The Nigerian Ports Authority has been directed to immediately withdraw the notice of termination it issued to BUA Ports and Terminals sometime last year stopping it from operating its concession at the Rivers Ports. This was contained in a statement by BUA Group, parent company to BUA Ports & Terminals and made available to the press.
According to the statement, the company said it was pleased to inform stakeholders and the public that they have received official communication to the effect that The notice of termination issued by the Nigerian Ports Authority (NPA) sometime last year against its Rivers Ports-based BUA Ports & Terminals be withdrawn forthwith. The company also said that the ongoing arbitration at the London Court of International (LCIA) will be discontinued according to the communication and the BUA terminals be reopened immediately for operations.
This decision is in line with BUA’s earlier and consistent stand that all parties respect the content and spirit of the concession agreement for the facility. According the statement, “BUA remains committed and has put in place structures to develop a best-in-class terminal at the Rivers Ports to serve not only users of the Rivers Ports but also, the recently constructed $400million foods manufacturing complex adjacent to the terminal. BUA remains a law-abiding corporate citizen and is looking forward to working with the management of the Nigerian Ports Authority in resolving any outstanding issues and making the Eastern Ports one of the best in the country.”
“BUA wishes to express its most sincere appreciation to all stakeholders for their successful intervention and mediation. Their intervention has saved jobs, protected huge investments and prevented potential judgement losses running into hundreds of millions of dollars from being incurred by either the country or our company in the arbitration process at the LCIA in London which is set to be discontinued.”
The NPA had last year, sent a notice of termination of BUA’s concession at the Rivers Ports – a move BUA challenged as unlawful and not in line with the concession agreement.
