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N6bn Vehicles Rot in Customs’ Warehouses

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Nigeria Customs Service
  • N6bn Vehicles Rot in Customs’ Warehouses

Seized vehicles with duty paid value worth over N6bn are wasting away in various Customs warehouses and premises across the country, following the suspension of auction by the Nigeria Customs Service since August 2015, our correspondent has gathered.

The vehicles numbering over 2,000 units, most of which were seized by the NCS as part of its anti-smuggling drive, had started depreciating in value, it was gathered.

Some of the vehicles were impounded along some inter-state highways when their owners could not produce proofs of import duty payment.

According to the NCS’ reports, some of the vehicles comprising cars, buses, trucks and tankers were intercepted during attempts to smuggle them into Nigeria. Others were reportedly seized for being the mode of conveyance for smuggled items.

The Comptroller General of Customs, Hameed Ali (retd.), suspended auction of seized goods, shortly after taking charge at the service in August 2015.

President MuhammaduBuhari had recently approved the distribution of seized rice to Internally Displaced Persons camps to address the food crises facing them.

The move by government was said to be aimed at preventing the rice from expiring or getting infested with weevils and other pests.

Spokesman for the NCS, Joseph Attah, was quoted as saying that the vehicle auctions were suspended by Ali to fine-tune the process for transparency.

He said, ‘’The CG suspended it to give room for transparency so that the new system will be without bias or favouritism. The new system is planned in such a way that people will be able to apply for auction online and the highest bidder gets it.

‘’The delay in auction is temporary and will be addressed soon.’’

The seized vehicles, many of which have reportedly gone through a process of court condemnation and awaiting auction, are said to be at the border stations and various arms of the Federal Operation Units in Lagos, Owerri, Benin, Bauchi, Kaduna and Kano.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Julius Berger Diversifies into Agro-processing

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Julius Berger pix

Julius Berger Steps into Agro-processing to Seize Diversification Opportunity

Julius Berger, a leading construction company in Nigeria, said its board of directors has approved a diversification opportunity for the firm in agro-processing.

The approval was done at a meeting held on September 22, the company stated in a statement filed with the Nigerian Stock Exchange on Thursday.

Julius Berger said the approval would help the company capitalised on diversification opportunities in the agro-processing industry, especially with the emerging developments in Nigeria and government ongoing reforms to make the nation self-sufficient.

The statement read in part: “We would advise the exchange and the capital market that the Board of Julius Berger at its meeting held on September 22, 2020 approved a diversification opportunity for the company in agro-processing.

“The Board of Directors and the executive management of Julius Berger strongly believes that this diversification direction would support the continued success of the group in the future and align with the strategic objective of the government to stimulate value creation in Nigeria.

However, Julius Berger reiterated its commitment to maintaining and strengthening its leadership in the nation’s construction sector.

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Some Nigerians Are Charging Ship Owners Illegal $36,000 Per Month for Secure Anchorage

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Ship Aveon Offshore

Ship Owners Are Paying Illegal $36,000 Per Month for Secure Anchorage in Nigeria

Mr. Rotimi Amaechi, the Minister of Transportation, on Thursday said certain people are charging ship owners illegal $1,200 per day for secure anchorage in Nigeria.

The minister registered his displeasure with continuous patronage of illegal harbours known within the circle as secure anchorage areas.

Amaechi, who spoke at the ‘2020 World Maritime Day Celebration which held at Eko Hotel and Suites in Lagos’ said the issue was unsettling.

He said, “There is a crisis in the maritime sector. The crisis is on the issue of security.

“Today, we have a single individual partnering with the military that is collecting $1,200 to the detriment of shipping companies.

“That one individual is still managing the business with support of other institutions.”

The minister also accused stakeholders of doing nothing to these individuals, saying only the government had the right to step up secure anchorage area

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174,574 Persons Apply For COVID-19 Support Fund Within 48 Hours

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Survival Fund: 174,574 Persons Apply For COVID-19 MSME Support

More Micro Small and Medium Enterprises (MSME) has applied for Federal Government financial support under the Nigeria Economic Sustainability Plan.

According to the agency in charge of the program, within 48 hours of opening the registration portal of N75 billion National Survival Fund, a total of 174,574 applications were successfully registered for both the Guaranteed Off-take Stimulus and Survival Fund schemes.

The schemes were instituted to support businesses and individuals negatively impacted by the COVID-19 pandemic.

Mariam Katagum, Minister of State for Industry, Trade and Investment, on Thursday in Abuja said as at “8.30am this (Thursday) morning, total successful registrations stood at 174,574.”

She further stated that “the following states have the highest applications as follows, Kano, 19,895; Kaduna, 13,575; Lagos, 13,640; Katsina: 8,383; Federal Capital Territory, 8,085.

Katagum said about 138,000 applications were registered within the first 24 hours of opening the portal, these applicants created profiles and completed the first stage of registration with Kano, Kaduna and Lagos emerging as lead states.

She explained that all successful applicants were sent SMS and email verification with a list of requirements for the second stage of application which would commence on October 1, 2020.

Applicants will be required to upload details supporting their applications which will be verified and if successful, approved for disbursements,” the minister stated.

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