…We are exempted from forex policy, says image maker
Integrated Logistics Limited, (INTELS) has been
accused of collecting charges in Dollars, a practice that may have negated the
federal government policy of foreign exchange restriction deliberately
introduced to pump up the value of Naira.
accused of collecting charges in Dollars, a practice that may have negated the
federal government policy of foreign exchange restriction deliberately
introduced to pump up the value of Naira.
The administration had banned transactions in the country in foreign currencies
as part of the efforts to shore the value of Naira which has continued to
suffer depreciation against other foreign currencies, particularly the Dollars.
as part of the efforts to shore the value of Naira which has continued to
suffer depreciation against other foreign currencies, particularly the Dollars.
Consumers of shipping services have accused Intels which provides oil and gas
shipping services in Onne, Warri and Calabar ports of collecting charges in
hard currency.
It would be recalled the company had been accused of monopoly by influencing
relevant agencies to force oil and gas related cargo to go through its
facilities.
Although, the company had denied allegation of monopoly, importers and freight
forwarders had threatened to boycott the use of the company’s facilities.
The importers and freight forwarders had said they would divert such cargoes
through the neighbouring ports and thereafter bring them into the country in
protest.
However, Intels Public Relations Manager, Mr Isidore Sambol was quoted as confirming
that the company collects its charges in foreign currency, but added that it
does not reject local currency, Naira, when it is used by consumers of shipping
services as a means of payment.
Sambol explained that since the company operates in a
free zone, it is exempted from forex restriction.
free zone, it is exempted from forex restriction.
He was quoted saying, ‘’Yes, we are exempted from the forex restriction because
we operate in a free trade zone. If you conduct your investigation well, you
will notice that free trade zones are not part of the policy.
‘’You should also be aware that oil and gas is an international business and
there is nothing wrong if we collect international currency, mostly US dollar.’’
‘’If the clients want to pay in naira, we collect
because we need tons of naira to drive our business. So the allegation that we
insist of collecting only foreign currencies is not correct. We collect naira.’’
because we need tons of naira to drive our business. So the allegation that we
insist of collecting only foreign currencies is not correct. We collect naira.’’
Intels is a pioneer operator in terms of oil and gas services in Onne and has
been very successful.
There are at least 190 companies operating in Onne with investment valued at
over USD6.0 billion.
