Sequel to the opening-up of the hitherto monopolised cargo handling policy of the Federal Government (FG) on April 21, the Lagos Deep Offshore Logistics Base (LADOL) has withdrawn its case against the FG.
Ladol had obtained an injunction restraining the FG from implementing its policy directive of April 20, 2015 that created a monopoly in the handling of cargo in the oil and gas sector.
Ladol, in a press conference in Lagos on Thursday, through its lawyer, Prof. Fidelis Oditah, SAN, said that the company had filed an application at the Federal High Court, Lagos seeking to withdraw its proceedings.
Odita, in the statement noted that: “As you may be aware, on April 21, 2017 the Nigerian President clarified the position of the FG on a number of ports reform initiatives, including the designation of terminals and the development of ports and other infrastructure along Nigeria’s coastal belt”.
“ The key policy clarification is the reaffirmation of the FG policy articulated by Presidents Obasanjo in 2006 and Yar’Adua in 2008, that all importers are free to choose any terminal or port for the discharge of their cargoes, subject to the presence of all requisite regulatory agencies at such ports, as required by existing regulations and value for money.
“Consequently and for the avoidance of doubt, the FG cancelled any policy that designates certain ports by cargo type, example, oil and gas terminal, etc,’’ he said.
Oditah said that the policy clarification fits into the reform initiatives of the FG designed to reposition Nigeria, open it for business and welcome all investors to do business in an open, competitive and rewarding environment.
According to him, this would no doubt increase private investment in building port infrastructure along our vast coastal belt.
He said that the measures would also engender job creation and GDP growth, adding that the policy clarification would ensure diversification of port infrastructure, rather than the concentration of risks in the Niger Delta.
The withdrawal application is listed for hearing on June 6, 2017.
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