Business
Customs Intercepts N356.2m Contraband
The Federal Operations Unit (FOU) Zone ‘A’ of Nigeria Customs Service (NCS) has intercepted contraband with Duty Paid Value (DPV) of N356.2 million.
The Tide source reports that items included used clothes, Indian Hemp, used vehicles, rice, second hand clothes, substandard cables, frozen poultry products and others.
The Customs Area Controller in charge of FOU Zone ‘A’, Comptroller Garba Mohammed, disclosed this in Lagos.
Mohammed handed over the intercepted items to officials of Standards Organisation of Nigeria (SON). the National Agency for Foods Drugs Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA) in Lagos.
According to him, the 128 seizures were made between August 29 and October 3 after intensified unit’s operational modalities to meet up with the current smuggling tactics.
“We have intercepted various contraband with DPV of N356,205,050.78, while the seized items include 11 used vehicles, 4,227 bags of 50kg foreign parboiled rice, 84 parcels of India Hemp, 249 bales of second hand clothes and 980 cartons of frozen poultry products.
“We also intercepted 907 pieces of used tyres, 268 pairs of used shoes, 198 Jerry cans of vegetable oil, two containers of substandard electric cables, one container each of scraps and wet blue leather, seven containers of wood and three containers of medicament.
“In September 29, based on information, we trailed and evacuated 3,000 bags of smuggled parboiled rice from 10 houses along Waterside in Ere Village, Ado-Odo Local Government of Ogun State.
“Each of these houses had three exit doors for their nefarious activities and as we were evacuating the rice from one house to the other, the villagers were busy packing the rice into the bush through other exit doors.
“Apart from 11 vehicles, which two of them are Lexus Jeep GX460 and RX330, we also have another 17 assorted vehicles of various models in detention.
“The vehicles were evacuated from car marts due to infractions noticed in their documents and as I speak with you, the owners have not been able to provide Customs papers, which we have given them enough room to provide,” Mohammed said.
He said that eight suspects had been arrested in connection with the seizures.
Mohammed said that currently the Unit had 12 suspects being prosecuted at the Supreme Court, the Court of Appeal and the Federal High Courts.
The controller said that of the criminal cases, one person had been convicted and sentenced to seven years imprisonment.
He commended the Comptroller-General of Customs, Retired Col. Hameed Ali, and the entire management for providing the necessary assistance and logistics that brought about the feats.
Mohammed also commended the media as well as other sister agencies, adding that sensitising and educating the public would stop smuggling to the barest minimum.
An Assistant Director in the Lagos Office of NDLEA, Mr Abdul-Azeez Uthman, commended the efforts of the NCS.
Uthman assured the Customs of continuous collaboration until the perpetrators stopped the criminal acts.
Also speaking, an Assistant Director, Compliance Directorate, SON, Mr Chike Makwe, described Mohammed as “Mr Standard”for intercepting the two containers of substandard cables from China after the containers escaped from Apapa Port.
“This is one of the nefarious acts perpetrated by some importers either as a result of false declaration or they did not get clearance from SON in terms of SONCAP and so on,” he said.
Markwe said that usage of substandard cables were hazardous and they could burn buildings.
Mr Declan Ugwu, an Assistant Director, (Investigation and Enforcement) in NAFDAC, said that the seized products did not pass through due processes before coming into the country.
“Customs told us it had NAFDAC registration number, but our worry is the way the consignments came into the country through false declaration.
“When products are coming into the country, they should pass the GCS text in India or CRIA text in China before coming into the country.
“As they come into the country, the drugs should go through stamping, but I understand that these two containers of Lemdafil 100mg, Acipep Antacids and Ciprogyl injection 200mg, did not do so.
“We suspect that the importer did not do proper registration and we are also going to verify the NAFDAC registration number that came with those products.
“We find out these days that the way the criminals are bringing in fake products is that they will copy a NAFDAC registration number of another registered products and affixed it on the products they are bringing into the country,” Ugwu said.
He urged importers to always follow due process in bringing pharmaceutical products into the country to save the lives of Nigerians.
Ugwu said that NAFDAC would carry out thorough investigation on the products and inform the public immediately. (NAN)
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.