— The Agreement culminated in the waiver of $193,317,556 interest owed by Intels Nigeria Limited.
— $100,000,000 waiver on accrued interest as of 31st July, 2023 on the indebtedness to Deep Offshore Services Limited under Phase 4B Agreement.
— A further waiver of the interest accruing to 30th June, 2025 estimated in the sum of $93,317,556.
— $326,895,000 saved from the Agreement it reached with Intels on the contentious Pilotage Contract.
— Reduction in Interest Rate on the Outstanding Debt from 6-months LIBOR rate +6.5% to 6-months SOFR Rate +3%.
— Commission On Monitoring Agent down from 28% to 24.5%.
— FG will earn a benefit of $500,000,000 — taking into consideration the interest waiver of $193,317,556 and reduction in commission.
— Proposed debt of $522,433,453.25 to be spread over a period of 15 years. This will preserve the Authority funds for operational needs.
— Revenue Loss: Revenue declined from an average $200,000,000 in 2014 – 2015 to an average of $110,000,000 in 2021 – 2022 with the suspension of Intels Monitoring Services.
— Withdrawal of the case filed at the Court of Appeal which restrained the Authority from engaging new service providers to carry out the Monitoring of Service Boats Operations.
