As you may have heard, the federal government on Tuesday terminated the contract it had with a INTELS, a company co-owned by Nigeria’s businessman and APC chieftain, Atiku Abubakar.

In its response, INTELS' management team says they won’t take the cancellation of the agreement lying low.

They have vowed to fight it.

INTELS said the termination was “clearly preposterous and the consequences highly injurious” to the interests of the country.

A correspondence between INTELS and NPA showed that the cancellation of contract is related to the inability of NPA to clear its debt obligations.

The correspondence, which was made available to the media, indicates that the Treasury Single Account may have been another point of disagreement between the two organisations.

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INTELS says it operated by the book and that the sudden decision to terminate the contract does not augur for the both parties and the country’s economy.

INTELS had alleged that “the Nigerian Ports Authority acknowledged a debt towards INTELS Nigeria Limited in the sum of $674,767,415.00 (in addition to the interests accrued in the meantime).”

NPA, it said, at the time also “communicated the need to reconcile the sum of $109,000,000.00 for the additional works carried out.”

The two parties had agreed to discuss an establishment of a ‘transit account’ called the NPA Service Boat Revenue Collection Account domiciled at one of the banks indicated by NPA and the related standard operating procedures.

The process was still ongoing when the contract was suddenly terminated.

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