Seven months into the dispute between the management of BUA Group and the Nigerian Port Authority (NPA) over the stoppage of the commissioning of the $400 million BUA Ports and Terminal, Port Harcourt, Rivers State, the company, yesterday, said it was re-opening the facility for operations.
The management, in a statement yesterday, said it has received official communications to that effect in line with the decision on the earlier and consistent stand that all parties respect the content and the spirit of the concession agreement of the facility.
BUA explained it remained committed and has put in place structures to develop a best-in-class terminal to serve not only users of the Rivers 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issued by the Nigerian Port Authority sometimes last year against our River Ports-based BUA Ports & Terminal to be withdrawn forthwith. The ongoing arbitration at the London Court of International Arbitration (LCIA) be discontinued and, .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 the Nigerian Port Authority in resolving any outstanding issues and making Eastern Ports one of the best in the country.”
The management emphasized that it is looking forward to kick-starting operations at its terminals to once again provide the excellent services that has become the trademark of the BUA brand.
Earlier last year, the management had stated that the stoppage of the commissioning of BUA Ports and Terminal, Port Harcourt, Rivers State was an albatross threat to the Federal Government’s policy of ease of doing business in the country following the NPA’s stance on the commissioning of the ports terminal.