for all funds to be routed to the TS, in practice however, the presence of a crumbling bureaucracy makes it a nightmare for a potential investor who's saddled with obligations to lenders etc.

Don't argue with miscreants

You haven't seen anything yet

vedaxcool:


Honest investors who are willing to obey the law. Being an investor doesn't place you above the law. If Intel like they should bring in the concept of ports to Nigeria that does not mean when you act outside the law.

I don't know which law was violated. But I know some government agencies are exempted from TSA due to the nature and scope of their operations.
Moving on, that same contract was signed by the FGN. Apart from the TSA aspect no other thing has changed.

aolawale025:


I don't know which law was violated. But I know some government agencies are exempted from TSA due to the nature and scope of their operations.
Moving on, that same contract was signed by the FGN. Apart from the TSA aspect no other thing has changed.

The AGF stated the contract in itself violated the law.
TSA is supposed to increase Transparency.... Intel refusing to be part of it has made transparency lacking.

OnucheAdams:


If the IOCs were mandated to route all revenues from oil into the TSA before deriving their share

Vedaxcool what do u have to say about this? Do you think the IOC will just obey?

NgcoboP:

On point!
We need another IBB to remove Buhari.

since Coward cownu failed and fled or any ipob pig or idiot cannot measure up to Buhari toes you have to call upon IBB .... you Igbos should be pittied indeed. Can even stand up for anything.

beejaay:

Vedaxcool what do u have to say about this? Do you think the IOC will just obey?

Poor argument. the laws governing oil management in Nigeria and procedures in the oil sectors are quite different from the revenue collection arrangement with Intel. All this would have been averted if Intel just followed simple instructions as anyone seeing this would understand that government is seeking revenue and blocking all avenues for leakages.

Vegetable is just a calamity to this world. Zoo's no.1 economic terrorist.

Shawnnn01:
Since this is a copied post I have little to say but OP because Atiku/INTEL is the next new thing to Eldorado is that why Atiku must not be made to render precisely how much is generated by Intel ? Why does your saint have a problem routing Intel generated revenue through TSA ? What does it cost Atiku to keep records and demand for the fraction negotiated after each fiscal year ? Every businesses in Nigeria had been made to go that way so tell me do Atika and his Italian friends own bigger heads than the rest of us ?

I tells share in the revenue sharing formula is 28 percent so common sense should tell you the balance of 68 percent is what belongs to the Federal govt and is what should be paid into the TSA like Intel's has been doing not the entire 100 percent.

vedaxcool:


You talk of Bureaucracy like you even understand how government payment system really is when it is the same system that pays civil servants ttheir salary. And cease the poor comparison to the oil sector which has special laws and procedures that govern its activities. The whole issue is simple Intel collects money and pays the money into the TSA, government refunds Intel its money. But insisting Intel holds money belonging to government which it can deliberately underdeclare because it has banks loans to pay is just unconscionable.

Please use your sense, the only money that belongs in the TSA is govts 68 percent and not the entire 100 percent..TSA is for govt money and govt money here is strictly 68 percent nothing more nothing less ..

[s]

RomeSankara:


Please use your sense, the only money that belongs in the TSA is govts 68 percent and not the entire 100 percent..TSA is for govt money and govt money here is strictly 68 percent nothing more nothing less ..

[/s]

Mind your manners.... pay the whole money to TSA and government pays you back your 28% afterwards. It is basic commonsense the whole money belongs to government which theb pays you for whatever service you might have rendered. TSA is for all government revenues and guarantee transparency something cownu zombies are aversed to .... by the way did Intel complain to you it cannot afford the use of lawyer or is this just using your tongue to service Atiku's shithole in the absence of any worthwhile engagement to do? If intel feels government has acted wrongly they should sue not this licking Atiku's poos with so much relish.

vedaxcool:


since Coward cownu failed and fled or any ipob pig or idiot cannot measure up to Buhari toes you have to call upon IBB .... you Igbos should be pittied indeed. Can even stand up for anything.

Kilo manse iwo boi oniyeye yii na?
Mi o kinse tebliq bi tie..

Meanwhile don't expect any response from me again. I don't talk with miscreants.

[s]

NgcoboP:

Kilo manse iwo boi oniyeye yii na?
Mi o kinse tebliq bi tie..

Meanwhile don't expect any response from me again. I don't talk with miscreants.

[/s]


My pigs and idiots are the ultimate miscreants- Nnamdi Cownu

NgcoboP:

On point!
We need another IBB to remove Buhari.

Well you're not wrong here. We need an IBB kinda person to try to right the wrongs of Buhari like it happened in the 80s .

vedaxcool:
[s][/s]

How does Atiku's behind taste? So government should start building control measures because Intel refuses to comply with simple directives or wait Intel is now a government Agency that can exempt itself from TSA? You should be ashamed of yourself defending a Fulani man ... the real slaves of Fulani have been exposed....did Intel complain to you that they cannot sue the government to court ? It is a pity after defending Intel insensible actions those silly water maps on your ceiling ain't going anywhere soon.

My first reaction is ignore you because your choice of words clearly show that you have serious deficiencies. Are the fulani not humans? Would you have supported Atiku if he was Yoruba or Igbo? Even the MD of NPA knew that canceling the contract was a wrong decision that is why the official statement of NPA highlighted that the decision was from the AGF. My friend wake up everything is not about politics........Foreign investors are laughing at us.