There is a growing concern among industry stakeholders over the recent moves by the federal government to acquire ten per cent equity of the Integrated Services Nigeria Limited (INTELS) in the dying days of the President Goodluck Jonathan’s administration, which analysts believed will reinforce the monopoly of the private company in the critical maritime sector using the resources of the federal government of Nigeria.
The worry arises from the revelations from a report, which shows that the Nigeria Ports Authority (NPA) had indeed paid INTELS the sum of $5.2 billion (about N1.04tr) over the years.
INTELS, which was hitherto known as Nicotes, which started business in the 80’s is the exclusive concessionaire of Onne, Warri and Calabar ports.
According to information gotten, it was discovered that the late Emir of Kano, Alhaji Ado Bayero, owns ten per cent equity of INTELS, while the original investors and the late Shehu Yar’Adua owned 50 and 20 per cent equity respectively.
Stakeholders therefore find it curious that the late emir’s son, Alhaji Sanusi Lamido Ado-Bayero was recently appointed the Managing Director of the NPA, in what many see as not only an act of gross impunity, but also a manifest case of conflict of interest.
He resumed office April 30.

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http://monitor9ja.com/2015/05/fg-moves-to-acquire-10-per-cent-equity-of-the-integrated-services-nigeria-limited-intels/

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