Business

CBN Vows To Penalize Shipping Lines Over Undocumented Exports

Published

3 years ago

May 9, 2023

The Central Bank of Nigeria (CBN) has threatened to penalize shipping companies exporting undocumented cargoes from the country.

CBN Governor, Godwin Emefiele said this today while speaking at the RT200 Non-Oil Export Summit 2023 in Abuja.

The theme of the summit is “RT200: Challenges and Prospects”.

Emefiele said the development of the non-oil export sector is crucial given that it holds vast potential for generating a significant amount of foreign exchange earnings.

He said the CBN regularly monitors and appeals to exporters to document their exports and repatriate proceeds so it can be utilized optimally for the benefit of the country’s economy.

He, however, said the apex bank was aware that some people try as much as possible to sidetrack the process by attempting to export their cargo without documentation.

“About three years ago, I had a meeting at the Central Bank of Nigeria in Lagos with the shipping lines. I had said the central bank will be beaming some satellites on undocumented exports.

“We had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export cargo without documentation that we will penalize them including placing their accounts on post-no-debit (PND).

“We have so far not done anything like that just because we feel that the shipping lines will be responsible to do what is right. But, if we do not see the kind of cooperation that we expect, I’d have to insist that we do what we need to do,” he said.

Speaking on the success of the RT 200, the CBN Governor said earnings from non-oil exports increased by 40 percent from $3 billion in 2021 to $5.6 billion at the end of 2022.

The RT200FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.

“Today, I am happy to note that the RTX 200 programme has led to tremendous progress in export proceeds repatriation since its establishment in February 2022.

“In February of 2022 and March, it was only N62 million. By the second quarter, which was April to June, it had risen to about 600 million. By the third quarter, (July to August or September), it had risen to over 900 million.

“Available data shows that repatriation due to the programme increased by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022.

“The momentum for 2023 is equally issuing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window,” Emefiele added.

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

2 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

2 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.