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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.
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Sallah celebration: Osun govt offers free train ride to indigenes as NRC increases Lagos–Ibadan Train Trips for Sallah

Gloria Odion, maritime reporter 
The Osun State government has made full payment to the Nigerian Railway Corporation( NRC) for the use of its narrow gauge rail services to transport the indigenes of the state free of charge for the Sallah celebration.
The annual gesture was confirmed by the management of the Corporation while announcing a temporary increase  in train services on the Lagos–Ibadan Train Service (LITS) corridor for Tuesday, May 26, 2026, ahead of the Sallah celebration.
The NRC revealed that the Osun government free train ride will be on its narrow gauge corridor.
The special train will depart from Iddo Station, Lagos, on Tuesday, May 26, 2026, while the return trip from Osogbo to Lagos will take place on Thursday, May 28, 2026.
The service, which is usually operated during festive periods, is being sponsored by the Osun State Government through a paid arrangement with the Nigerian Railway Corporation to convey Osun indigenes free of charge for the Sallah celebration.
Meanwhile, the Corporation has announced an adjustment to its schedule on its Lagos–Ibadan Train Service (LITS) corridor for Tuesday, May 26, 2026, ahead of the Sallah
The temporary adjustment is aimed at accommodating the expected increase in passenger movement as many Nigerians travel to celebrate the festive season with their families and loved ones.
Under the special arrangement, the Corporation will operate six train trips on Tuesday, May 26, 2026, instead of the usual four trips currently operated on the corridor.
For the day, train departures from the Lagos end will be at 7:45am, 1:40pm and 4:00pm, while departures from the Ibadan end will be at 8:00am, 10:50am and 4:30pm.
The Management clarified that this arrangement is strictly temporary and applies only to the Sallah travel period.
 Immediately after the celebration, the normal Tuesday timetable of four trips will resume.
Similarly, the recently introduced Thursday six-trip operations will be temporarily adjusted next week, as only four trips will operate on Thursday May,  28th during the period under review.
The regular six-trip Thursday schedule will however resume the following week.
The NRC reassured passengers of its commitment to providing safe, efficient and reliable rail transportation services across the country and wishes all Nigerians a peaceful and memorable Sallah celebration.
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NRC expresses fresh concerns over consistent railway vandalism in the North 

Funso OLOJO,  Editor 
The Nigerian Railway Corporation (NRC) has raised serious concern over renewed and coordinated attacks on railway infrastructure in parts of the country.
This followed fresh incidents of vandalism recorded in Plateau and Bauchi States.
The Corporation described the disturbing development as a direct attack on critical national infrastructure and an affront on public safety, economic growth and national security.
In one of the latest incidents recorded on May 21, 2026, a truck reportedly loaded with vandalized railway materials became stuck between Kuru and Science School, Kuru in Plateau State, exposing the dangerous activities of criminal elements involved in the destruction and illegal movement of railway materials.
Similarly, along Zango, in Bauchi State, between Kilometer 878 and 889, railway slippers were completely removed on both sides of a level crossing, leaving behind few disjointed rail pieces.
The Corporation warned that such acts could result in catastrophic train accidents, disruption of rail services, loss of lives and destruction of government investments worth billions of naira.
The NRC emphasized that railway tracks, slippers, clips, fastenings and signaling materials are critical national assets built with taxpayers’ money to facilitate transportation, trade, economic activities and national development, and should never be treated as scraps for illegal business.
The Managing Director/CEO of the NRC, Dr. Kayode Opeifa, strongly condemned the persistent attacks on railway facilities, describing the trend as sabotage against national progress and a serious threat to the safety of passengers and railway personnel.
According to him, the increasing incidents of vandalism in the North Central and North East corridors indicate a dangerous pattern that requires urgent collective action from security agencies, state governments, traditional rulers, community leaders and residents living along railway lines.
Dr. Opeifa appealed to Nigerians to see railway infrastructure as a national symbol and strategic economic asset that must be protected at all times.
He warned vandals, scrap dealers and individuals involved in the illegal purchase, movement or destruction of railway materials to desist immediately, stressing that anyone caught would face the full weight of the law.
The Corporation also called on security agencies to intensify surveillance and enforcement operations around railway corridors nationwide, while urging members of the public to remain vigilant and promptly report suspicious activities around railway facilities.
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NIMASA opens investigation into vessels collision accident at Bonny anchorage as five crew members sustain injuries 

Funso OLOJO,  Editor 

The Nigerian Maritime Administration and Safety Administration(NIMASA) has opened a full scale investigation into the accident which occurred as a result of a collision between a container vessel, MV MAERSK VALPARAISO, and an oil tanker, MT LADY MARTINA, at the Bonny Inner Anchorage.

The accident which occurred on May 20th, 2026, has triggered a flurry of activities,  has resulted in an oil spill in the affected area.

The Deep Blue Operating Base (FOB) in Bonny received a distress call at approximately 1130 hours regarding the collision involving MV Valparaiso, a Singapore-flagged container vessel with IMO No. 9433054, and MT Lady Martina, a Nigerian-flagged oil products tanker with IMO No. 5104033.
In response, the Base immediately deployed 10 armed personnel onboard DB 214, one of the interceptor boats under the Deep Blue Project, to the scene of the incident.
Five crew members onboard MT Lady Martina sustained varying degrees of injuries and were promptly evacuated to the FOB Bonny sickbay for medical attention.

Following the collision, MT Lady Martina drifted ashore and is currently aground along the Bonny Channel, while MV Valparaiso remains grounded at the Bonny Inner Anchorage pending damage assessment and further investigation.

The management of MAERSK has officially reported the incident to the Agency.

Consequently, the Director General of NIMASA, Dayo Mobereola, has ordered a full investigation into the immediate and remote causes of the collision.

In addition, NIMASA has established a Situation Monitoring Room to coordinate response efforts and monitor developments arising from the incident.

Dr. Mobereola, who was personally on ground in Rivers State to inaugurate the situation room,  also directed the Agency’s Marine Environment Management Department to immediately commence an Environmental Impact Assessment (EIA) of the affected area, while taking necessary steps to mitigate the impact of the Tier 1 oil sheen and protect the marine environment.

NIMASA promised to  update the public with the outcome of the investigation into the incident.

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