BusinessDay 22 Jun 2017

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6 BUSINESS DAY NEWS Govt to lose revenue from de-categorisation of port terminals - INTELS … battles NPA over de-categorisation of port terminals AMAKA ANAGOR-EWUZIE INTELS Nigeria Limited has criticised the move to decategorise port terminals by the Nigerian Ports Authority (NPA), saying it was not in the nation’s best interest, as it will result in huge revenue loss to the Federal Government. Dominic Onwuchekwa, a senior legal manager of INTELS Nigeria, said this while giving his witness statement on oath filed at the Federal High Court Abuja in a case instituted by the company against NPA and four others. Onwuchekwa stated that the proposed de-categorisation of the terminals will not only jeopardise the prospect of the plaintiff recovering its investments under the concession agreement signed with the Federal Government, but that it will also undermine the commitments made to its lenders. “De-categorisation will lead to a situation whereby all terminals will charge the lower fee of $1.2 per ton (even for oil and gas CEOs want government to tackle inflation rate IHEANYI NWACHUKWU CAC refutes report on internal disharmony among staff ISAAC ANYAOGU cargoes for which $5.83 per ton should be paid) in order to attract patronage from port users, but on the other hand short-changing the government itself and the people of Nigeria,” Onwuchekwa said in the Witness Statement on Oath. He further averred that in discharging its obligations in accordance with the terms and conditions of the various Lease Agreements (including the Concession) with the Federal Government, INTELS expended huge sums of money in upgrading port facilities and building infrastructures as well as developing specialised 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. He said the huge investment … as FG says committed to steering Nigeria out of recession Nigeria’s inflation rate has been on the decline since this year, but its remaining above 12 percent is still a source of concern to most chief executive officers. Most of them who were panellists at the third edition of ‘NSE Bloomberg CEO Roundtable’ were unanimous in their submission that Federal Government policies should wrestle inflation. Ahead of most analysts’ consensus, May 2017 inflation rate came in at 16.3percent year-on-year (y/y), but down from 17.2 percent in April. The CEOs include Andrew Alli, CEO, Africa Finance Corporation; Funke Opeke, CEO MainOne; Demola Sogunle, CEO Stanbic IBTC Bank; Graham Hefer, MD, Okomu Oil Corporate Affairs Commission (CAC) says there is no risk of any industrial disharmony within the commission causing any impediment on the ease of doing business in reaction to an earlier story in BusinessDay expressing the concern by some staff of a possible internal strife. Godfrey Ike, head of public affairs of CAC, in a letter addressed to BusinessDay, says, “The Commission had issues bothering on welfare between officials of Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Service Employees (AUPCTRE), and the management. “The Federal Ministry of Labour has since intervened and mediated on the issues involved, of which both parties have agreed on the terms and the issues amicably resolved.” Palm Plc; Ngozi Adebiyi, CEO, Outsidein HR. The consensus of these panellists, which had Mark Bohlund, senior Economist Africa/MiddleEast Bloomberg Intelligence as discussants was for Federal Government to create enabling environment for private sector to thrive and contribute to the economic growth of the nation. Themed, “Innovating out of Nigeria’s Recession: Exploring New Paradigms for Nigeria’s Economic Growth”, the conference was headlined by the Minister for Finance, Kemi Adeosun with over 150 participants, including African captains of industry, government officials, dealing members and key influencers in attendance. The latest figures released by the National Bureau of Statistics (NBS) show that the In a story published on June 12, the CAC chapter of AUPCTRE, had told our correspondent that lack of proper sensitisation, poor remuneration of low cadre workers in comparison with management, lack of collaboration and an unmotivated workforce may scuttle the executive order on the ease of doing business. Ike says this is not the case, as “CAC is well positioned to continue to play its leading role towards providing an enabling environment for business to thrive in Nigeria. The Commission’s registration process has been strengthened. Customers and investors can now access the services of the Commission online through the Company Registration Portal (CRP). This ensures smooth service delivery with 24 hours timeline for company registration. “Furthermore, the Commission regards its workforce as its greatest asset and will always by INTELS in five concessioned port terminals across the country were made in response to the Federal Government’s quest and demand for investment in port infrastructure development in Nigeria. “In addition to the above, the Plaintiff had also expended these huge expenses because it had entered into and executed 5 nos. Lease Agreements on the Concessioned Port Terminals which life span were 25 years with option of renewal for a further term on each terminal,” Onwuchekwa stated. He said INTELS’ investment in the concessioned terminals was “based on the assurances and comforts from the 1st - 5th Defendants, especially the 3rd Defendant’s (NPA) categorization of Ports and Terminals, stating that the company “was persuaded into financing huge capital intensive projects for the benefits of the 1st- 5th Defendants and the people of Nigeria”. economy shrank by 0.52percent in the first quarter (Q1) of 2017 raising hopes that Nigeria is close to exiting recession. Participants at the forum deliberated on how to lift the Nigeria growth trajectories and examined sustainable growth factors that can rebuild economic fundamentals, address structural vulnerabilities and forge new sources of growth. Oscar Onyema, CEO, NSE, noted that the NSE Bloomberg CEO Roundtable was borne out of the need to bring leaders from various sectors of the economy to discuss and proffer solutions to pertinent issues affecting their sectors and examine global trends applicable to them. “The NSE Bloomberg CEO Roundtable has turned into a special dialogue platform in terms of both shape and content.” ensure that their welfare is given utmost priority.” Acting President Yemi Osinbajo, on May 18, had signed three executive orders expected to change some of the ways government businesses and operations are conducted. The orders stipulate sanctions and punitive measures that will be imposed where necessary. According to statement from the government, the orders will ensure the promotion of transparency and efficiency in the business environment designed to facilitate the ease of doing business in the country. They will also ensure support for local content in public procurement by the Federal Government. The orders were also meant to ensure timely submission of annual budgetary estimates by all statutory and non-statutory agencies, including companies owned by the federal government. C002D5556 Thursday 22 June 2017
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BusinessDay 22 Jun 2017

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