Nigerian Shippers' Council prevents N86 billion in unjustified demurrage payments
via Punch Nigeria2 min read
The Nigerian Shippers' Council NSC announced it prevented Nigerian shippers from paying N86.06 billion in unjustified demurrage between November 2023 and June 2026. During this period, the council also secured N4.54 billion and $1.348 million in savings through regulatory interventions and alternative dispute resolution, protecting over N90.60 billion in economic value. Dr. Pius Akutah, the Executive Secretary and Chief Executive Officer of the council, stated these achievements during a media luncheon in Lagos. He also noted that the NSC received 558 complaints and resolved 295 commercial disputes. Other initiatives include harmonizing bonded terminal invoice charges, securing statutory funding for the first time since 1978, advancing the National Single Window Project and International Cargo Tracking Note, deploying an Enterprise Content Management System, and introducing a leadership and succession planning project. Akutah highlighted that the Nigerian Port Economic Regulatory Agency Bill has been passed by both chambers of the National Assembly and awaits presidential assent. Once signed into law, this legislation will establish an independent port economic regulator with enhanced powers to regulate tariffs, service standards, competition, and commercial conduct, aiming to improve transparency and investor confidence in the port industry. These reforms are intended to reduce the cost of doing business, enhance regulatory certainty, and support the Federal Government's goa
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