Business Hilights
Tracking Nigeria's Headline Business News Online

Intels faces AGF, NPA probe over non-remittance of $200m revenue from Onne, Warri

The revenue and job loss crisis hitting Integrated Logistics Services Limited (Intels) may be getting messier as the office of the Accountant-General of the Federation (AGF) is set to probe Intels for the infractions and failure to remit $200 million in its custody into the Treasury Single Account (TSA) through the Nigerian Ports Authority (NPA).

The company recently sacked several staff due to serious drop in business inflow in Onne and other ports of operations.

Before now, there had been growing in balance on the company’s expected remittance of about $200 million it generated from rents, leases, throughput fees and other revenues collected from service boats operations at the Onne and Warri ports to NPA.

The NPA in a letter addressed to the Chairman, Senate Committee on Marine Transport dated January 16, 2017, made it clear that about $100 million (which has increased to $200 million) was yet to be remitted to its account for onward transmission to TSA.

On reception of the letter, the committee queried the rationale behind a private company warehousing Federal Government funds and spending from it for expansion and acquisition of costly equipment. It said Intels’ action was not only unlawful, but could lead to fraud as it took rigorous scrutiny to discover its non-compliance.

The lawmakers argued that Intels has no right keeping government funds in their accounts. If they have spent from it without due appropriation and recourse to budgetary provision, we will get them to pay. There will be no compromise on this.

A source at the National Assembly confided in our Abuja Bureau Chief that the Senate Committee will soon invite many of the companies owing remittances to government agencies to find out why compliances are taking much time.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More