Olisa Agbakoba Legal (OAL), a leading law firm in Lagos and highly steeped in the field of maritime law and practice held its inaugural quarterlyMaritime Master Class Series (MMCS) on Tuesday, 26 July 2016. The event was attended by participants from financial institutions that were the intended target audience.
The objective of this particular MMCS was to provide an avenue for offering knowledge to financial institutions in respect of the area of maritime law and practice, with particular focus on the ‘ship arrest procedure’.
It is recognised that financial institutions provide finance to shipowners for various maritime business activities, most especially in the area of ship building, ship mortgage and ship purchase. It is also understood that conflicts could arise between both parties in respect of the loans provided. In such respect, the financial institutionconcerned would definitely be interested in how it could recover its loan facility from any defaulting shipowner. A crucial tool available to such financial institution is the possible arrest of the ship in respect of which a loan has been provided.
The MMCS therefore provided an opportunity for sensitizing the legal departments of various financial institutions about the dynamics and intricacies of the ship arrest procedure. The MMCS provided detailed knowledge of the options open to the financial institution/Creditor, taking into cognisance that there could be other competing creditors. Furtherinsight was provided into where a financial institution/Creditor stood within the scheme of such competing creditors. Consideration was also given to thedue diligence measures that ought to be takenin future by financial institutions in the granting of loan facilities to shipowners, in order to ensure that such loans could be recouped, with appreciable returns.
OAL will be holding subsequent Maritime Masterclass Series on a quarterly basis which will address various topical issues in maritime law and practice.
Dr. Oluwole Akinyeye
Head, Maritime Unit OAL