The management of BUA Ports and Terminals, a subsidiary of BUA Group, has disclosed plans to resume operations at the BUA Terminals within the Rivers Ports.
This is as the Nigeria Port Authority is set to immediately withdraw the notice of termination of concession it had earlier issued BUA in 2019, the company said in a statement on Wednesday.
The NPA had in May 2019 decommissioned the BUA Terminals within the Rivers Port following a disagreement between the NPA and BUA over repairs of a jetty in the terminal, a move BUA contested.
A statement issued by BUA Group on Wednesday revealed that plans are in top gear to immediately restart operations.
The statement reads: “We are pleased to inform our stakeholders and the public that we have received official communication to the effect that;
“The notice of termination issued by the Nigerian Ports Authority (NPA) sometime last year against our Rivers Ports-based BUA Ports & Terminals be withdrawn forthwith; The ongoing arbitration at the London Court of International Arbitration (LCIA) be discontinued, and; The BUA terminals be reopened immediately for operations.
“This decision is in line with our earlier and consistent stand that all parties respect the content and spirit of the concession agreement for the facility.
“We also want to thank you unequivocally – our dear customers, employees, dockworkers and other stakeholders for your patience, support, and for 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 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.
“We look forward to kick-starting operations at the BUA Terminals to once again provide the excellent services that has become the trademark of our BUA brand.”