Business

Nigeria Losing $8.810bn Yearly From Non-implementation Of e-Customs Project — Reps

Published

4 years ago

February 21, 2022

The House of Representatives has said that Nigeria is losing about 8.810 billion dollars annually from the non-implementation of e-Customs modernisation project of the Nigeria Customs Service (NCS).

The project is projected to generate about 176.2 billion dollars within the 20 years concession period.

Rep. Leke Abejide, Chairman, House Committee on Customs and Excise, disclosed this on Monday in Abuja during a public hearing of the Joint Committees on Customs and Excise, Finance and Banking and Currency.

The Minister of Finance, Mrs Zainab Ahmed, who was represented at the hearing by the Director, Home Finance, Stephen Okon, said that there were pending court cases which had delayed the implementation of the project.

She said that the suits were three and as such the project could not continue, adding that the pending cases were impeding the commencement of the e-Customs Project.

She stated that in order to pave the way for the take-off of the project, the ministry was liaising with the Office of the Attorney General of the Federation to ensure that the arbitration was speedily concluded.

According to her, this can settle all the pending matters and allow the e-Customs project to start without further delay.

The News Agency of Nigeria (NAN) reports that the project when completed is expected to automate the activities of the NCS, streamline the finances and stop revenue leakages.

The Comptroller General of Customs, Col. Hameed Ali (rtd), represented by the Assistant Comptroller General (ICT), Galadima Saidu, said that the matter had been previously heard and dispensed with by the House, wondering why it was reopening it.

He said that the contractor, Adani Mega System Ltd, which was supposed to execute the project had been relieved of it.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

2 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.