The head of Nigeria's shippers group says a ports law stuck in final approval will end up saving importers and exporters about N6 billion every year by cutting down on legal fights and delays. Pius Akutah told people at a Lagos bar association event that the bill gives his council actual enforcement power to regulate port economics after decades of running on a useless 1978 decree that does nothing for modern shipping.
Akutah mentioned his team already resolved disputes last year that would have burned through over N6 billion in fees and penalties if they had gone to court. He pushed for settling arguments outside traditional litigation because tying up money in a 10-year court battle leaves investments basically worthless by the time anyone wins. The new framework should make foreign investors less scared to drop cash into Nigerian ports since they will know what rules apply and can actually count on getting returns.
Akutah mentioned his team already resolved disputes last year that would have burned through over N6 billion in fees and penalties if they had gone to court. He pushed for settling arguments outside traditional litigation because tying up money in a 10-year court battle leaves investments basically worthless by the time anyone wins. The new framework should make foreign investors less scared to drop cash into Nigerian ports since they will know what rules apply and can actually count on getting returns.
