The Federal Government has given the nob to BUA Group to re-open its $400 million BUA Ports and Terminal in Port Harcourt, Rivers State.
BUA Group said in a statement on Wednesday, that 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.
According to the release, the management explained that 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.
“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issued by the Nigerian Port Authority sometimes last year against our River Ports-based BUA Ports& Terminal is to be withdrawn forthwith, the ongoing arbitration at the London Court of International Arbitration (LCIA) be discontinued and the BUA terminals be re-opened immediately for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,” the statement added.