The Management of Nigeria’s oil and gas logistics giant, Intels Nigeria Limited said it is not indebted to the Nigerian Ports Authority (NPA), but rather NPA owes it more than $750 million. The statement reads: “With regard to the press report of Sunday 19th May 2019 concerning the agency agreement between NPA and Intels, the latter states that it has not breached or violated the agreement with NPA. “Intels further confirms the correctness of its actions, in line with the agreement signed on 24 August 2018, according to the terms and timing established therein, in compliance with the principle of reciprocity of rights and obligations thereby provided for. “The same agreement supplements the original agreement and reinforced the understanding of the parties that the agency service was entrusted to Intels, in order to guarantee a repayment plan for the significant investments made. “Intels reiterates that, overall, it is not in any way indebted to NPA, but it is instead a creditor of NPA for an amount exceeding US$ 750 million against the financing granted by Intels and associated entities to NPA over time.

Source: Nigerian Tribune May 24, 2019 18:04 UTC