Business

Shipping Companies, Port Operators Lose Billions As Importers Forfeit 151 Containers

Published

4 months ago

February 3, 2025

Reports have revealed that shipping companies and port terminal operators operating at Nigerian ports have incurred losses running into billions of Naira following the forfeiture of 151 import-laden containers by importers to the Federal government.

In a public notice issued by the Nigeria Customs Service (NCS), 151 overtime containers and vehicles domiciled at Apapa port and KLT port terminals in Lagos were already slated for court condemnation.

According to the public notice sighted by the Nigerian Tribune, the Customs Service said that the condemnation action is in line with the NCS Act 2023, following a motion of exparte with suit no: FHC/L/MISC/8262024 dated 28tth November, 2024.

Reports say out of the 151 listed containers, 91 of them are domiciled in Apapa port, while the remaining 60 containers are located at KLT terminal.

Speaking on the forfeiture order, a former National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Olayiwola Shittu explained that anytime cargoes are subjected for condemnation, the shipping companies and the port terminal operators make no revenue from such jobs.

According to Mr Olayiwola Shittu, “The condemnation of certain cargoes is not a new thing. It has always been in the Customs and Excise Management Act (CEMA). Infact, under that law, it is 28 days. I don’t know why it has suddenly turned to 30 days.

“There are some overtime containers that are deliberately left inside the ports by the owners for reasons best known to them. What if the containers contain illicit drugs and arms and ammunition? The owners won’t come forward. In this kind of situation, the port terminals and the shipping companies are losing revenue running into millions of Dollars because nobody has come forward to clear those containers.

“For the ships to bring those containers here, there are charges attached to such services called Shipping charges. Even when those containers are discharged at the port terminals, they occupy spaces and are liable to pay Storage Charges.

“But now, these containers have been left inside the ports and have become overtime containers. The shipping companies and port terminals have incurred losses because nobody has come to take responsibilities for those cargoes.

“There are rules stopping shipping companies from bringing illicit goods into any country. I don’t know why Nigeria is not implementing such rules. Ordinarily, if Nigeria is implementing such rules, vessels that bring illicit drugs into the country ought to be detained.

“But here, vessels bring all sorts of goods, discharge them and return to their countries. At the end of the day, the owners of these cargoes won’t turn up to clear them, and they become overtime, incurring cost for the terminal operators and the shipping companies.”

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Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.