BUA Gets FG’s Approval to Reopen $400m Facility in Rivers

0

After seven months of dispute between BUA Group and the Nigerian Ports Authority (NPA) over the stoppage of the inauguration of the $400 million BUA Ports and Terminal, Port Harcourt, Rivers State, the company, yesterday, disclosed that it had received the approval from the federal government to reopen the port terminal immediately for operations.

BUA said in a statement that it has received official communications to that effect in line with its decision and stand that all parties respect the content and the spirit of the concession agreement of the facility.

The company explained that it remained committed and has put in place structures to develop a best –in-class terminal at the Rivers port to serve not only users of the port but also the recently constructed $400 million foods manufacturing complex adjacent to the terminal.

“We are pleased to inform our stakeholders and the public that we have received official communication to that effect; .The notice of termination issued by the Nigerian Ports Authority sometimes last year against our River Ports-based BUA Ports and Terminal to be withdrawn forthwith. The ongoing arbitration at the London Court of International Arbitration (LCIA) be discontinued and, that the BUA terminals be re-opened immediately for operations.

“This decision is in line with our earlier and consistent stand that all parties respect the content and the spirit of the concession agreement of the facility.

“We also want to thank unequivocally – our dear customers, employees, dockworkers and other stakeholders for your patience, support and keeping faith with us throughout this period.

“BUA remains committed and has put in place structures to develop a best –in-class terminal at the Rivers port to serve not only users of the Rivers port but also, the recently constructed $400 million foods manufacturing complex adjacent to the terminal. “BUA remains a law-abiding corporate citizen and is looking forward to working with the management of Nigerian Port Authority in resolving any outstanding issues and making Eastern Ports one of the best in the country.

The company emphasised that it is looking forward to kick-starting operations at its terminals to once again provide the excellent services that has become its trademark.