Metro Intels: Atiku's Firm Withholding Money Belonging to Nigerian Govt - Premium Times

The management of Integrated Logistics Services Limited, Intels, is withholding a substantial amount of money belonging to the Nigerian government, a report from PREMIUM TIMES says. 

Intels, which is largely owned by former Vice President Atiku Abubakar, has withheld more than N40 billion it earned between January and September 2017 —including billions that should have gone into the federation account as Nigeria’s cut.

Documents showed that Intels earned $132,957,286.18 (or N40.55 billion at N305/per dollar) within the first nine months of the year, but failed to remit percentage due to the federal government. This percentage, it calculates at its own discretion due to a lack of formal sharing arrangement with FG.

The only boat services revenue received by NPA was a paltry $26,502.52 charge which was deposited directly by a customer into NPA’s TSA account at Central Bank, documents show.

The amount represented 0.07 percent of the $132,957,286.18 that Intels has paid so far this year.

The withheld fund is part the revenues Nigerian government could have tapped into to beat back its 2017 budget shortfall.

Attached Files:

  • atiku2.png

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