Business

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

Published

2 years 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 Against Dollar At Official FX Market

Published

5 days ago

September 20, 2026

Editor

…Black market (Buying and selling rates): N1,385— N1,390

The Nigerian naira appreciated against the United States (US) dollar, trading at N1,331.2027 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Friday, September 18, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,331.2027 per dollar and closed at N1,329.9900 per dollar.

The currency, which traded at an NFEM rate of N1,331.2812 on September 17, 2026, appreciated by at least N0.08 after trading activities on Friday.

At the parallel market, both the buying and selling rate decreased by N5, when compared to the previous trading rate on Thursday, September 17, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, September 18, 2026, was N1,385 and N1,390 per dollar for buying and selling rates, respectively.

Business

Again, Naira Depreciates Against Dollar At Official FX Market

Published

1 week ago

September 17, 2026

Editor

…Black market (Buying and selling rates): N1,380— N1,385

The Nigerian naira depreciated against the United States (US) dollar, trading at N1,329.8568 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Wednesday, September 16, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,329.8568 per dollar and closed at N1,329.5600 per dollar.

The currency, which traded at an NFEM rate of N1,329.1485 on September 15, 2026, depreciated by at least N0.71 after trading activities on Wednesday.

At the parallel market, both the buying and selling rate remained the same, when compared to the previous trading rate on Tuesday, September 15, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Wednesday, September 16, 2026, was N1,380 and N1,385 per dollar for buying and selling rates, respectively.

Business

How To Buy Dangote Refinery Shares As IPO Opens September 14

Published

2 weeks ago

September 10, 2026

Editor

Investors seeking to own a stake in the Dangote Petroleum Refinery and Petrochemicals FZE will be able to subscribe to its initial public offering (IPO) from September 14, 2026.

The ₦2.15 trillion offer by Dangote, valued at about $1.6 billion, involves 4.1 billion ordinary shares priced at an indicative ₦525 per share.

The offer, which is expected to become Nigeria’s largest-ever public share sale, will remain open until October 13, 2026.

The development gives Nigerians and other eligible investors an opportunity to acquire shares in the refinery as the Dangote Group moves to broaden ownership of the business.

At the signing of the IPO documents in Lagos on September 7, President of Dangote Group, Aliko Dangote, said the offer was designed to enable ordinary Nigerians to become shareholders in the refinery.

“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.

How to subscribe

According to the Managing Director, Investment Banking, Chapel Hill Denham, Mr Lanre Buluro, prospective investors can subscribe digitally using a bank account, Bank Verification Number (BVN) and a mobile phone or laptop.

He said an investor can complete the process within two to three minutes, with the minimum subscription set at 10 shares.

At ₦525 per share, the minimum subscription of 10 shares will cost ₦5,250.

Buluro said investors could access the offer through platforms including Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.

Do I need a CSCS account?

Buluro said prospective investors do not necessarily need an existing Central Securities Clearing System (CSCS) identity number before subscribing.

According to him, a CSCS account can be created for a new investor during the subscription process after the investor’s BVN and bank account details have been verified.

He explained that stockbrokers are behind the participating platforms and would contact subscribers after the transaction to provide their CSCS and Clearing House Number (CHN).

The allotted shares will subsequently be domiciled in the investor’s CSCS account.

What happens after subscription?

Investors can subscribe throughout the offer period, which runs from September 14 to October 13.

At the close of the offer, the advisers and the Securities and Exchange Commission (SEC) will assess the total subscriptions and determine the final allotment.

This means investors may not necessarily receive all the shares they apply for if the offer is oversubscribed.

Buluro disclosed that the offer has a provision to accommodate additional subscriptions in the event of oversubscription.

He said up to about 30 per cent additional shares could be issued under the oversubscription provision, potentially increasing the number of shares available from 4.1 billion to about 5.3 billion.

Before you invest
Buluro advised prospective investors, particularly first-time investors, to read the IPO prospectus carefully and seek guidance from a qualified financial adviser before committing their funds.

Investors should also understand that subscribing to an IPO does not guarantee a profit. The value of shares can rise or fall after allotment, depending on the company’s performance and market conditions.

The Dangote Refinery IPO is expected to significantly deepen public participation in the Nigerian capital market by allowing more individuals to take direct equity positions in one of the country’s largest industrial projects.
(TRIBUNE)