Headlines

Maritime expert attributes high cost of goods, foodstuffs in markets to use of floating exchange rates for customs duty

Amiwero

–-advocates use of special exchange rate to ease harsh economic conditions in Nigeria

Funso Olojo

Lucky Eyis Amewero, maritime consultant and President, National Council of Managing Directors of Licensed Customs Agents (NCMDLCA) has expressed worry over the use of floating exchange rates to calculate customs import duties.

While faulting the method which he believed has contributed in no small measures to the current high cost of goods in the markets, Amewero asked the Federal government through the Central Bank of Nigeria (CBN) to adopt a special exchange rate for the payment of customs duty.

In his letter dated July 27th, 2024 and addressed to President Bola Ahmed Tinubu and copied to the Secretary to the Federal Government of Nigeria, Minister of Finance, Governor of Central Bank of Nigeria (CBN) and the Comptroller General of Nigeria Customs Service, Amewero attributed the soaring prices of foodstuffs in the market to the use of floating exchange rate for payment of customs duty.

He also claimed that the use of a floating exchange rate to calculate customs import duties has created uncertainties around the clearance of goods at the ports.

“We once more bring to the attention of the Federal Government the difficulties faced by the Nigeria public, soaring price of goods in the market due to the floating exchange rate used in computing Import duty, which has adversely affected importation drastically, transportation, food stuffs, which is very difficult to come by, especially the downtrodden who live from hand to mouth and have nothing to fall back on.

“As a member who served in various Federal Government Committee, which includes:

Presidential Task Force on the Reform of Nigeria Customs Service, Presidential/ Central Bank Committee on Destination Inspection, Presidential Committee on the Realization of 48 Hours Clearance, Presidential Committee on Port Problems, Ministerial Committee on Import Clearance Procedures and Implementation of Fiscal Policies, Inter-ministerial Committee/Taskforce on the review of Port Charges, National Facilitation Committee of FAL/IMO just to mention a few.

“We are much concerned about the uncertainties built around the clearance of goods, on the application of exchange rate from the liberalized floating FOREX market, creating an abnormal increase in the final sales of the price of goods, which is largely driven by inconsistent, unpredictability that adversely affect the Nigerian Traditional market and its citizen, as stated in your circular TED/FEM/PUB/PC/1001/007 OF February 23, 2024.

“There are two legs of the processes in the purchase of FOREX and Payment of Import duty

“(1) to purchase FOREX from the liberalized market and

(2) The calculation of the Import duty payment for Domestic tax

“The liberalization of the FOREX on floating exchange rate principle, has major concerns of imports of goods and service, in the irregular and high exchange rate that has adversely affected the general well-being of Nigerians, which has trigger economic effect.

“As a result of the effect, there is a need to manage the home front by adopting measures that will remove uncertainties, unpredictability and inconsistency in the application of the Rate of exchange, so as to stabilize the domestic trading Environment, that is volatile.

” As a result, many importers are afraid to go in for further shipment, especially sourcing for FOREX and at the same time sourcing for payment of Import duty using the same exchange rate.

“This has adversely affected the Manufacturing sector, Small and Medium scale sector, informal sector of the economy, and the Traditional Market where the majority of items are either not available or people are limited with purchasing power to purchase them.

“To bring back the economic life of the nation, there is the need to adopt manageable stabilized exchange rate for the Payment of Import duty, so as to trigger the economy on the trading front and generality of Nigerians” Amewero concluded.

Customs

Tinubu celebrates Adeniyi on his 59th birthday

–lists his achievements

Funso OLOJO

President Bola Ahmed Tinubu has joined millions of well wishers across the globe to celebrate Adewale Adeniyi, the Comptroller-General of Customs, Adewale Adeniyi as he turns 59 years on Sunday, January 19th, 2025.

In his birthday message made available through his Special Adviser on information and strategy, Bayo Onanuga, Tinubu lauded the innovative and inspiring leadership of Adeniyi which he noted has impacted greatly on the image and performance of the service.

While listing the achievements of the customs in terms of revenue generation, trade facilitation, automation and digitization of the service, anti- smuggling activities as well as bolstered staff morale under the dexterious guidance of Adeniyi, President Tinubu wished him divine wisdom, robust health, and continued strength as he serves the nation.

“Under his guidance, the agency has witnessed significant progress through the steady digitalisation and automation of its operations, a renewed commitment to professionalism, and an uplift in officers’ morale, enhancing high performance.

“His leadership has enabled the NCS to surpass revenue targets substantially and bolstered trade facilitation, yielding widespread positive effects on the national economy.

“President Tinubu applauds the innovative anti-smuggling strategies initiated by the Customs Chief.

“These strategies encompass equipping the youth with new skills for alternative livelihood opportunities, fostering engagements with traditional institutions, and nurturing a culture of effective communication and mutual respect.

“The President recognises the Comptroller-General’s other notable achievements, including the remarkable seizures of arms and ammunition and the revitalisation of the Comptroller-General’s Annual Conference, which aims to assess and enhance the agency’s operations.

“President Tinubu affirms that Adeniyi’s extensive experience of over 30 years in service and adaptability to change has greatly enriched the Customs Service.

“The President offers prayers for divine wisdom, robust health, and continued strength for Comptroller-General Adeniyi as he serves the nation.

Headlines

EFCC discovers Yahoo training school in Benin city

-arrests 25 students undergoing training in cybercrimes

Funso OLOJO

The operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, (EFCC) has on Thursday January 16th, 2025, uncovered a Yahoo academy in Benin city, Edo State, where young Nigerians are undergoing training in the act of internet fraud.

During the raid, the anti- graft agency arrested 25 suspected internet fraudsters in the cybercrimes training centre

The suspects’ arrest at their hideout was triggered by credible intelligence that indicated the apartment being used as a yahoo academy or training school for internet-related fraud and other fraudulent activities.

Items recovered from the suspects include six exotic cars, laptops and phones.

The suspects will be charged to court as soon as investigations are concluded.

Customs

Onyeka, Tin Can CAC, set to pursue revenue generation aggressively

— vows to surpass 1 trillion naira revenue record

Funso OLOJO

The Area Controller of the Tin Can island command of the Nigeria customs service, Comptroller Frank Onyeka, has set an ambitious goal of meeting and surpassing the one trillion naira revenue mark achieved last year by his predecessor, ACG Dera Nnadi.

It would be recalled that the command was given a revenue target of N1.4 trillion in 2024 while it realized a little about N1.226 trillion ,an unprecedented record that was never achieved in the history of the command.

Meanwhile, Comptroller Onyeka, has vowed to sustain the revenue momentum as he would aggressively pursue revenue collection.

Speaking while playing host to the Executive council of the Maritime Reporters Association of Nigeria(MARAN) which paid him a courtesy visit in his office on Friday, January 17th, 2025, the Customs chief disclosed his strategy to carry out his assignment.

According to him, he would facilitate legitimate trade, ensure 100 percent examination of all imports while he would energise his men and officers to key into his vision.

“I’ll facilitate trade, but it has to be legitimate trade. That’s what I feel I should do in the strict sense.

“You know, I’m coming from the aspect of revenue. So, it is my prayer and my hope to meet my target and surpass it.

“But principally, what I am going to fight is the ability to do this job without examination.

“I have appealed to my officers, whatever it is they have to do, let them see the containers, once we’ve examined them, everything should be on cruise control because if you examine, you’ll now know if it’s supposed to go out or not.

“I’ve involved Customs Intelligence Unit, CIU, I’ve involved Valuation Unit, I’ve spoken to all relevant Units and it’s my prayer, by the grace of God, that all of us will be on the same page to make sure that the renewed hope agenda of President Bola Ahmed Tinubu is brought to fruition” he noted.

He was full of gratitude to the Comptroller General of Customs, Bashir Adewale Adeniyi , for the confidence reposed in him and vowed never to disappoint him.

“I also appreciate the fact that our indefatigable Comptroller General Of Customs, CGC Bashir Adewale Adeniyi to whom I’m very grateful.

“He needs to be made to know that he didn’t make any mistake for him to have brought me here.

“I am very grateful to him and his management team, and I need to make him proud” he enthused.

Comptroller Onyeka also vowed to build on the foundation that has been laid by his predecessor, Assistant Comptroller General Dera Nnadi.

“In anti-smuggling, he did well. In revenue generation, he did superbly well, same goes for infrastructure development.

“His Public Relations was top-notch, which I’m going to leverage.

“He was fortunate to have what I consider a very fantastic rapport with the media because that’s his background. I intend to leverage that. I intend to do better in that aspect” he added.

Earlier, in his address, the President of MARAN, Mr Godfrey Bivbere expressed the willingness of the association to partner with the CAC and the Command to achieve the target ahead of the command.

He reiterated the firm resolution of the association to accord Comptroller Onyeka the same support accorded to his predecessor.