The presidency said Nigeria’s annual revenue generation from boat service operations dropped from over $200 million annually, to around $50 million after the termination of contracts between the Nigerian Port Authority (NPA) and its lead boat service operator in 2020; INTEL Nigeria Limited.
Recall on September 1, 2020 the Lagos Pilotage District (LPD) of the NPA said the operations being handled by Intels has been terminated and as such all service boat owners should deal directly with the Port Authority due to lack of operational capacity and experience, the handlers could not meet up with delivery which affected revenue generation via that window.
A statement by the office of Special Assistant on Social Media to President Bola Tinubu posted on twitter clarified that, “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.
“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 $150 million annually.
” Conflict resolution was the way as Nigeria needs to shore up revenues at a critical time and thus an endorsement was given to INTEL to resume operations in November 2023.-
