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Business News

Atiku: Here is my Intels Story.

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Former Vice-President Alhaji Atiku Abubakar has explained his role in one of his companies Integrated Logistics Services (Intels) while responding to an online letter written by comedian Francis Agoda popularly known as “I Go Die”.

The company was recently embroiled in a war of words with the Nigerian Ports Authority (NPA) over the termination of a pilotage agreement, but has sought a truce.  The Federal Inland Revenue Service (FIRS) then issued the company a notice over unpaid taxes. Most recently, Intels clashed with the Oil and Gas Free Zone Authority (OGFZA) over its refusal to renew its operating licence at the Onne Ports. This has led to the revocation of permits given to its expatriate staff and the exit of several associate companies pulling out from the zone.

I Go Die in the letter advised the former vice-president to stop using sentimental empathy on the youths to express his political ambitions accusing the former vice-president of immensely benefiting from Nigeria.

Francis also accused Intels of sharp practices which led to the revocation of its pilotage contracts with the Nigerian Ports Authority (NPA). He challenged the former Vice-President to leave the stage for youths in the country.

In his response Atiku debunked claims that he fraudulently acquired wealth while in office. He also used the medium to tell his Intel story.

How Intels Started

According to Atiku, the Shehu Shagari government started the Onne Port and later abandoned it. Himself and his business partner (Gabriele Volpi),saw an opportunity and took loans to build the facilities. The company has expanded to several countries in Africa. He described Intels  as a company he started as part of his  “side hustle” while in paid employement.

Contributions to the community

Atiku also mentioned the various Corporate Social Responsibility (CSR) initiatives, Intels company had sponsored in its local community from scholarships to the football league.

“We invest in scholarships, hire young people from the community and train them to become world class technicians. we have gone into partnership with the Nigeria Football Federation to train young Nigerian footballers, and provide support for the local league.”

Integrated Logistics Services Nigeria Limited (Intels) was founded in 1982. The company is into shipping and logistics services in several ports in the country.

Sigma Pensions

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Macro-Economic News

BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

 

More details shortly…

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

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The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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