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

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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.

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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.

READ ALSO: Nine Nigerian Banks Earn N4.85 Trillion On Loan Charges

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.

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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.

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READ ALSO: CBN Slams N150m Fine On Banks Releasing New Notes To Hawkers

“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.

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“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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Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays

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The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.

Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.

This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.

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READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets

Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.

The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.

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DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.

 

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

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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.

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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.”

READ ALSO:Dangote Sugar Announces South New CEO

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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.

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Naira Records Significant Appreciation Against US Dollar

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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.

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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.

The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.

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