Business
Customs Agents Seeks Regulation Of Shipping Charges
Worried by the apparent neglect of the Nigeria Shippers’
Council (NSC) the National President of the Association of Nigeria Licensed
Customs Agents (ANCLA), Alhaji Olayiwola Shittu, called for the crating of a
department under the Ministry of Transport to regulate shipping charges in the
nation’s maritime sector instead of delegating the power to NSC.
Shittu made the call recently at a one-day clinic on
arbitrary shipping charges in the port organised by the Nigeria Shippers
Council in conjunction with Akabogu and Associates.
According to him, “highly placed persons at the federal
ministry of transport were colluding with some industry operators to scuttle
the actualisation of a commercial regulator for the maritime industry.
He stated that NSC has done well to raise importers’
confidence at the gateways, adding that the council qualified as a commercial
regulator but some powerful forces at the ministry of transport were rendering
the NSC irrelevant in the discharge of its duties as the substantive commercial
regulator despite arbitrary shipping charges Nigerians were being made to pay
in the process of importing and shipping goods.
The NSC at the one-day clinic had revealed that it had
finished benchmarking of all charges in the maritime sector and compiled all in
a report but lacked the political will to implement the report because it
lacked the power of a commercial regulator.
Representative of the Executive Secretary NSC Barrister
Hassan Bello, however explained that the clinic would address all contentious
issues in the maritime sector development in the country.
He said the council needed the support and prayers of
stakeholders for it to receive the desired attention as economic regular.
Barrister Emeka Akabogu, while presenting his paper, stated
that the shipping charges at the gateways were not acceptable as they were not
in line with charges at neighboring port and in other countries.
He lamented the role of the Federal Government which , he
said has not done enough to assist the importers and exporters.
A cursory look at terminal/shipping charge for a 20ft import
reveals that most of the terminal operators in the nation maritime sector
charge between N45,500 to N65,000 for Terminal Handling Charges (THC) while
import delivery charge varies between N2,250 to N40,000 with Lillypond
Container Terminal charging the highest at N40,000 for import delivery charges.
APM terminal charges N9,750 for scanning of charges while it
collected N2,500 for logistics for scanning charge. At the various customs
examination desk across the terminal, APM terminal charges N11,667 which is the
highest form any terminal operator in the national seaports.
Earlier the chairman of the clinic, Otunba Kunle Folarin, a
maritime expert tasked maritime stakeholders to look into such questions as
what really constitutes the numerous charges slammed on importers and shippers
of goods to Nigeria, like Terminal Handling Charges (THC), containers
demurrage, who should be charging and how much is the international charge? Why
pay Value Added Tax on CIF when it is also charged on Custom Duty?
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
