Business Hilights
Tracking Nigeria's Headline Business News Online

We committed $909.2m, but diversion of cargo killing our GMT target—-Intels

The management of Integrated Logistics Services (Intels) has decried the continued illegal diversion of cargo to non designated facilities in Lagos, saying the criminal act remains a direct threat to the Guaranteed Minimum Tonnage (GMT) target as provided in its Seaport concession agreement deal with the apex government.

Intels, the core investor in Oil & Gas Free Zones said it has invested well over $909.2m in the sea business.

Explaining the challenge before the Board of Nigerian Ports Authority (NPA), Intels revealed that private jetties are receiving and discharging cargoes from Ocean Going Vessel irrespective of a Presidential directive on enforcement of existing rules.

According to Intels, diversion of Oil & Gas related cargoes entails loss of revenue to NPA, “Cargo Dues in Oil &Gas terminals are four times higher per tonne”.

Continuing, Intels General Manager (Operations), Chibuisi Onyebueke explained that apart from making a total of  $724,651.719, Intels between ‘2006 to date’ has  paid $184,604,352  fees  to NPA and the  Burea of Public Enterprises (BPE).

In a breakdown of the $724,651,719 commitment, Onyebueke said Intels paid $ 10,300,000 for Commencement Fee, $ 253,859,051 for Lease Fee, $ 305,201,534 for Throughput fee and $155,291,135 for Land Industrial area Fee.

“On the fees paid to NPA and BPE from 2006 to date include: Commencement fee to BPE ($10,300,000), lease fee to NPA ($ 68,492,622), Throughput fee to NPA ($ 35,740,369) and land Industrial area Fee to NPA ($70,071,361).

Receiving members of Board who visited Intels office at Onne, Rivers State, Deputy Managing Director, Adamu Atiku Abubakar, explained in details the company’s expansion agenda and commitment to the Nigerian economy.

Responding, the Chairman of NPA Board, Emmanuel Olajide Adesoye commended the Intels development initiatives especially in the area of employment opportunities, community relations and economic development.