Category: Business

FG inaugurates committees to drive implementation of National Intellectual Property Policy

Lukman Laleye Babalola

The Federal Government has inaugurated the National Intellectual Property Policy and Strategy (NIPPS) Implementation Committees, marking a major step toward strengthening Nigeria’s intellectual property (IP) ecosystem and translating policy commitments into concrete economic outcomes. The inauguration, which took place in Abuja, signaled a transition from policy formulation to coordinated execution following the approval of the NIPPS by the Federal Executive Council. Speaking at the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the inauguration represents a decisive move from years of consultations and planning to focused…

Nigeria Customs commences new SOP for Courier firms operating under DDP regime

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has commenced the implementation of a new Standard Operating Procedure (SOP) for courier companies operating under the Delivered Duty Paid (DDP) Incoterm, aimed at strengthening compliance, enhancing revenue assurance and aligning courier operations with global best practices.   Announcing the development in release, the National Public Relations Officer of the Service, Deputy Comptroller of Customs Abdullahi Maiwada,said the SOP provided a unified framework for the registration of courier companies, submission of manifests, declaration, valuation, clearance, delivery and compliance monitoring of DDP shipments nationwide. According to…

Nigeria Customs begins safe passage scheme for temporarily imported personal vehicles

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has commenced the implementation of procedures for granting safe passage to personal vehicles temporarily imported into or transiting through Nigeria by international travellers. The initiative, anchored on the Nigeria Customs Service Act, 2023, applied to personal, non-commercial vehicles belonging to visitors entering the country for tourism, diplomatic, business, or other personal purposes. The Service said the scheme is aimed at easing cross-border movement, enhancing trade facilitation, and strengthening Nigeria’s compliance with international conventions. Customs explained that the framework derives legal backing from Sections 142, 143,…

FG dismisses fears over new Tax law, says Bank transfer narrations not under watch

Lukman Laleye Babalola

The Federal Government has dismissed public fears surrounding the newly introduced tax reforms, assured Nigerians that bank transfer narrations will not be monitored and personal accounts will not be automatically debited for tax purposes. Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, gave the clarification during an end-of-year programme on Channels Television, amid growing concerns that the reforms could lead to intrusive tracking of citizens’ bank transactions. Oyedele said the government neither intended nor possessed the capacity to monitor individual bank transfers for taxation, stressing…

FIRS adopts NIN, CAC Numbers as Official Tax Identification from 2026

Lukman Laleye Babalola

The Federal Inland Revenue Service (FIRS) has announced that Nigerians will no longer be required to obtain a separate Tax Identification Number (TIN), as the National Identification Number (NIN) has been officially adopted as the tax identification number for individuals, effective from January 2026. The clarification followed growing public concern over new tax provisions and speculation that citizens would be required to register for additional identification numbers for tax-related transactions. In a statement issued on Monday, FIRS explained that the move is part of ongoing reforms under Nigeria’s evolving tax…

NiDCOM empowers Diaspora ,Youth Entrepreneurs at Connected Diaspora X DOWA Challenge

Lukman Laleye Babalola

The Nigerians in Diaspora Commission (NiDCOM) has reaffirmed its commitment to fostering innovation, youth entrepreneurship, and diaspora engagement with the successful hosting of the second edition of the Connected Diaspora Innovation Challenge under its Home Strings Programme. The event, themed “Building, Breaking & Believing in Nigeria,” called on Nigerians in the diaspora to leverage their expertise and global exposure to contribute meaningfully to national development. Lagos Deputy Governor, Dr. Kadri Obafemi Hamzat, who served as Special Guest of Honour, emphasized that innovation, youth empowerment, and diaspora collaboration are vital tools…

Nigeria Customs seizes 20 diverted containers worth ₦769.5bn, CGC vows crackdown on economic saboteurs

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has intercepted 20 diverted transit containers with a combined Duty Paid Value (DPV) of ₦769,533,666 along the Kano/Jigawa axis, in a major intelligence led operation to curb cargo diversion and protect government revenue. The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, disclosed the seizures during a press briefing in Kano on Friday, December 19, 2025, describing the operation as part of sustained enforcement efforts targeting organised cargo diversion syndicates. According to Adeniyi, the containers were intercepted between the second and fourth quarters of 2025, following…

CGC Adeniyi reaffirms Customs’ drive for Trade Facilitation, Compliance

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has restated its commitment to facilitating legitimate trade through transparency, strict regulatory compliance, and technology-driven reforms, as the Comptroller-General of Customs (CGC), Adewale Adeniyi, met with officers and stakeholders in Kano. The engagement took place on Thursday, December 19, 2025, during the CGC’s official working visit to the Kano/Jigawa Area Command. Speaking at the forum, Adeniyi stressed that effective trade facilitation must be anchored on integrity, accountability, and full observance of Customs laws and procedures. Addressing officers of the Command, the CGC charged them to…

Customs begins sanctions on Banks over delayed revenue remittances

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has commenced the enforcement of penalties against Designated Banks found to be delaying the remittance of Customs revenue, following reconciliation of collections processed through the B’odogwu platform.   National Public Relations Officer, Deputy Comptroller Abdullahi Maiwada, disclosed this in a statement on Wednesday, noted that the Service had observed instances where some banks failed to remit collected revenue within agreed timelines. He described the practice as a breach of obligation that undermines the efficiency, transparency and integrity of government revenue administration.   According to the…

Customs, NMDPRA intensify joint action against fuel diversion, endorse new export point guidelines

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA have strengthened their collaboration to combat the diversion of petroleum products meant for domestic consumption and to protect Nigeria’s energy security. This renewed partnership came to the fore during a meeting between the Comptroller-General of Customs (CGC), Adewale Adeniyi, and the Executive Director, Distribution Systems, Storage and Retailing Infrastructure of the NMDPRA, Mr. Ogbugo Ukoha, held on Tuesday, 9 December 2025, at the Customs House, Maitama, Abuja.   During the engagement, CGC Adeniyi reaffirmed the…