10th December, 2010
Stakeholders in the maritime industry have highlighted fiscal policy as a key toolÂ in achieving growth for theÂ industry.
Speaking at the annual public lecture of the Nigerian Maritime Law Association onÂ the theme Maritime Development Through Finance and Fiscal Policy, the managingÂ Director of Skye Bank PLC, MR. Kehinde Durosinmi-Etti, who was represented by theÂ bankâ€™s Head of Maritime and Aviation, Sir Peter Olorunfemi, strongly canvassed theÂ need for government to streamline the fiscal regimes applicable to the industry forÂ improved investment and returns.
Shipowners also supported the idea, emphasised customs and stamp duties asÂ particularly challenging factors to indigenous tonnage development. StakeholdersÂ Â sought the creation of a Multi-Door court house in the Federal High Court toÂ facilitate quick alternative resolution of disputes.
Speaking on the subject, the President of the Maritime Arbitrators Association ofÂ Nigeria, Mrs. Doyin Rhodes-Vivour, suggested this as a means to avoid overloadingÂ the tray of the Federal High Court.
During the lecture, The Nigerian Maritime Law Association also elected a newÂ President and two executive council members to run its affairs for the next twoÂ years. Rising from its AGM penultimate week, the association unanimously elected Mr.Â Louis Mbanefo (SAN) as its new President. Mr. Mbanefo replaces Hon. Justice M.B.Â Belgore (Rtd.), who passed on earlier in the year.
Mbanefo (SAN) is one of the countryâ€™s leading maritime lawyers and author of aÂ number of widely referenced practice books.