Extant literature neglects the impact of state regulation in a dual structure of port governance by both the government and private terminal operators (via the public-private partnership). Using the Nigerian experience, this article interrogates the impact of the implementation of Nigerian Ports Authority (NPA) regulatory frameworks on the management of 2006 port concession in the maritime industry. Based on qualitative and content analysis of data, the article argues that poor articulation and implementation of the NPA regulatory frameworks are implicated in the level of port asset management, operational efficiency, quality of port service, compliance capacity of terminal operators, and patronage system in the maritime industry. The terminal operators capitalize on the complications and gaps in the NPA regulatory frameworks to substantially subvert the government's port control and undermine effective port-asset management in the maritime industry.