Business
SON System Failure: Port Loses N84bn In Two Weeks
The failure of the server of the Standards Organisation of Nigeria (SON) to link importers to the Customs server for the clearance of goods has reportedly cost the port industry N84bn in the past 14 days.
Importers have been trying for two weeks to upload their SON Conformity Assessment Programme code into the system to get their Pre-Arrival Assessment Report out without success.
The loss to the port is estimated at N6bn daily.
SON had explained that it upgraded its system and importers were having challenge migrating to the new system.
However, an information and communication technology expert, Mr Tunji Olaosun said most of the applications government organisations used were not developed for Nigeria and the processes were also not domesticated.
Olaosun said from time to time, if systems break down and they could not get hold of the developer, the problem would defy solution.
He advised SON to reach whoever developed its application so the problem could be corrected.
On the immediate and short term solution to the problem, Olaosun advised the agency to switch to manual so that it could clear the importers to get their PAAR.
“There is always a sail safe mode so that in an unlikely situation that the electronic system breaks down, you could switch to the alternative,” he said.
Meanwhile, clearing agents have threatened to take SON to court if the situation is not resolved in 24 hours.
The Vice-President of Association of Nigeria Licensed Customs Agents, Dr Kayode Farinto, who issued the threat lamented that in the last two weeks, it had been very challenging for members of the organisation to get their PAAR and they had been paying huge demurrage for a problem that was not their fault.
He said it appeared the system analyst SON brought in did not carry customs along or did not know much about the SON software.
“Nigerian port is losing N6bn daily as a result of the system collapse in SON, if this is not addressed in 24 hours, there would be chaos in cargo clearance,” he said.
Farinto called on the Nigeria Customs Service as the lead agency at the port to rise to the challenge and proffer solution to the challenge or else, importers and clearing agents would not hesitate to go to court.
He lamented that stakeholders were losing billions of Naira and there was a need for the government to declare a force majeure, adding that agents could not continue to pay demurrages for SON’s faults.
Arguing that SON regulated cargo was about 35 per cent, he said the failure in its system had constituted impediment to cargo clearing.
He recommended that the Customs should allow clearing agents to clear regulated cargo and later send their officers to the consignees’ warehouses for further checks.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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