Contrary to media reports alleging that Integrated Logistics Services Limited, (INTELS), a leading logistics service providers operating in the Oil and Gas Free Trade Zone in Onne, Port Harcourt is violating the Central Bank of Nigeria (CBN) foreign currency restriction policy by collecting payment from users of its services in foreign currency, the company has said it is operating in line with the apex bank law.
In a statement signed by Mr. Isidore Sambol, Head, INTELS Public Relations unit, the company made it clear that as a law abiding firm, it has been operating within the ambit of the law and that CBN exempted companies operating within Free Trade Zones, Maritime and Aviation industries from being affected by the ‘Currency Substitution and Dollarisation of the Nigerian Economy’ policy.
According to the CBN circular number BSD/DIR/GEN/LAB/08/024, dated May 21, 2015 and sent to all commercial banks, revenue generating agencies of government and operators, covered by the policy include the Federal Inland Revenue Service (FIRS), Nigeria Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Airport Authority of Nigeria (FAAN), Nigeria Airspace Management Authority (NAMA) are permitted by law to allow payments in foreign currencies.
The circular which was signed by Mrs. Tokunbo Martins, Director, Banking Supervision of CBN listed other exempted operators to include: Nigeria Shippers Council; Operators in the oil and gas sector, including oil service companies; Operators in the Maritime and Aviation industries; licensed operators in the Export Processing and Free Trade Zones and any other agency that may be prescribed by CBN from time to time.
Reacting to the allegations, Victor Alabo, Managing Director, Oil and Gas Free Zones Authority (OGFZA), who described the report as malicious and intended to demean the credibility of INTELS, which is part of the Orlean Invest Group said that the company has not only remained one of the law abiding companies operating within the nation’s Free Zone environment, but has also contributed immensely to the growth and development of the nation’s economy in the area of job creation to at least 22,500 direct staff and 50,000 indirect staff and attracting foreign direct investments to the Onne oil and gas free zone worth millions of dollars annually.
“To set the record straight, INTELS is exempted from the foreign currency restriction from three different categories that include being an operator in the oil and gas and as an oil service company; operator in the maritime industry and a licensed operator in the Export Processing and Free Trade Zone, therefore people should cease from discrediting such a company” the OGFZA boss, explained.
According to him, Federal Government in its wisdom has realised that oil and gas is an international business, of which the collection of foreign currency cannot be avoided, even as he added that INTELS also collects the naira equivalent of the foreign currency from clients that wish to pay in naira.
Confirming this, Mr. Sambol added: “If our clients want to pay in naira, we collect because we also do business transactions in naira and have not compelled any of our clients to pay in foreign currency.
With over 30 years’ experience in logistics service delivery in Africa’s largest economy, Integrated Logistics Services Nigeria Limited (INTELS), operator of the world largest Free Trade Zone in Onne Port Complex, has set standards for logistics operation through massive investment in a world-class logistics center for maritime and oil and gas companies.
Located in a dedicated Oil and Gas Free Zone (OGFZ) at Onne, Rivers State, the premier logistics company, built through public private partnership, has succeeded in deploying its wealth of experience in port management and logistics support services to offer tailor-made and integrated logistics solutions to its clients.
Industry close watchers believe that the coming of INTELS into the nation’s logistics service industry succeeded in delivering a facility that will not only serve the needs of the local operators but also those within the West and Central African Sub-region. Also, the facility has proven to be in line with the nation’s new Industrial Development Plan, which is designed to set a roadmap for the development of the industrial sector.
In a statement signed by Mr. Isidore Sambol, Head, INTELS Public Relations unit, the company made it clear that as a law abiding firm, it has been operating within the ambit of the law and that CBN exempted companies operating within Free Trade Zones, Maritime and Aviation industries from being affected by the ‘Currency Substitution and Dollarisation of the Nigerian Economy’ policy.
According to the CBN circular number BSD/DIR/GEN/LAB/08/024, dated May 21, 2015 and sent to all commercial banks, revenue generating agencies of government and operators, covered by the policy include the Federal Inland Revenue Service (FIRS), Nigeria Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Airport Authority of Nigeria (FAAN), Nigeria Airspace Management Authority (NAMA) are permitted by law to allow payments in foreign currencies.
The circular which was signed by Mrs. Tokunbo Martins, Director, Banking Supervision of CBN listed other exempted operators to include: Nigeria Shippers Council; Operators in the oil and gas sector, including oil service companies; Operators in the Maritime and Aviation industries; licensed operators in the Export Processing and Free Trade Zones and any other agency that may be prescribed by CBN from time to time.
Reacting to the allegations, Victor Alabo, Managing Director, Oil and Gas Free Zones Authority (OGFZA), who described the report as malicious and intended to demean the credibility of INTELS, which is part of the Orlean Invest Group said that the company has not only remained one of the law abiding companies operating within the nation’s Free Zone environment, but has also contributed immensely to the growth and development of the nation’s economy in the area of job creation to at least 22,500 direct staff and 50,000 indirect staff and attracting foreign direct investments to the Onne oil and gas free zone worth millions of dollars annually.
“To set the record straight, INTELS is exempted from the foreign currency restriction from three different categories that include being an operator in the oil and gas and as an oil service company; operator in the maritime industry and a licensed operator in the Export Processing and Free Trade Zone, therefore people should cease from discrediting such a company” the OGFZA boss, explained.
According to him, Federal Government in its wisdom has realised that oil and gas is an international business, of which the collection of foreign currency cannot be avoided, even as he added that INTELS also collects the naira equivalent of the foreign currency from clients that wish to pay in naira.
Confirming this, Mr. Sambol added: “If our clients want to pay in naira, we collect because we also do business transactions in naira and have not compelled any of our clients to pay in foreign currency.
With over 30 years’ experience in logistics service delivery in Africa’s largest economy, Integrated Logistics Services Nigeria Limited (INTELS), operator of the world largest Free Trade Zone in Onne Port Complex, has set standards for logistics operation through massive investment in a world-class logistics center for maritime and oil and gas companies.
Located in a dedicated Oil and Gas Free Zone (OGFZ) at Onne, Rivers State, the premier logistics company, built through public private partnership, has succeeded in deploying its wealth of experience in port management and logistics support services to offer tailor-made and integrated logistics solutions to its clients.
Industry close watchers believe that the coming of INTELS into the nation’s logistics service industry succeeded in delivering a facility that will not only serve the needs of the local operators but also those within the West and Central African Sub-region. Also, the facility has proven to be in line with the nation’s new Industrial Development Plan, which is designed to set a roadmap for the development of the industrial sector.
credit; sun news
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