Real reason why FG endorsed Intels to resume operations
Real reason why FG endorsed Intels to resume operations
Seeking ways to shore up revenue leakage, the Federal Government in November, 2023 endorsed Intel’s to resume operations.
Nigeria’s annual revenue generation from boat service operations dropped from over $200m annually, to around $50m after the termination of contracts between the NPA and its lead boat service operator in 2020; INTEL Nigeria Limited.
Recall that on September 1, 2020 the Lagos Pilotage District (LPD) of the NPA said the operations being handled by Intels had been terminated and as such, all service boat owners should deal directly with the Port Authority.
Lacking operational capacity and experience, the handlers could not meet up with delivery which affected revenue generation via that window.
On assumption of office, the new administration led by President Tinubu assigned officials to look into areas of revenue leakage across the country and the boat operations contract terminated in 2020 was listed as a window through which Nigeria was losing over $150m annually.
The FG considered conflict resolution as Nigeria needs to shore up revenues hence, thus an endorsement was given to INTEL to resume operations in November 2023.
A reminder that former Vice President Atiku had already sold his stake in the port over 3 years ago and any idea of political patronage should be disregarded.
INTEL is now fully owned by Orleal Investment Group, the parent company, which bought Alhaji Atiku’s shares for amounts totalling over $100 million in a move that ended the working relationship of his two sons, Adamu and Aminu Atiku Abubakar, with the company, after several years.
Having sold his shares, it is wrong to believe that Alhaji Atiku still has interest in Intel or that President Tinubu returned their contract because he bought shares in the company.
