Business

E-valuation Policy: Reps Clash Over Warrant Of Arrest On Emefiele

Published

4 years ago

February 23, 2022

Editor

Members of the House of Representatives’ Joint Committees on Customs & Excise; and Banking & Currency on Tuesday clashed over the move to issue a warrant of arrest on the Governor of the Central Bank of Nigeria, Godwin Emefiele.

The Chairman of the House Committee on Customs and Excise, Leke Abejide, had ruled that the warrant be issued on Emefiele over his alleged refusal to answer summons by lawmakers.

The House had on January 27, 2022, asked the CBN to suspend the electronic evaluation and invoicing policy recently introduced in the import and export chain, warning that it might negatively affect revenue collection by the Nigeria Customs Service.

Emefiele was also to appear before the committee to explain the implication of the policy to Customs’ revenue target in 2022.

The resolution was based on Abejide’s motion titled ‘Call on the Central Bank of Nigeria to Suspend the Implementation of the new Guidelines on the Introduction of E-Evaluator, E-Invoicing for Imports and Exports Businesses in Nigeria.’

Moving the motion, Abejide had recalled that the CBN, on January 21, 2022, issued a circular on guidelines on imports and exports businesses in Nigeria, with Reference Number TED/FEM/FPC/PUB/01/001 to take effect from February 1, 2022, 10 days after the issuance of the guidelines.

The lawmaker had said “sudden monetary/fiscal circular hurriedly or half-hazard implemented often leads to policy summersault, hence major policy change such as this, a grace period of 90 days is usually expected for transactions to run their full course to avoid distortion in the economy and price distortion in the economy and price distortions of trade.”

Adopting the motion, the House had urged the CBN to “suspend the policy with immediate effect to enable adequate sensitization on the workability of the policy in all major ports of entry including seaports, airports and border stations.”

The lawmakers also “invite the Governor of the Central Bank of Nigeria to brief the Committee on Customs and Excise, with the assurances that the target revenue of N3.1tn given to the Nigeria Customs Service by the Federal Government of Nigeria, which the NCS announced to the media that they are targeting N4.2tn, will not be distorted by this sudden policy implementation.”

Also, the House urged the CBN to give a 90 days’ timeline for subsequent new fiscal/monetary policy implementation to allow for adjustment in order to stabilise the economy.

At the investigative hearing on Tuesday, Abejide expressed his displeasure with the absence of Emefiele, saying the parliament could not continue to tolerate it; hence, a warrant of arrest should be issued.

While some members of the committee opposed the suggestion, insisting that they must be given an opportunity to express their views on the matter and vote on the next line of action, others alleged that the CBN governor had always ignored invitations from the National Assembly and that he was being shielded by some unnamed lawmakers.

In the midst of the disagreement that ensued, a member, Sada Soli, pleaded for calm and called for an executive (closed-door) session.

Emerging from behind the closed-door after about 10 minutes, Abejide said, “Please, everything has been withdrawn behind closed doors and we resolved to withdraw the warrant of arrest earlier issued against the CBN governor. But if anyone tries to look down on the parliament, we will go ahead.”

“We communicated with him twice; he said we should give him time, that he was having meetings with some governors. Even the director in charge of this guideline is out of the country. He wrote to us officially. They said they didn’t see the second letter that we wrote informing them about this meeting. Now they are aware.”

(PUNCH)

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

7 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.