Category: Business

Nigeria, Benin sign landmark Trade framework to boost Cross-Border Commerce …As Customs CG Adeniyi pledges seamless Border Operations

Lukman Laleye Babalola

Nigeria and the Republic of Benin have agreed on a comprehensive trade framework aimed at enhancing cross-border commerce, dismantling trade barriers, and deepening regional economic integration in West Africa. The agreement was reached during a high-level bilateral meeting held at the Ministère de l’Économie et des Finances, Cotonou, bringing together senior officials, customs chiefs, and trade experts from both nations. Nigeria’s Minister of Industry, Trade, and Investment, Mrs. Jumoke Oduwole, described the agreement as a “bold step forward” in aligning both countries’ economic interests and strengthening sub-regional trade ties. “This…

Nigeria Customs launches Renewable Energy Handbook, boosts EU-Germany-GIZ collaboration

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has launched a Handbook on Import and Export Procedures for Renewable Energy Equipment, in a move to simplify trade processes and enhance compliance in Nigeria’s fast-growing clean energy sector.   The official launch, which took place on Tuesday , July 29, 2025, at the Customs Headquarters in Abuja, was the result of a strategic partnership involving the European Union (EU), the German Embassy, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). Comptroller-General of Customs, Bashir Adewale Adeniyi, described the document as a “living guide” that…

CAC moves to strike off defaulting Companies from Register over Non-Compliance

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) has announced its intention to delist companies that have failed to comply with provisions of the Companies and Allied Matters Act (CAMA) 2020, in a renewed enforcement effort aimed at sanitizing the nation’s corporate space. According to a public notice published on Tuesday, July 29, 2025, the Commission revealed that the names of affected companies, which are now slated for removal from the Register, have been published on its official website. The CAC urged the general public and business stakeholders to verify the list online.…

Customs issues 21-Day Ultimatum to Importers Over ₦379.6bn Temporary Admission Permit defaults

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has issued a 21-day grace period to importers who have defaulted on the conditions of their Temporary Admission Permits (TAP), warned of imminent enforcement actions for non-compliance.   Announcing this in a statement on Friday, Assistant Comptroller Abdullahi Maiwada, the National Public Relations Officer, said the ultimatum effective from Monday, July 28, 2025 offered affected importers a final window to regularise their status by either applying for a valid extension, re-exporting the goods under Customs supervision, or converting the items to home use with the…

Nigeria, Egypt strengthen Economic Ties as 30 Top Egyptian firms explore Investment Opportunities

Lukman Laleye Babalola

Nigeria and Egypt have taken bold steps to enhance economic, trade, and diplomatic cooperation as a delegation of over 30 top Egyptian CEOs arrived in Nigeria to explore strategic investment opportunities. The high-level meeting held in Abuja brought together Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and his Egyptian counterpart, H.E. Dr. Badr Abdelatty. The talks focused on fostering stronger ties in agriculture, energy, mining, pharmaceuticals, ICT, and other critical sectors. Ambassador Tuggar noted that Egypt’s participation demonstrates a deep interest in supporting Nigeria’s development and unlocking mutual benefits…

CAC debunks claims on AI Portal challenges, reaffirms commitment to seamless service delivery

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) has dismissed recent media reports alleging poor service delivery and technical inefficiencies on its newly deployed Artificial Intelligence-powered registration portal.   In a statement issued on Sunday, 20th July 2025, and signed by the Commission’s Management, the CAC described the report published by Premium Times on 19th July 2025 titled “Lawyers decry CAC’s AI portal, cite challenges” as misleading and filled with unfounded claims capable of distorting public perception.   The Commission clarified that contrary to the claims, it has made significant strides in enhancing…

Nigeria, Belarus sign Customs Cooperation deal to boost Trade and Economic integration

Lukman Laleye Babalola

The Nigeria Customs Service (NCS) has taken another decisive step in its international engagement strategy with the signing of a bilateral Memorandum of Understanding (MoU) on Cooperation and Mutual Assistance in Customs Matters with the Republic of Belarus.   The agreement was concluded on Friday, June 27, 2025, as a key side event during the ongoing 145th/146th Sessions of the Customs Co-operation Council at the World Customs Organization (WCO) Headquarters in Brussels, Belgium.   The MoU was formally signed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, on behalf of…

WAES 2025: Tinubu pushes for Inclusive Regional Cooperation, Investment

Lukman Laleye Babalola

President Bola Ahmed Tinubu, on Saturday, June 21, 2025, led West African leaders in a bold call for enhanced regional economic integration as he hosted the maiden West Africa Economic Summit (WAES) at the Bola Ahmed Tinubu International Conference Centre, Abuja.   The two-day summit, which concluded today, was convened by President Tinubu in his capacity as Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS). It preceded the 67th Ordinary Summit of ECOWAS, scheduled for Sunday, June 22, 2025,…

CAC flags Off Youth Business Registration Drive in Bayelsa, applauds ₦500m Interest-Free Startup Fund

Lukman Laleye Babalola

As part of its ongoing efforts to deepen youth empowerment and promote economic inclusion across Nigeria, the Corporate Affairs Commission (CAC) has launched a special youth business registration drive in Bayelsa State. The initiative was unveiled during the official flag-off of the Bayelsa State E-Commerce Entrepreneurship Program (BEEP), themed “Made in Bayelsa, Sold to the World.” The CAC Registrar General Ishaq Hussaini Magaji who led CAC delegation to the event introduced the new youth-focused registration scheme tailored to assist young Nigerians in formalizing their businesses and unlocking access to vital…

CAC, Global Rights partner to enhance NGO regulatory compliance

Lukman Laleye Babalola

The Corporate Affairs Commission (CAC) and Global Rights Advocates for Sustainable Justice have initiated a strategic partnership to improve regulatory awareness and compliance among Non-Profit Organisations (NPOs) across Nigeria. This development emerged during a courtesy visit by a delegation from Global Rights to the Registrar-General and Chief Executive Officer of CAC, Hussaini Ishaq Magaji, at the Commission’s headquarters in Abuja. Speaking during the visit, the Programme Manager of Global Rights, Edosa Oviawe, noted that despite the critical role Civil Society Organizations (CSOs) play in national development, many are found wanting…