INTELS Nigeria Limited has said that it opposes the de-categorisation of port terminals by Nigerian Ports Authority (NPA) because it is not in the nation’s best interest, as it will result in huge revenue loss to the Federal Government.
In his Witness Statement on Oath filed at the Federal High Court Abuja in a case instituted by the company against NPA and four others, a Senior Legal Manager of Intels Nigeria Limited, Mr. Dominic Onwuchekwa, stated that the proposed de-categorisation of the terminals would not only jeopardise the prospect of the plaintiff recovering its investments under the concession agreement signed with the Federal Government, but also undermine the commitments made to its lenders.
He further averred INTELS expended huge sums of money in upgrading port facilities and building infrastructures as well as developing specialized oil and gas designated terminals based on the need and requirements of the oil and gas industry world-wide.
“Conservatively, the plaintiff has, thus far, expended over USD2 billion out of its own resources without amortization in various projects and has budgeted additional USD5 billion in phased port terminals development and infrastructural renewal,” he stated.
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A Report Of The Judgement Of The 16 Divisions Of The Court Of Appeal In Nigeria