Business – Page 7 – Shipping World News Magazine

Oct172017 by Asu BeksNo Comments

More trouble for Intels as FIRS accuses company of tax default

One week after the Integrated Logistics Services (Intels) made the headlines over the termination of its pilotage agreement with the Nigerian Port Authority (NPA), the company is in the news again. This time around, the Federal Inland Revenue Service (FIRS) has accused the organisation co-founded by former Vice-President Atiku Abubakar and Gabriele Volpi, an Italian national, of not paying taxes. On Monday, FIRS officials pasted a non-compliance sticker on the headquarters of the company in Onne, Rivers state. The action led to reports that the company had been sealed but an official of the tax agency told TheCable that such stickers are pasted on companies which have not been complying with tax obligations. “FIRS did not carry out any enforcement on Intels. Our team only paste...

Oct172017 by Asu BeksNo Comments

Nigeria, Ghana sign MOU on piracy and terrorism

Business, Politics, Port News

THE Nigerian Maritime Administration and Safety Agency (NIMASA) and the Ghana Maritime Authority (GMA) on Monday signed a Memorandum of Understanding (MOU) to jointly combat the menace of piracy and terrorism in the West African waterways. Addressing newsmen in Lagos after the signing ceremony, the Director General of NIMASA, Dakuku Peterside, explained that the MOU with Ghana is based on five cardinal focus to further strengthen ties between both countries in the West African sub-region. According to Peterside, “The MOU between NIMASA and the GMA will focus on the following areas: Knowledge transfer and sharing; Capacity building initiative; Cabotage enforcement joint study initiative; Comparative research initiative; and Joint efforts to combat piracy and terrorism. “These are t...

Oct172017 by Asu BeksNo Comments

Poor Ship Financing: Nigeria May Lose Out From Africa’s $2.7trn Freight Earnings

Business, Misc, Politics

By YUSUF BABALOLA, Lagos Unless Nigeria’s shipping sector is resuscitated or over $100 million in the Cabotage Vessel Finance Fund (CVFF) is disbursed to ship owners who met the requirements, the country may lose out from the $2.7 trillion freight earnings, which is anticipated from Africa by the year 2020. According to report, about $2.7trillion freight earning is expected to come from Africa, with Nigeria ship owners not positioned to maximise the huge freight earning. The leading cause of losing out of the freight earnings is poor ship finance, which has led to inability of Nigerian ship owners to acquire vessels. Also, inability of ship owners to access the Cabotage Vessels Financing Fund (CVFF), a special fund set aside to aid indigenous ship owners has affected their busi...

Oct152017 by Asu BeksNo Comments

El-Rufai Behind Termination of Atiku’s Intel Contract With NPA – Sugar

Business, Misc, Politics, Port News

A political associate of Atiku, Alhaji Muhammadu Abdullahi Sugar, has alleged that Governor Nasiru El-Rufai of Kaduna State is using the Nigerian Ports Authority (NPA) to fight former Vice President, Atiku Abubakar. Reacting to the news of the termination of Atiku’s Intels Nigeria Limited’s Boats Pilotage Monitoring and Supervision agreement entered with NPA, Sugar said the action was the “handiwork” of El-Rufai. He said the Kaduna governor used the NPA boss, Hadiza Bala Usman, to get at Atiku. There was no immediate response from El-Rufai’s spokesman, Samuel Aruwan. Sugar, in a phone interview with DailyTrust on Sunday said President Muhammadu Buhari might not be aware of the development, saying, “Intels is a legitimate company doing legitimate business based on agreement with...