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Anxiety heightens on take -over threat of GT bank by Innoson boss, Chukwuma

Innocent Chukwuma, Chairman, Innoson Group,
Eyewitness reporter

There are now widespread jitters among the depositors of the Guarantee Trust Bank( GTB) over the recent move by the Chairman of Nigeria’s Auto manufacturing company, Innoson Group, Innocent Chukwuma, to take over the assets of the bank.

There has been a running legal battle between the bank and the owner of the auto manufacturing giant over a disputed “non-payment of  N32 billion” owed the auto manufacturer.
Chukwuma, in an interview with journalists, said he was waiting to allow the debt to surpass the capacity of the back for payment before he moves in to take over its assets.
Innoson and GTB have had a business dispute leading to a prolonged legal battle.

Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

In July, Innoson had asked a Federal High court in Lagos to set aside an order permitting GTB to restructure to a holding company.

But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.

“I was GTBANK’s best customer in the South-East when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.

“They started fighting about the tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of the tribe. I don’t know exactly what his problem is.

“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.

“He was going to my account and taking money anyhow. I discovered it, took him to court, and won. Up till now, he hasn’t paid and we have gone up to the Supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

The Innoson boss explained that he would no longer “disturb” the bank to pay the debt.

According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.

“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.

“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.

“I will run it better than them. If they cannot pay me, I have no choice but to take over the management”, he declared.

This has created an atmosphere of anxiety among the depositors of the bank who are uncertain about the future of the bank in case the auto manufacturer carries out his threat.
Experts expressed fear of a backlash effect on the operations of the bank such as a possible run on the bank by its panicky depositors if the issue is not immediately resolved.
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Customs

Customs’ reforms, modernisation project excite Senate 

Gloria Odion, Maritme reporter

The Senate Committee on Customs and Excise has commended the far-reaching reforms being implemented by the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, describing them as evidence of prudent investment of government resources to reposition the Service for greater efficiency, transparency and improved service delivery.

The commendation came on Thursday, August 6, 2026, during a two-day retreat organised by the NCS in collaboration with the Senate Committee on Customs and Excise to strengthen legislative oversight and review the Nigeria Customs Service Act.

As part of the retreat, members of the Committee toured the Customs House in Maitama, Abuja, where they were briefed on the Service’s ongoing modernisation programmes, technology-driven operations and institutional reforms.

Speaking after the tour, Chairman of the Senate Committee on Customs and Excise, Senator Isah Jibrin, said the visit offered lawmakers an opportunity to witness first-hand the transformation taking place within the NCS.

“We have heard about these reforms from afar, but today we have seen them ourselves.

“The transformation taking place in the NCS is remarkable, particularly in the deployment of technology, modern infrastructure and operational innovations that are repositioning the Service for greater efficiency,” he said.

Jibrin said the retreat had also enabled members of the Committee to gain a clearer understanding of how appropriated funds were being utilised by the Customs Service.

“When the NCS comes before the National Assembly seeking approval for capital expenditure, we now have a clearer understanding of what those resources are being used for.

“The reforms we have seen today clearly demonstrate that government funds are being invested responsibly to strengthen Customs operations, improve trade facilitation and enhance national revenue,” he stated.

Responding, the Comptroller-General of Customs, Adewale Adeniyi, attributed the progress recorded by the Service to the deliberate deployment of technology across various aspects of Customs administration and operations.

He said technology had become central to the NCS strategy for improving efficiency, transparency and service delivery.

“Technology helps us to work faster and more efficiently. We started by deploying digital solutions into personnel administration, postings, staff matters and pensions before extending them to our core operational responsibilities, and we will continue until virtually every aspect of Customs operations is technology-driven,” Adeniyi said.

The Customs chief also highlighted the deployment of advanced technology in the Service’s enforcement operations, including virtual shooting simulators, geospatial intelligence and digital surveillance systems.

“We are deploying geospatial intelligence to map our patrol routes and position our checkpoints more efficiently across the country.

“Combined with modern training facilities such as our virtual shooting range, these innovations will significantly strengthen our enforcement capabilities,” he explained.

Adeniyi further disclosed that several of the Service’s modernisation initiatives were backed by provisions of the Nigeria Customs Service Act, stressing that the NCS remained committed to implementing reforms that align its operations with the Federal Government’s broader economic agenda.

“The law requires us to modernise our operations. Initiatives such as the Authorised Economic Operator Programme, Advance Ruling, Time Release Study, scanner deployment and other technology-driven reforms are all backed by the provisions of the Nigeria Customs Service Act.

“Our responsibility is to continue implementing them to support the Federal Government’s reform agenda,” he said.

The Senate Committee’s commendation is expected to further strengthen legislative support for the NCS modernisation programme as the Service intensifies efforts to leverage technology, strengthen enforcement, facilitate legitimate trade and boost revenue generation.

The retreat also provided an avenue for lawmakers and Customs management to deepen their understanding of the operational realities of modern Customs administration and the legislative framework required to sustain ongoing reforms.

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Analyses

The National Single Window illusion: Why phase two is dead on arrival

Chief Nasiru Ibrahim

Tomorrow on Monday Discourse with Nasiru Ibrahim,  I am dropping part three of my maritime audit, ‘The Single Window Illusion: Why Phase Two is Already Grounded.

For months, our regulatory class has hidden behind the glossy public relations of automated portals, celebrating the ‘take-off’ of Phase One.

But a cold look at the raw data reveals a terrifying truth: we are running a digitised facade over a broken, manual rent-seeking ecosystem.

Tomorrow , I shall be  exposing the massive operational disconnect between the new B’Odogwu Customs System and the brutal, manual greed at the terminal gates.

You cannot claim to master trade velocity when parallel checkpoints, erratic human intervention, and bridge shakedowns are hardcoded into the Apapa corridor.

Tomorrow, we strip away the illusions and confront the structural arithmetic holding our supply chains hostage.

Lock your dials on this platform. The clock is ticking.

 

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Customs

Customs courts Senate to amend Customs Act for enhanced operational capacity

Funso Olojo, Editor

The Nigeria Customs Service (NCS) has called on the Senate to amend critical provisions of the 2023 Customs Act to bring Nigeria’s customs administration in line with rapidly evolving global trade practices and strengthen the Service’s operational capacity.

The appeal was made at a retreat organised by the NCS for members of the Senate Committee on Customs, Excise and Tariffs on August 5, 2026, where lawmakers were briefed on the Service’s ongoing modernisation programme and the need for stronger legislative oversight and statutory support.

Speaking at the retreat, the Comptroller-General of Customs, Adewale Adeniyi, urged the lawmakers to review the legal framework governing customs administration, arguing that Nigeria’s trade laws must evolve alongside emerging trends in international commerce and customs management.

Adeniyi said effective legislative oversight could only be achieved when lawmakers had a comprehensive understanding of the changing nature of customs operations and the reforms being implemented by the Service.

He explained that the retreat was designed to bridge existing information gaps and provide members of the Senate committee with a clearer understanding of the transformation taking place within the NCS.

According to him, such understanding would enable the lawmakers to provide informed oversight and the statutory backing required to sustain the Service’s modernisation agenda.

“While some provisions had worked as intended, others had proved difficult to apply or had been overtaken by the rapidly changing trade environment.

“We are requesting considerable amendments to ensure the Act remains relevant to fast-moving trade policies and supports the Service’s modernisation agenda,” Adeniyi said.

The Customs boss stressed that although the Service currently enjoys strong support from President Bola Ahmed Tinubu and the NCS Board under the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, lasting reforms require statutory protection that goes beyond the tenure of any particular administration.

He said legislative amendments would provide the institutional stability required to consolidate the gains of the ongoing reforms and ensure that future administrations could build on the foundation already being laid.

Highlighting the breadth of the NCS modernisation programme, the Deputy Comptroller-General of Customs in charge of Human Resources Development, Tijani Abbey, outlined several initiatives being implemented to transform customs administration.

Among them are the deployment of the indigenous B’Odogwu Trade Management System, intelligence-driven post-clearance audits, the Authorised Economic Operator (AEO) programme, coordinated border management and end-to-end digital process integration.

These initiatives, he explained, are aimed at improving revenue collection, facilitating legitimate trade, reducing human intervention in customs processes and strengthening national security.

The reforms are also expected to enhance transparency, improve compliance and make Nigeria’s trading environment more competitive by aligning customs procedures with international best practices.

Responding, the Chairman of the Senate Committee on Customs, Excise and Tariffs, Senator Isah Jibrin, commended the NCS for surpassing its revenue targets despite the operational challenges confronting the Service.

Jibrin assured the Customs management that the National Assembly was prepared to provide the legislative support required to consolidate the Service’s achievements and address identified constraints.

“What you need to do is to identify your challenges, try to address them as much as possible, so as to have a much more robust, inclusive, and beyond-budget performance. Where you require legislative backing, please do not hesitate to call on us,” Jibrin advised.

The Senate committee chairman also congratulated Adeniyi on his re-election as Chairperson of the World Customs Organisation (WCO) Council, describing the feat as a reflection of Nigeria’s growing influence in global customs administration and international trade.

The retreat therefore marked a significant step towards closer collaboration between the NCS and the legislature, particularly at a time when Nigeria is seeking to modernise its trade architecture, increase revenue mobilisation and improve the efficiency of its borders and ports.

For the Customs Service, the proposed amendment of the Act is not merely about changing outdated provisions but creating a legal framework capable of supporting a technology-driven, intelligence-led and globally competitive customs administration.

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