Intels Vows to Fight Back as NPA Terminates Pilotage Agreement

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  •  Mulls withdrawal of multibillion dollar investment in Badagry Deep Seaport

Eromosele Abiodun

The management of Nigeria’s oil and gas logistics giant, Intels Nigeria Limited (INL), has kicked against the termination of its Pilotage Agency Agreement by the Nigerian Ports Authority (NPA), describing the action as “preposterous” and highly injurious to Nigeria.

Intels, in a statement made available to THISDAY Wednesday, disclosed that following the letter from the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), to the Managing Director of NPA, Ms. Hadiza Bala-Usman, directing NPA to terminate the pilotage agreement, NPA promptly ended the contract on Tuesday, October 10, 2017, without inviting it as the other party to the agreement for negotiation or due recourse to the terms of the agreement that specify conditions precedent before a party can exit the contract.

THISDAY had exclusively reported Wednesday that Malami had written to Bala-Usman on September 27, directing her to terminate the boats pilotage monitoring and supervision agreement that the agency had with Intels, saying that the contract was illegal ab initio.

Malami in the said letter had stated that the agreement which had allowed Intels to receive revenue on behalf of NPA for 17 years, was in contravention of the Nigerian Constitution, especially in view of the implementation of the Treasury Single Account (TSA) policy of government.

Based on the directive, Intels which was founded over three decades ago by Mr. Gabriele Volpi, an Italian national who also has Nigerian citizenship, and former Vice-President Atiku Abubakar, stands to lose several millions of dollars in commissions for the monitoring and supervision pilotage services it handles on behalf of NPA on Nigerian coastal waters.

Drawing the attention of Bala-Usman to the illegality of the agreement, Malami made it expressly clear that the agreement violated Sections 80(1) and 162(1) and (10) of the constitution, and wondered that the parties – NPA and Intels – did not avert their minds to the relevant provisions when they were negotiating the agreement in 2010.
But in a strongly worded response, Intels said Wednesday that the termination of the agreement which was conveyed to the firm in a letter signed by the NPA boss on Tuesday, was “clearly preposterous and the consequences highly injurious” to the interests of Nigeria.

Intels said the action by NPA would force it to reconsider its multibillion dollar investment at the Badagry deep seaport in Lagos, adding that the investment would have created thousands of direct and indirect jobs for Nigerians.

It said it had invested too much in the country and if the Nigerian government was not prepared to respect the sanctity of its contract, it was ready to head to the courts to challenge NPA’s action.
Intels gave NPA seven days from Wednesday to reconsider the residual critical areas of their relationship and to agree, to the possible extent, on a common solution, failing which it shall head to arbitration.

It further divulged that the NPA was indebted to it to the tune of hundreds of millions of dollars.
In a copy of the letter signed by a Director of Intels, Mr. Silvano Bellinato, to Bala-Usman Wednesday rejecting the termination of the agreement, which was also made available to THIDAY, the company said: “With reference to your letter received on October 10th 2017, allegedly terminating the Agency Agreement between Nigerian Ports Authority (NPA) and INTELS Nigeria Ltd (INL), we formally contest the contents of the same for the reasons stated below:

“On March 15th 2017, we received your letter ref: HQ/F&A/ED/AD/INTELS/034 in which, in addition to other contents, the following points were stated:
“Nigerian Ports Authority (NPA) acknowledged a debt towards Intels Nigeria Limited (INL) in the sum of 674,767,415.00 US$ (in addition to the interests accrued in the meantime);

“NPA communicated the need to reconcile the sum of 109,000,000.00 US$ for the additional works carried out;
“NPA informed INL about the implementation to be discussed in respect of a ‘transit account’ called NPA service boat revenue collection account domiciled at one of the banks indicated by you and the related standard operating procedures (SOP);

“NPA confirmed 28% agency commission to INL and the 72% balance to be shared between NPA and INL in the ratio 30:70.

“On March 27th 2017, we replied to every point in your letter of 15th March as stated below:
“INL took note of NPA’s acknowledgement of debt;

“INL declared availability to meet NPA in order to discuss the details for the certification of the 109,000,000.00 US$ for the additional works carried out;

“INL requested for postponement of the SOP application.
“On April 19th 2017, NPA acknowledged our acceptance of NPA’s proposal in respect of 28% agency commission (already included in the existing running Agency Agreement) and in particular to the 30% – 70% split, respectively to NPA and INL, related to the 72% balance. This would imply that the 30% is to be remitted on a monthly basis to NPA while the 70% is to be applied towards reducing the indebtedness to INL.

“Regarding the TSA application, NPA reiterated the strategic importance of such a request. However it is noted that TSA was not part of the existing agency agreement between the parties.”

The company said that on May 5th 2017, it replied NPA’s letter of April 19th 2017 proposing the opening of a jointly signed account between INL and NPA in which the boat service revenues would have been directed.
According to Bellinato, “Afterwards the account holders, with relative proxies, would remit the respective portions due to the parties, being 30% in favor of NPA and 70% in favor of INL.

“In the same letter we indicated our availability to identify the bank, from among the ones indicated by NPA; regarding the reasons of our proposal we firmly reiterated the precariousness of our financial status, mainly attributable to the credits towards NPA and heavily financed by various credit institutions.
“Such circumstances rendered alternative solutions to the ones suggested by us unviable, and also taking into consideration the inapplicability of TSA to running contracts in the manner proposed by NPA.

“Clearly, deduction of entitlements due to INL from collections under the Agreement, and payment of the balance into the designated NPA account for TSA purposes, would be in compliance with the TSA policy.”
Intels maintained that the decision by NPA to terminate the Agency Agreement, which was totally unexpected in consideration of the meetings held by the parties and exchange of letters, was clearly preposterous and the consequences highly injurious to the interests of the company.

“Hence, in compliance with the Article 12 of the Agency Agreement between the NPA and INL, we hereby request you to schedule a meeting within seven days from the date of this letter, in order to analyse the residual critical areas of our relationship and to agree, to the possible extent, on a common solution.
“Should this not happen, we hereby notify you that, in accordance with Article 13 of the Agreement, we will refer the matters to arbitration, in order to safeguard our company from the significant damages and other adverse consequences that may result from this rather unbecoming decision.

“We wish to reach an amicable solution as soon as possible for this complicated matter so that we can avoid to request for the intervention of the court for the immediate payment of any amount due to us from NPA, also in light of the likely pressure for action from our banks, which we may be compelled to do, despite our unwillingness,” the company stated in the letter.

Intels also warned that the “unjustified decision” by NPA would hurt Nigeria’s international credit rating and scare away the much needed foreign direct investment.
“Among them we cannot avoid to mention Intels itself, which has planned to make the investment for the largest African port in Badagry, for an amount of several billions dollars,” the company stated.

According to Intels, “For information purposes only, we recall that on November 8th, 2013 (Art. 2.2) an agreement with the NPA has been signed binding it, without any doubt, to reimburse the investments made on its behalf at FOT Onne – Phase 4B (and also under separate agreement for Eko Support projects) with the 100% of the incomes generated through the pilotage activities, which means that repayment will be made out of the 72% to be reserved to yourselves under the SOP proposed by NPA.

“Given that, it is clear that the said agreement sets the substantial transfer of the receivable in favour of our company, which cannot be disregarded and that only a subsequent agreement as the one the parties are negotiating (70%-30%) may modify, in your exclusive interest.

“Our relationship has always been characterised by timely execution of projects undertaken on behalf of NPA as well as operational efficiency, which has variously been acknowledged by NPA.

“It is also easy for you to ascertain the regularity and timeliness of the payments made by us on a monthly basis for the lease of facilities and throughput fees, equal to an amount of over 170 million US$ since the award of the concession.

“On July 26th, 2017 a joint technical meeting was held with the aim of reconciling the credit/debit balances between our entities, confirming the amounts due to our company. On that occasion, the request to postpone the issuance of a credit note in our favour related to the interests matured on the said amount was raised, for budget and financial statement needs.

“We mention this point only to confirm, should it be required, the effective and constructive cooperation existing between our respective entities, which contrasts sharply with your decision as communicated in your letter of today (Tuesday) and makes it even more unexplainable.”

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  • Ekenny

    Vendetta and vindictiveness to Turaki for daring to challenge an ailing Buhari, This government could not mind sacrificing the long term economic interest of the Nation on the altars of the aspirations of the promoters of PMB for 2019. So much for patriotism!

  • OJAY

    This is a clear case of vendetta by the President’s cabal against Atiku for publicly criticising their Boss’s style of leadership. This is a measure to silence Atiku & whittle down his ego having once boasted that those who are lazy & don’t how to do business to make wealth are quick to call hard-working personalities as thieves. Now, PMB is very eager to destroy him for daring to criticise him and making his presidential ambition public notice.
    Atiku is done for, he now has two staunch enemies Ex President Obasanjo & PMB. Let him live with it since he has refused to throw in the towel.

    • john

      You’re full of praises for a corrupt ex customs thief. So you think atiku bought into his share of intels with his customs salary. The enemy of my enemy is my friend.

  • mikapower

    This is Buhari and Apc fighting Atiku when the stage is not set. Strange govt! Strange party and weak corrupt president!

  • E don do Niaja

    Buhari vs Atiku 2019!!!!!!

    • john

      Ipob you can carry corrupt ex customs thief Atiku. We dash you.

  • JS

    Definitely only in Nigeria. There’s nothing wrong with wanting out of the agreement due to its violation of the constitution. What i find alarming is the fact that a whole Minister of Justice and attorney general would go about opting out in this manner. The agreement clearly provides for how to go about dispute resolution or even outright termination- this clearly has been ignored. I doubt the chances of winning this at arbitration, the result is even more indebtedness cos INL will ask for damages plus additional interest.
    The government can’t afford to invest in capital projects, they can’t honor agreements with people who want to invest, they can’t invest in education….sigh

    • Emeka

      You have completely failed to take cognizance that Nigeria remains the only country where investors go against the laws of the land and beat their chest in pride and arrogance that nothing would happen! You also failed to enlighten people that Nigeria remains the only country where investors are dying to doing business because of the handsome return of investment.

      e.g of the malfeasance and impunity is the blantant disregards and total letdown of the NCC’s orders, instructing telcos to blocking unregistered lines, by one the the gsm companies (MTN) which blantantly ignored the order even after several warnings, and this happens virtually in every sector of the economy, where the so-called investors claimed to be contributing to the growth of the nation’s economy, and secretly steals and defraud the country with the connivance of some top notch in government, and some corrupt judges who are ready to doing their bids at anytime. We are waiting for them in court, Nigerians have woken from their slumber….

      • JS

        Dear Emeka,

        If there’s any failure to be discussed, it is the failure of your government in making capital investments, structuring PPP agreements and even a greater failure at righting any wrongs when they finally realize their folly.

        I will focus on the topic at hand and the facts stated or implied therein. My position is informed not by the terms of the agreement – one in which two willful parties entered into – but the manner in which the Minister of Justice and AGF, someone who should know better has gone about seeking redress. Moreso in a country where the governments budgets more to pay salaries and overheads than it does for capital investments.

        My second concern is the reputational damage and resultant impact on FDIs into the country.

        No party was coerced into the agreement. If you enter into an agreement without any of your own money, and with little or no credibility- as is unfolding today- you don’t need a magician to tell you that you’d be getting the shorter end of the stick and at the mercy of your benefactor.

        You might want to pick another analogy to buttress your point cos the MTN example you have provided doesn’t quite fit in this discussion.

        MTN makes no collections on behalf of the government, is not in a PPP with the government, doesn’t operate a monopoly and is not concerned with making remittances to the TSA which is the main case in point here.

        Cheers!

        • Emeka

          Dear JS, having clinically gone through your assertions, I did deem it requisite in doubling my points in the above subject matter. Having understood you are very much disconnected with the subject matter, It gives me much pleasure to admitting my enormous joy as to how we have constructively chosen ways to express our views maturely. Firstly, I would like to quickly reemphasize the superiority of the constitution against any agreement, contracts or MoUs’ written or verbal. It is the sole responsibility of any AGF who knows his onion in law to highlight any act that is detrimental or injurious to the nation. If you had followed this subject matter religiously, you would have taken notice the various sections and Sub sections that were expressly violated, and for the mere fact the agreement went ahead to be, doesn’t make it right or irrevocable…

          Finally, I may like to quickly also refer you to the issue of Obamacare, in the US, where the present administration has tried umpteen times to have it quashed, even though law establishing Obamacare is a clear legislative action, and not contractual in nature, but the president sees it as injurious to Americans, hence he’s doing the needful by calling for a repeal, because the priority of any good president or AGF is the protection of his subjects or his country against any interests.

          Coming back home, the matter at hand is even more contradictory than the above example, because it violated the laws of the land, which makes it impossible to building something on nothing! I would like to puncture your views on FDIs’ because the preponderance or avalanche of FDIs’ into Nigeria prior to this time, would not in any way discourage any genuine investor who is coming into the country for genuine investment or with good intentions. As a matter of fact, this unfolding scenario would rather encourage genuine investors, instead of scaring them. This action would in turn put paid to the transparency the world seeks in Nigeria, knowing that pmb in control, would never encourage any form of shortcut in whatever guise or shape…

  • Aside the constitutionality of all of this, no nation allows its gateways be manned by private hands. The most lucrative logistics hub of the nation, Onne port, is manned by Intel. The agreement that allows Intel to control NPA signal stations was corrupt and opened the door for all manners of vessels and cargoes to come in, at odd hours. NPA as an regulator of ports and shipping activities has been made redundant and ineffective in revenue generation. No meaningful govt will allow collection agents to collect revenue on its behalf, keep the proceed for a certain amount of period(probably due to reconciliations), before remitting 72% to govt coffers. And to add salt to an injury, a sharing formula of 70%-30% of remittable balance. DP World, Dubai and world largest private port operator, has its mandate cut clear and no gateway operations was handed over to it.

  • Isreal Bethel

    Naija for show, what kind of contract is this one, contractor is charging 28% fee and still taking 70% of balance due to govt meaning what is accrue to Contractor is 78.4% while govt take 21.6%. The contract should not just be terminated but investigated as to what will warrant this one-sided sharing formula.

    • austin

      NPA is already owing the contractor, which they have reconciled and agreed the sum. The lopsided formula is to enable the contractor recover his money after which only the 28% that is the regular agency fees will remain in force. In the alternative, NPA can cash pay the contractor as they should have done in the first instance and avoid the lopsided formula.

      • FrNinja

        Like JV cash call govt cant finance.

        • austin

          Hezackly

  • Isaac Boro

    The Attorney General of the Federation is right under Section 74 of the Constitution. He can start, continue, agree to ,disagree with, continue, discontinue, declare legal or declare illegal ANY contract in Nigeria. To
    The Attorney General of the Federation has spoken– the company (Intels Nigeria Limited) is illegal and inconsequential. Period.

    • Rzg

      It is likely that the final word on this will be heard, not at the instance of the attorney general, but most likely at the international court of arbitration in London.

      Moral of the story, you can’t sign an agreement today, and then change the law tomorrow to abrogate the agreement of yesterday, except you are willing to be significantly liable for punitive damages and compensation for the losses of your counterparty !!!!

      I am sure we will all come back to write about this when the s**t hits the fan !!!

      • john

        Who gives a damn about international court in London. You unpatriotic elements are sell outs. See trump fighting for his own with Canada. You unpatriotic elements are wishing for the downfall of your government at an international court for an agreement that clearly clearly does not favor Nigeria. An agreement signed in the past by previous corrupt administrations of which atiku was part of. In short intels should be investigated for the revenue collected last 17yrs.

        • austin

          Fine. Investigate all you want, charge all found liable to court and lock them up or even better shoot them at the stakes, but remember do not mess with contracts signed with foreign companies as you are the one who wants foreign investors to come into your economy.
          Are you self contained? Certainly not, especially when you even need something as little as medical treatment at London for your president.
          Can they collect what is due them as shall be found by the arbitration panel in London? Yes they can.
          Then you have to give a damn about London and send your best to represent us, certainly not this AGF. Reverse, call back Intels and get a better deal. We know this is all political because there are other operators that their contracts are not cancelled and we also know that in this impasse NPA is going to hemorrhage.
          Funnily enough nobody is talking about the NPA people who signed the contract with Intels.
          Why was this contract required, why did we not have our civil servants knowledgeable or committed enough to represent us that we shall not need Intels to collect our revenues? We run around the problem and attack the interim solution as if that was the problem.
          Look at all the intervention agencies we have in place. EFCC, ICPC, Road Safety, Alpha Beta, all the local agents that collect revenue for states and local governments (using nail studded planks on highways), and so many things put in place to bypass a failed government system. Even the army is beginning to carry out police functions and it is already looking normal.
          So much bravado, so much braggadocio.

          • LagLon

            why waste your breath. the guy is an idiot.
            buhari is the nastiest. he does not know the can of worms that he has opened.
            this govt has cancelled a contract… the next govt will cancel northern oil blocks.
            it will not end well.

        • LagLon

          the asymmetric corruption claims are the most dangerous tool i’ve ever witness.. that and blurring of the truth with fake news…

        • Rzg

          John, you wrote “Who gives a damn about international court in London. You unpatriotic elements are sell outs”……

          Not true, no one is a sell out. View this from the perspective of an investor who has entered into a contract which will undoubtedly have termination clauses. The heavy handed manner the FG is reported to have conducted itself does not augur well for other well meaning investors if the AG can unilaterally cancel contracts willy nily…. Ask yourself why suddenly Intels and Atiku? To a genuinely unbiased observer, which permit me to say, you clearly are not, from your statements, this smacks of politics, more than anything else..

  • Enyi

    If the agreement breaches the Constitution as is stated by the AG then the contract ought to be terminated. Nigeria should learn to move beyond the fact that some persons are untouchable!

    • Rzg

      True, government has a right to act if it feels the agreement breaches the constitution, but lets remember that the agreement apparently predates the TSA.

      Everywhere else in the world where things are done properly, government will in effect be forced to buy back the agreement by compensating the counterparty after a negotiation…. Oh no, not in Nigeria where a letter is simply sent to terminate, never mind the counter party’s investment in ensuring the process was set up to.

      • You literally forgot the meaning of force -majeure.

        • OshyLike

          Is this case an Act of God?

          • JS

            I wonder myself?

        • mikapower

          But it has processes

        • LagLon

          … force majeure.. rofl!!!

          • austin

            APC is an act of God. More than a typhoon and hurricane combined, destructive in its wake, raining down volcanic ash, in earth shattering proportions, a bushfire that knows no limits, a 4-year plague on Nigeria. He is right, there is force majeure.

          • LagLon

            lol!! though maybe satan perhaps…

  • Chiemele

    This is political, Atiku is gunning for Presidency and being cut to size.
    Who lives in a glass house shouldn’t throw stones.

    • Enyi

      Is Atiku the only face behind Intels? Must we politicise everything?

      • Chiemele

        Not the only one, but appears this is targeted at him. GEJ also did same.

        • Henry

          Which of Atiku’s businesses did GEJ target. Please tell us.

  • James Gunn

    This Buhari government is the epitome of corruption. Intels should sue. This is the same government that refused to pay Systems specs it’s legally agreed fees for managing the Remita software running the TSA. Legal mutual agreements terminated without recourse to the other party sets bad precedents for our search for foreign investments. In other news, if Buhari handed over power to Osinbajo as acting president, and still approved Nnpc contracts for Baru, in what capacity were the contracts approved and can’t those contracts be challenged in court by interested parties?

    • Enyi

      What is corrupt about terminating a contract not in tandem with the laws of the land?

      • niran ade

        Ask them! PDP is doing everything to win 2019.

        • Rzg

          I think you may be unwittingly politicising this a tad unduly.
          If one thinks this through in an unbiased manner, you will agree that due process would require honoring the terms of dissolution clearly set out in an the NPA/Intels agreement. From what I gather, the contract predates the TSA. Therefore it is not too much to ask for any sane government not to allow itself to be dragged to arbitration unnecessarily, and I bet, like most large international contracts, arbitration would most certainly have been set in London. Guess what, Nigeria will look stupid when it looses big time at arbitration with all the attendant costs. Additionally, the message sent to investors is that government does not value the sanctity of agreements, at a time when the country badly needs FDI.

          Sentiments aside, the correct thing to do is to domicile the portion for the government with the TSA, not summarily terminate an agreement in a manner that may well breach contract. It will be interesting to see how this plays out.
          Lets just hope this gets resolved in such a way that does not tarnish the country’s image within the international business community, especially as Intels volpi is key to bringing in much needed investment in the badagry deep sea port, planned as the largest in Africa.

          • LagLon

            its atikus contract and cash cow.
            atiku is running for presido.
            he must be stopped.
            simple.

          • FrNinja

            More than that its part of Tinubus grand masterplan to reroute oil and gas servicing to Lagos.

      • OJAY

        What law are you talking about when the Minister/AGF has been misinterpreting our laws & using it to witch hunt APC perceived enemies. There are a lot of instances where the Minister/AGF has violated our constitution e.g. the continuous detention of former NSA and the continued incarceration of El Zakzaky, etc. These are clear cases of the infringement of their fundamental rights as enshrined in the constitution as well as the refusal to grant them bail when the courts have granted them such.
        Can you see that the Minister may even be misinterpret the agreement for their administration’s selfish ends. This govt can’t be trusted, they have destroyed our economy.

      • Ish Adam

        Oh-they just discovered that the contract with Intel contravened the Constitution?

      • LagLon

        lol… nothing..
        why are local interest rates 20% and the currency devaluing against the USD?
        why is everyone fighting?

    • James Gunn

      Every contract can be misconstrued to seem illegal as long as one party wants it to look that way. One of the major reasons why our ease of business ranking is lowest in the world is simply because of this: failure to adhere to contracts signed willingly by all parties involved. If revenues accrue to the government from this contract then the government’s share would go into the TSA. Intels does not have to move it’s share of the revenue into the TSA then seek for it to be released to them. This could have been settled by a simple renegotiation of terms. Not outright cancelation.

      • FrNinja

        The war is between the Tinubu interest in LADOL and Volpis monopoly on oil and gas cargoes.

  • jollyfella

    Cutting atiku to size in bits. Let me sensationalize for my comfort jare.

  • algol2000

    Nigerian government workers are barbarians!

  • Toby

    I’m loving this.

    • Ashibogu

      You must hate this. We must learn to observe contracts. Nigeria is broke! Government does not have money even to pay salaries. Yet, private investors are being harassed over their investments. ” Borrow Borrow” can never save us. Very soon we will reach our obligor limit and no one will be willing to lend us money again. The reason why things are so hard is not because Oil prices have fallen. Rather, it derives from the fact that foreign investments have slowed down primarily as a result of the economic policies of the present government. The reason why our economy has not collapsed is because of the over twenty five billion dollars remittances that come in from Nigerians residing overseas. I am desperately worried about current happenings in our nation. I am really worried!

      • Chiemele

        You may dislike Buhari and APC, but not everything the Govt does must be seen as wrong.
        Its okay to exercise some objectivity.

      • You missed the point. First and foremost, no reasonable govt will allow its gateway be manned by private hands, as it is the case with Intel. A situation whereby all the security agencies and port regulators are shouted at by the private investor, dislocates what ever any serious investor will bring in. How does the investor protects his investment when Intel is the overlord? A situation where we have OGFZA, Onne quartered in Intel yard, dedicated stacking areas manned by Intel and all other sundry activities be it stevedoring, container services, accommodation services, towage operation etc is monopolized by Intel. Intel by its activities and the agreement it had with previous govt, had chased out world class port operators like Panalpina, Alraine, Brawal, and the few IOCs operating there have nobody to complain to because they see Intel as part of the previous govts. Now, together with NPA staffers, they will heave a sigh of relief.

        • Ashibogu

          Panalpina chased itself out of Nigeria as a result of corruption indictment. Agreement is Agreement. You can re-negotiate it but not cancel it outright. The matter will go for arbitration and Nigeria will loose big time. Atiku left Government in 2007(ten years ago). How much did those companies you mentioned invest in Nigeria? Nobody agreed to build refineries in Nigeria until Dangote came on board. I know for sure some so called usiness liberals will start shouting when Dangote’s Naira rain begins to fall. What I am saying is that those who take risks in business must be rewarded. Intels took a gamble and it worked. Others have taken such gamble and it failed. Go and ask Richard Branson his experience with Virgin Nigeria. Investors are not Father Christmas. They are out to make money. Without sounding like a broken record, the action of the Federal Government will scare away foreign investors. Our power sector has remained in the doldrums on account of the inability to attract genuine and financially viable investors. We must seek to create the right environment for investments to flourish. A cardinal ingredient for the creation of such a positive business climate is the sanctity of business contracts and agreements. Have a nice day as it has been quite fruitful discussing with you.

        • LagLon

          …..no communist govt.

      • Toby

        I’m loving your worry.

      • FrNinja

        Nigeria being broke doesnt mean the elites give a shite. They are still fighting over the 20 billion oil revenue and how to grab their slice. This is Tinubu vs Volpi. Atiku is just convenient collateral damage.