Akabogu and Associates, a specialist shipping and maritime law firm, said it has perfected plans to hold the Ship Acquisition and Maritime Finance Masterclass in Lagos this week.
The masterclass, which is slated for 11 and 12 April, will focus on the importance of understanding risks, options, procedures and implications attendant to the acquisition or disposal of maritime assets, from a Nigerian law perspective.
According to Emeka Akabogu, a maritime lawyer and the convener, with markets poised for AfCFTA shipping, a new seaport and refinery in Lagos, deregulated petroleum products supply under the Petroleum Industry Act, and disbursement of the Cabotage Vessel Financing Fund, it has become a good business to be prepared.
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He said that the masterclass will answer questions around the key features and stages of a ship sale/purchase transaction, the relevant risk management steps to take while selling or purchasing ship and things to consider.
He said the training session will afford potential shipowners to know the nature of a ship mortgage and how it can be secured, find out the things to do when a ship finance loan is going or has gone bad, and also understand the role of the flag in the loan or sale/purchase of ship.
“The masterclass will take ship owners through how the court can intervene to enforce the ship mortgage, what constitutes a forced sale and how it apply to the ship acquisition, as well as the compliance issues that are implicated when the ship being sold/purchased is intended for Cabotage or Nigerian Content operations,” he said.
While encouraging many to register for the masterclass, Akabogu added that the session will also open participants minds to the implications of the AfCFTA to regional and continental ship acquisition landscapes.
