Section 125: Repeal of 1993 No. 74 and savings, etc

(1) The Nigerian Ports Act 1993 (in this section referred to as "the repealed Act"), is hereby repealed and the Company known as the Nigerian Ports PLC, registered under the Companies and Allied Matters Act and its Board of Directors is hereby dissolved.
[Cap. C20.]
(2) Accordingly, there shall be vested in the Authority immediately at the commencement of this Act, without further assurance, all assets, funds. resources and other movable or immovable property which immediately before the commencement of this Act were vested in the Company.
(3) As from the commencement of this Act-
(a) all rights, interests, obligations and liabilities of the Company existing immediately before the commencement of this Act, under any contract or instrument, or at law or in equity apart from any contract or instrument, shall by virtue of this Act be assigned to and vested in the Authority;
(b) in addition to the rights and interests vested in the Authority under paragraph (a) of this subsection. the assets described in the Third Schedule to this Act shall vest in the Authority by virtue of this Act and without further assurance;
[Third Schedule.)
(c) any contract or instrument as mentioned in paragraph (a) of this section, shall be of the same force and effect against or in favour of the Authority and shall be enforceable as fully and effectively as if, instead of the Company, the Authority had been named therein or had been a party thereto; and
(d) the Authority shall be subject to all obligations and liabilities to which the Company was subject immediately before the commencement of this Act, and all other persons shall, as from the commencement of this, Act, have the same rights, powers and remedies against the Authority as they had against the Company immediately before the commencement of this Act.
(4) A proceeding or cause of action pending or existing immediately before the commencement of this Act by or against the Company in respect of any right, interest, obligation or liability of the Company, may be commenced,continued or enforced by or against the Authority, as if this Act had not been made.
(5) Notwithstanding the provisions of this Act, but subject to such directions as may be issued by the Authority, a person who immediately before the commencement of this Act held office in the Company shall be deemed to have been transferred to the Authority on terms and conditions not less favourable than those obtaining immediately before the commencement of this Act, and service in the Company shall be deemed to be service in the Authority for purposes of pension.
(6) Any licence, permit or other approval issued or granted or deemed to be issued or granted under the repealed Act or by the Company shall during its duration, be deemed for all purposes to be granted by the Authority under this Act.
(7) Any regulations, orders, bye-laws or notices made or issued or deemed to be made or issued by or for the purposes of the Company, shall be deemed to be made or issued by or for the purposes of the Authority and shall continue in force until revoked or as amended, from time to time.
(8) The Minister, if he thinks fit may, within the twelve months after the commencement of this Act,by order published in the Gazette,make additional transitional or saving provisions for the better carrying out of the objectives of this section.