Category: Business

JUST IN: Nigeria Customs suspends implementation of 4% FOB charge

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has announced the suspension of the implementation of the 4% Free-on-Board (FOB) charge on imports, as stipulated in Section 18(1)(a) of the Nigeria Customs Service Act (NCSA) 2023. The decision followed ongoing consultations with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and other key stakeholders.   In a statement released by the National Public Relations Officer, Assistant Comptroller of Customs Abdullahi Maiwada, the NCS stated that the suspension will allow for comprehensive stakeholder engagement to fine-tune the Act’s…

CAC, NUPRC strengthen partnership on Beneficial Ownership Register, Host Community Registration

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have agreed to strengthen collaboration on integrating the Beneficial Ownership Register, registering host community forums, and enhancing their working relationship.   This was disclosed during a familiarization visit by a delegation from NUPRC, led by the Commission Secretary and Legal Adviser, Mrs. Olayemi Anyanechi, to the CAC headquarters.   Speaking during the visit, Mrs. Anyanechi emphasized CAC’s crucial role in economic regulation, particularly in ensuring compliance with entity registrations. She noted that the partnership would facilitate mutual…

NCS, UNODC Strengthen Ties to Combat Drug Trafficking, Organised Crime … As CGC Adeniyi Unveils Plans for WCO Regional Donor Conference

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has reaffirmed its commitment to tackling drug trafficking and transnational organised crime through a renewed collaboration with the United Nations Office on Drugs and Crime (UNODC). This was disclosed by the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, on Tuesday, February 4, 2025, during a meeting with a UNODC delegation led by its Country Representative, Cheikh Toure, at the Customs Headquarters in Maitama, Abuja. CGC Adeniyi emphasized the vital role of the NCS in curbing drug-related crimes, which he described as a significant threat to…

ICAN President visits FIRS, strengthens collaboration on Accounting ,Tax Administration

Lukman Laleye Babalola

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, alongside his management team, received the President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson C.S. Alaribe, and members of the ICAN Council at the FIRS headquarters in Abuja on Wednesday, February 6, 2025. During the visit, Chief Alaribe acknowledged FIRS’s continuous support for ICAN and expressed appreciation for its contributions to the accounting profession and national tax administration. He emphasized the institute’s commitment to fostering professional excellence and collaboration with key stakeholders.  …

FG sets to cut Port Operations costs by 25% with National Single Window System

Emporium Reporters

By Idris Mustapha Babalola   The Nigerian government has announced plans to reduce the cost of doing business at the nation’s ports by at least 25% through the implementation of the National Single Window (NSW) system.   Minister of Marine and Blue Economy, Adeboyega Oyetola, revealed this initiative at a stakeholders’ forum in Lagos on Tuesday, emphasized its potential to enhance operational efficiency, transparency, and reduce delays.   Oyetola noted that the NSW would streamline port operations, potentially cutting down the operational costs that are up to 40% higher than…

CAC partners with NASS to enforce compliance with Disability Act

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) has reaffirmed its commitment to collaborating with the National Assembly to ensure registered entities comply with the provisions of the Disability Act 2018.   Registrar-General Hussaini Ishaq Magaji, SAN, disclosed this during a courtesy visit by Honourable Bashiru Dawodu, Chairman of the House Committee on Disability, to the Commission’s headquarters. Magaji emphasized the CAC’s role as the custodian of registered entities, expressing the Commission’s readiness to leverage provisions of the Act to enforce compliance among companies.   Magaji highlighted the Commission’s efforts in promoting inclusivity,…

NCS Introduces New Guidelines on Cargo Dwelling Time to ease Port Congestion

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has announced the implementation of new guidelines regulating the dwelling time for import and export consignments at port terminals. This move aligns with the Federal Government’s Ease of Doing Business initiative, aimed at addressing port congestion, streamlining clearance processes, and minimizing disputes related to the disposal of overtime cargo.   Under the Nigeria Customs Service Act (NCSA) 2023, imported consignments are to be cleared within 30 days from the completion of discharge, as stipulated in Section 30(1). Section 149(1) further empowers the Service to set…

PTML Command aims One-Hour Cargo Clearance, secures NAFDAC nod for Pharmaceuticals

Lukman Laleye Babalola

The Port Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service (NCS) has set an ambitious target of achieving one-hour clearance for Roll-on Roll-off (RoRo) cargo, surpassing its current two-hour record.   This was disclosed by the Customs Area Controller (CAC), Comptroller Tenny Mankini Daniya, during the International Customs Day celebration in Lagos. He stressed that compliance from importers and agents through accurate declarations, prompt duty payments, and readiness for cargo exit would be key to achieving this goal.   In a significant development, Comptroller Daniya announced that the…

CAC enhances Customer Experience with 20 New Call Centre Licenses

Emporium Reporters

In a bid to improve customer experience, the Corporate Affairs Commission (CAC) has strengthened its call centre with the addition of 20 new licenses. This initiative, aimed at meeting global standards, was revealed on Monday in Abuja by the Registrar-General, Hussaini Ishaq Hussaini Magaji.   During an inspection of the upgraded CAC call centre, Magaji emphasized that the move was designed to manage the growing volume of calls and resolve customer challenges quickly. He assured that the newly acquired licenses were fully operational and ready to support a larger audience,…

NCS celebrates International Customs Day 2025, showcases achievements in Revenue, Trade, and Security

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) commemorated International Customs Day 2025 at the Customs House in Abuja on Monday, January 27, with a grand celebration highlighting its strides in trade facilitation, border security, and economic growth. Speaking at the event themed “Customs Delivering on its Commitment to Efficiency, Security, and Prosperity,” Comptroller-General of Customs (CGC) Adewale Adeniyi praised the Service for surpassing its revenue target with a record-breaking ₦6.1 trillion in 2024, which he said represented a 90.4% year-on-year increase and exceeded projections by 20.2%.   The CGC attributed the success…