Talks@Brickstone: Episode 001
Topic: Ship Acquisition in Nigeria: Key Commercial Issues
Guest: Mr Ade Afun, Partner, Bloomfield Law
Mr Adedoyin Afun, a commercial lawyer and Chair of the Aviation, Shipping & Oil Services and Finance practice groups at Bloomfield Law Practice. In the year 2016, he was also voted amongst the Top 40 Nigerian Lawyers under age 40. Over the last few years, Who’s Who Legal and The Legal 500 have listed him in its Shipping and Transport rankings for Nigeria. Mr Adedoyin has severally advised leading transactions in the Nigerian Shipping & Oil Services and Aviation & Logistics sectors. Learn more www.bloomfield-law.com,
Key Podcast Discussion Issues
The Podcast involved discussions around the following issues
- What’s the motivation for Shipping and why is the Asset Key to Trade in Africa?
- Options Available for Ship Acquisition
- Discuss the Motivation to Purchase of a New Vessel via Shipbuilding Contract
- Talk about Obligation of Builder, Obligation of Buyer, Allocation of risks and the Ancillary contracts that may be required
- Discuss Motivations to Purchase of An Old Vessel
- Explain the Norwegian Shipbroker’s Association Memorandum of Agreement for Sale and Purchase of Ships (“NSF”) being the standard form most widely used for the sale and purchase of old buildings
- Discuss Problem areas in Sale and Purchase of Secondhand Vessels that are Offshore Flags
- Key Finance Provisions required by Senior Lenders to finance Secondhand Vessels that are Offshore Flags
- Importance of Getting a Ship Flagged in Nigeria. Is there any Merit or Demerit?
- Concluding Remarks