MEMORANDUM OF UNDERSTANDING

BETWEEN

HOSANNA FISHERIES CONSULT NIG. LTD.

OWNED BY MR. FRED N. STEPHEN
(HEREINAFTER CALLED NIGERIA PARTY)

AND

NEW ORIENTAL OWNED BY MRS. OU YU AND

FANG MING

(HEREINAFTER CALLED CHINESE PARTY)

This agreement is made on the ........ day of ........................... 2023.

BETWEEN

HOSANNA FISHERIES CONSULT NIG. LTD. Of IGHA SHIP YARD

TEDI VILLAGE OJO LOCAL GOVERNMENT AREA, LAGOS STATE
OF NIGERIA OWNED BY MR. FRED N. STEPHEN hereinafter called
THE NIGERIAN PARTY.

AND

NEW ORIENTAL OF RUE DE L’OCEAN, EN FACE DE PHAMACIE

OCEAN BESOUZANETIME, LOME TOGO OWNED BY MRS. OU YU
AND FANG MING HEREINAFTER CALLED THE CHINESE PARTY.

WHEREAS:

1. Chinese party and the Nigerian party have agreed to go

into Partnership for the Purpose of carrying out Industrial
Fishing Business.

2. The Chinese Party has agreed to provide the Capital for

the Industrial Fishing Business while the Nigerian Party will
bring in his skill and expertise to the management of the
Fishing Business.

3. The Parties herein before mentioned have agreed to enter

into this binding agreement in order to the manner in which
the business is to be operated and to set out the terms
governing their relationship.
NOW IT IS HEREBY AGREED BETWEEN THE PARTIES AS
FOLLOWS:

RESPONSIBILITIES OF BOTH PARTIES:

1. THE NIGERIA PARTY RESPONSIBILITIES:

1.1. Will be responsible for the registration of the Boats with

NIMASA and other government agencies.

1.2. All documents for the inward and outward movement of

the vessels

1.3. Dealing with all government agencies

1.4. Employment of all ashore staff and all sailing staff.

2. THE CHINESE PARTY RESPONSIBILITIES:

2.1. All financial expenses during the operation of the boats

i.e. NIMASA, Fishing Licence, Customs Duties, NPA
and all operational expenses.

2.2. All expatriate immigration documents except when the

Nigerian Party attention is required.

3. FURTHER RESPONSIBILITIES OF BOTH PARTIES

OPERATIONAL PROCEDURES OF THE VESSELS.

If the operational base of the company has to be moved from

its present base to any part of Nigeria, adequate preparation
has to be made, operational office and accommodation has to
be provided.

3.1. The Nigeria Party will be responsible for documentation

of the Inward and Outward Movement of the Boats with
government.
 3.2. The Nigeria Party will be responsible for bunkering of the
vessels after getting Approval with Nigeria Navy.
3.3. The Nigeria Party will be responsible for the engagement
of all Sailing Crew.
3.4. The Chinese Party will be responsible for the
maintenance of the Vessels upon arrival and ensure a
speedy turnaround of the Vessel.
3.5. The Chinese Party shall be responsible for the removal
and sales of all products from the vessel and ensure
proper accountability.
3.6. The Chinese Party will be responsible for all financial
responsibility during operation.

4. NIGERIA PARTY BENEFITS:

The Nigeria Party upon carrying all these responsibilities
shall be entitled to the following:
4.1. At the end of every month whether there is profit or not;
the Nigeria Party will be paid the sum of #300,000 per
vessel every month.
4.2. ALL expenses made on behalf of Company by the Nigeria
Party during any journey or Operation will be refunded
by the Chinese Party.

5. COMMENCEMENT AND DURATION:

This Agreement will commence on the Very Day the Vessel get
their Fishing Licence and will run for 10 Years and shall be
subject to renewal at the option of the Chinese.

6. DISPUTES:
Any Dispute arising during the Course of executing this
Business will be settled by arbitration amicably.
IN WITNESS WHEREOF the parties hereto set their hands and
seals the day and year first above written.

SIGNED, SEALED AND DELIVERED.

By the Party of the first part “THE NIGERIA PARTY”

......................................

MR. FRED N. STEPHEN

IN THE PRESENCE OF:

Name: .........................................................

Address: ......................................................

Occupation: ................................................

Signature: ...................................................

SIGNED, SEALED AND DELIVERED.

By the Party of the first part “THE CHINESE PARTY”

......................................

MRS. OU YU

IN THE PRESENCE OF:

Name: .........................................................

Address: ......................................................

Occupation: ................................................

Signature: ...................................................