Nigeria: BUA Reinstates Commitment to Deliver Best-in-Class Terminal At Rivers Ports

4 June 2020

BUA Group has assured its stakeholders to deliver the best-in-class terminal at the Rivers Ports as it get set to begin operations.

The company in statement disclosed that it has received official communication to the effect that the notice of termination issued by the Nigerian Port Authority, NPA sometime last year against its Rivers Ports -based BUA Ports and Terminals be withdrawn.

The statement revealed that the communication the Company received also stated that the ongoing arbitration at the London Court of International Arbitration be discontinued.

BUA noted that the decision taken by the authority concern was in line with its earlier and consistent stand that all parties respect the content and spirit of the concession agreement for the facility.

To that effect, BUA stated: "We remain committed and has put in place structures to develop best-in-class terminal at the Rivers Ports to serve only users of the Rivers Ports but also, the recently constructed $400 million foods manufacturing complex adjacent to the terminal.

We remain a law-abiding corporate citizen and is looking forward to working with the Management of the NPA in resolving any outstanding issues and making the Eastern Ports one of the best in the country."

BUA commended all the 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 London Court of International Arbitration which is set to be discontinued," the statement added.

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