Business
Why Foreign Clearing Agents Flood Nigerian Ports -Customs
The Apapa Area Comptroller, Nigeria Customs Service, Musa Jibrin, says the clamour by licensed customs agents for the indigenisation of clearance of cargoes at Nigerian ports may not be achieved anytime soon.
Mr Jibrin said this while addressing the executive of the Maritime Reporters Association of Nigeria (MARAN) during a courtesy visit to his office in Lagos on Monday.
The Comptroller said most of the companies operating in the country were owned by foreigners and that the Customs had provided them with licenses for self-clearance.
According to him, the essence of the Ease-of-Doing-Business policy of the federal government is to make the environment friendly for investors as Nigeria is competing for foreign direct investment with other countries.
“Even though the Customs do not grant clearing license to foreigners, it has provisions in its laws for self-clearance for established companies.
“There have been talks about foreigners around the Customs house, in our import and export activities. We are dealing with both Nigerians and Non-Nigerians.
“Some of the companies that operate in Nigeria are owned by foreigners, we have assembly plants for Keke Napep and cars assembly companies owned largely by foreigners,” said Jibrin.
He explained that any company could be given self-clearance and that it was the prerogative of such company to decide who to send to process their customs documentation.
“If a company is owned by a foreigner and the clearing outfit of that company has foreigners, definitely you cannot rule out seeing a foreigner following up an entry,” he said.
The Customs boss added that the law also had a provision for an importer to hire a Customs agent to clear a consignment.
“Therefore, the owner of the consignment may be working from behind while he contracts the responsibility to the clearing agent,” he said.
Speaking on the ongoing construction of wharf road leading to Lagos port, the Comptroller assured that the completion of the road would lead to increase in economic activities for the good of the nation.
According to him, the command now conducts joint cargo examination with other relevant government agencies and issues joint reports for the release of cargoes.
He said with the implementation of the Customs Information Integration System (NICIIS) 2, it was no longer cumbersome for importers to secure the release of their consignments from the port.
“NICIIS 2 intended to encourage compliance with government fiscal policies; it is also for every stakeholder to be on the same platform with customs, to embrace full automation,” said Jibrin.
In his response, President of MARAN, Anya Njoku, stressed the need for Customs to preserve the jobs of Nigerian clearing agents, noting that foreigners had taken over their jobs.
Mr Njoku also said there was need for the Customs Service to issue clearing licenses to individuals and not corporate bodies.
According to him, it is the corporate bodies that perpetrate most of the crimes in the clearance process.
“This is where most of the problems are emanating from, if you look at the form C30, we are looking at individual declarants and not corporate declarants.
“It is the corporate declarants that we are having issues with and we are investigating who they are. This is why we say, we want to know who the declarants are.
“So let the declarant not be a corporate entity, let it be an individual so that we would know those who are criminals and hiding under corporate license,” he said.
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.
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