Headlines

SEC releases new rules on warehousing

Oladimeji Ige

The Securities and Exchange Commission (SEC) has released new rules covering warehousing and collateral management to ensure vibrant commodities trading.

A statement by the commission issued to newsmen on Sunday in Abuja said that the move would translate into foreign exchange earnings for the country.

According to the SEC, every warehouse that stores commodities to be traded on a registered Exchange, shall apply to be registered by the commission.

”A warehouse applying for registration going by the rule, shall submit proof of ownership or registered-lease deed or rent agreement.

”They will also come along with a disclaimer from the owner of the warehouse/property, providing waiver of ownership regarding commodities stored in such warehouse.

”In the case of leased or rented warehouse; present evidence of construction in compliance with the National Building Code and have facilities appropriate for storage of commodities.

”The rules also said that for a Collateral Management Company (CMC) to be registered by the commission, an application would be filed to SEC, accompanied by the relevant documents,” it said.

The commission listed some of the document required to include two sets of completed SEC forms to be filed by the sponsored individuals and a copy of the Certificate of Incorporation, certified by the Corporate Affairs Commission, among others.

The rule according to the statement, further required Fidelity Bond representing 20 per cent of paid-up capital, sworn undertaken to keep proper records and render returns and evidence of minimum paid-up capital of N50 million.

”The two principal officers of the CMC who shall be registered as sponsored officers, must have a minimum of a university degree or its equivalent with not less than 10 years relevant post-qualification experience,” SEC stated.

Headlines

Anti-Corruption Group Commends FG on National Single Window Initiative

Gloria Odion,Maritime Reporter

The Media Anti-Corruption Initiatives (MACI), a leading non-governmental organization(NGO), has applauded the Federal Government’s forthcoming launch of the National Single Window (NSW), a centralized platform designed to integrate all transactions and interactions with public agencies.

In a joint press release, Captain Adamu Mishela (Chairman) and Funso Olojo (Secretary General) emphasized the significance of the NSW as a groundbreaking reform aimed at streamlining trade procedures, enhancing transparency, and strengthening integrity across the public sector.

Originally introduced nearly two years ago by President Bola Ahmed Tinubu, the NSW represents a major fiscal reform intended to boost Nigeria’s competitiveness on the global stage.

Captain Mishela noted that MACI believes the initiative will minimize opportunities for corrupt practices, accelerate service delivery for citizens and businesses, and restore public confidence in government institutions

MACI reaffirmed its commitment to safeguarding public resources, upholding the rule of law, and promoting transparency.

The organization also expressed readiness to collaborate with government agencies, private sector partners, civil society, and the wider public to ensure the NSW achieves its objectives, mitigates risks, and serves as a strong defense against corruption.

In support of the NSW project, MACI is set to hold a seminar with the theme “Tamper-Proof National Single Window” to ensure that the initiative succeeds where other reforms before it faltered.

This initiative marks a significant step toward building a more open, accountable, and citizen-focused public sector in Nigeria.

Headlines

Alake of Egbaland identifies with NANTA @50 celebration at Ibadan

Alake of Egbaland identifies with NANTA @50 celebration at Ibadan

Geraldine Samuel

The Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, has assured the National Association of Nigeria Travel Agencies (NANTA) of his royal presence at the association’s Golden Jubilee celebration and Annual General Meeting scheduled to hold in Ibadan, Oyo State, in April.

The revered monarch gave the assurance on Thursday, March14th, 2026 when he received members of the NANTA AGM Planning Committee, led by Mrs. Lola Adewole, at the Ake Palace in Abeokuta.

Oba Gbadebo commended the association for its resilience and unity over the past five decades, noting that sustaining a professional body for 50 years reflects commitment, strong leadership, and shared vision among its members.

He also prayed for the continued growth and impactful contributions of the association to Nigeria’s cultural tourism sector.

According to the monarch, NANTA has consistently promoted Nigerian culture and the travel trade industry, earning an exemplary status that other professional associations and groups should emulate.

The Alake further assured the delegation that he would personally attend and grace the anniversary event, adding that Egbaland and Ibadan share deep historical, cultural, and traditional ties.

Earlier, the leader of the NANTA delegation, Mrs. Lola Adewole, who was accompanied by the association’s Second National Deputy President, Dr. Tokunbo Dagunduro, and Financial Secretary, Mr. Yinka Ladipo, informed the monarch that NANTA has always promoted Nigeria’s cultural tourism offerings as a vital national asset.

She explained that the association views the country’s cultural heritage as a gold mine that must be preserved and harnessed for Nigeria’s economic and social development.

Adewole noted that the theme of the association’s 50th anniversary celebration, “Embracing Our Diverse Cultural Heritage from the City of Firsts: Redefining Our Role as Global Ambassadors,” reflects NANTA’s commitment to supporting and promoting Nigeria’s cultural tourism economy.

As part of activities ahead of the anniversary celebration, the NANTA team also visited the Ogun State Commissioner for Culture and Tourism, Hon. Sesan Fagbayi, to formally invite him to the Ibadan conference.

During the visit, the delegation highlighted the rich cultural heritage of Ogun State and its importance to national tourism development and economic growth.

Meanwhile, the association, through its National President, Dr. Yinka Folami, has congratulated the newly appointed Inspector-General of Police, Mr. Olatunji Rilwan Disu, on his appointment.

In a letter dated March 9, acknowledged by the police authorities, Folami pledged the association’s willingness to collaborate with the Nigeria Police Force in addressing fraudulent activities within the travel trade sector.

The NANTA president also formally invited the Inspector-General to the association’s elective Annual General Meeting in Ibadan in April, noting that the gathering would provide an opportunity for the police chief to interact with travel trade professionals on ways to promote a secure and globally compliant travel industry in Nigeria.

Headlines

NSW will not subsume B’Odogwu Customs trade platform — Fakolade

Gloria Odion

Tola Fakolade, the Director of Nigeria National Single Window Project has stated that the celebrated National Single Window project which first phase is due for official roll out in March,27th, 2026 is not a substitute for the Customs trade platform commonly called B’Odogwu, neither will the presidential initiative subsume the Customs platform.

Fakolade make this clarification against the rising fears that the multi- million dollar indigenous platform created by the Customs to enhance its operations and meant to replace the previous foreign – created portal, will be jettisoned at the berth of NSW.

However, he further clarified that the NSW will operate alongside the B’Odogwu Customs Management System, describing the two platforms as complementary.

“The B’Odogwu system handles core Customs processes such as valuation and risk management, while the National Single Window serves as the single-entry portal for traders to submit documents and applications for approvals,” he said.

Fakolade also declared that NSW will not replace any government agency involved in trade facilitation but will instead integrate their processes to eliminate duplication and improve efficiency.

He explained that the system is designed to ensure that once a release is issued by the Nigeria Customs Service, it would already reflect the risk assessment and compliance requirements of other port-related regulatory agencies.

According to him, key trade agencies were involved from the early stages of the project, with each nominating technical representatives who contributed to the development of the platform.

He noted that the system has already identified and addressed several duplicated processes that previously slowed cargo clearance and added no value to port operations.

Fakolade also disclosed that extensive training has been ongoing for over a month for end-users including importers, exporters, freight forwarders and officials of the Nigerian Ports Authority.

He added that training sessions are being conducted physically at designated centres that accommodate between 30 and 50 participants, while additional learning resources and explanatory videos have been made available online.

Fakolade added that when the platform goes live on March 27, 2026, initial services will include applications for import licences, certificates and permits for agencies such as Standards Organisation of Nigeria, National Agency for Food and Drug Administration and Control, Nigeria Agricultural Quarantine Service and National Environmental Standards and Regulations Enforcement Agency, as well as manifest submissions by shipping lines and airlines.

Meanwhile, Princess Chi Ezeh, Vice President (Seaports) of the National Association of Government Approved Freight Forwarders (NAGAFF), commended the committee driving the NSW Nigeria for recognising freight forwarders as critical stakeholders in the reform initiative aimed at improving trade facilitation in the country.

Ezeh noted that the decision to engage freight forwarders during the awareness and consultation stages of the project demonstrates that the implementation team understands the strategic role operators play in Nigeria’s port and logistics ecosystem.

She added that during the engagement sessions, freight forwarders were able to highlight some operational challenges they face at the ports, which the project team assured would be addressed.

She expressed optimism ahead of the planned launch of the National Single Window, urging the implementation team to ensure that the system is properly structured to enhance trade facilitation rather than create additional delays in cargo clearance processes.

Also speaking, the Chairman of APFFLON Tincan Chapter, Alhaji Akeem Ayobiojo, assured that freight forwarders would play their part in ensuring the success of the initiative by submitting accurate documentation and complying with the required procedures.

He stressed that transparency and professionalism from operators are essential to achieving the project’s goal of reducing cost, saving time and improving efficiency in Nigeria’s port operations.