The House of Representatives ad hoc committee on the Treasury Single Account (TSA) has given the management of Intels Nigeria Limited 24 hours to remit funds accrued from its pilotage service contract with the Federal Government.

• The lawmakers gave the directive at a public hearing held on Wednesday.
• The committee also asked the company to provide full details of the amount owed the government.
• The Chairman of the Committee, Abubakar Danburam threatened to enforce the committee’s powers if the company failed to comply.
• On his part, Intels Executive Director, Silvano Bellinato, said the Nigerian Ports Authority (NPA) and his company have already commenced reconciliation of accounts and, is waiting for the Central Bank of Nigeria (CBN) to provide guidelines for the company to commence payment into the TSA.
• Intels legal adviser, Mba Onum, told the committee that the company did not make payment because of the TSA policy which mandated the company to remit all the revenue and commission.
• He said this was in conflict with the agreement signed between Intels and NPA.
• Onum also said the NPA should approach the federal executive council (FEC) so that a waiver would be given to the company to pay back its loan facility obtained from banks.

What we think: The House of Representatives continues to fail in its oversight functions by embarking on reactionary activities that produce no real results.

However, we should wait till 24 hours elapses and see what happens next.

Omoleye Omoruyi

Omoleye Omoruyi… an apprentice web/game developer, novelist, sensitive to happenings in the world. Meet him @Lord_rickie on Twitter/Instagram