Section 12: Order for granting of waiver

Where the circumstances described in Sections 9-11 apply, and the Minister has determined that a waiver be granted, the order for granting the waiver shall be-
(a) in the first instance, to a shipping company and vessels owned by a joint venture arrangement between Nigerians citizens and non-Nigerians-
(i) the equity shareholding of the Nigerian(s) joint venture partner in the vessel and the shipping company shall not be less than 60 per centum ; and
(ii) the percentage so determined to be held by Nigerian joint venture partner is held by Nigerian citizen(s) free from any trust or obligation in favour of non-Nigerians ; and
(b) in the second instance, to any vessel registered in Nigeria and owned by a shipping company registered in Nigeria provided that the applicant shall comply with all the relevant provisions of this Act.