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How Organised Smuggling Thrives At Seme Border

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In 2007, Nigerian Customs Service (NCS) established an office at Cotonou in Benin Republic to monitor and assist their Benin counterparts in checking contrabands coming in as ETLS goods but today the reverse is the case. The good initiative of the then Comptroller-General, Elder Buba Gyang is not yielding any results considering the rate of influx of such contraband goods through the busy Seme border.

Just like Shaki in Oyo State and Idiroko in Ogun State, Seme is the border between Nigeria and Benin Republic and is unarguably the busiest of the three borders.

Importers of Nigeria-bound goods through the Cotonou Port now see Seme as a most viable entry point either for duty evasion or concealment of prohibited items. Most items that fall under the Federal Government’s import prohibition list or as statutorily barred from entering the country through the land borders find their way in through Seme.

The Tide investigation reveals that these items come in trickles and in bulk depending on who is bringing them into Nigeria. The volume of the imports for which revenue is lost on the part of the government may far outweigh the generated revenue and create an adverse effect on government policy to encourage local production of some of the products.

Our investigations also revealed that there are also unmanned areas that present a blank cheque situation to smugglers. These areas are not policed by Customs men either for fear of confrontation by die-hard smugglers or Customs men who chose to look the other way after compromising their positions for smugglers to have a field day.

The film trick of textile seizures at Seme border is a tip of the iceberg as assorted clothings are brought into Alaba market on a daily basis.

This development may have contributed adversely to the massive loss of job that has hit the nation’s once vibrant textile industry.

Over 90 per cent of the membership of the National Union of Textile Garment and Tailoring Workers (NUTGW) have been lost to the menace of smuggling and the textile industry is close to dying in Nigeria.

The 100 road blocks by Federal Operations Units Zone A (South West) Customs has not helped as prohibited clothing flood our markets.

Textile merchants besiege Alaba Rago daily to take delivery of consignments of different types of clothing.

Ironically, it is noted for being one of the most viable border stations in Nigeria with a high revenue generation profile and increasing volume of seizures, other things that happen behind the scene leave much to be desired.

From the large-scale concealment in trucks purportedly laden with dutiable goods to the fleet of vehicles under prohibition and smuggled items that come in under the cover of darkness, Seme border is indeed a place to watch, if the economy of the nation must be protected.

An instance is the effect of rice smuggling on the Nigerian economy. Local rice merchants, under the aegis of Rice Millers, Importers and Distributors of Nigeria (RMIDN) have often expressed displeasure over the upsurge in the smuggling of rice into Nigeria through Cotonou, Republic of Benin.

According to RMIDN, Nigeria has lost an estimated N50 billion as a result of rice smuggling.

Most Indian and Thailand rice that are imported into Cotonou find their way to Nigeria illegally with Seme border serving as gateway to the highest degree of these illicit imports.

Some Nigerian dealers on the product aver that about 5000,000 metric tones of rice are smuggled into the country through Benin annually. This trend is frustrating to Nigerians who have invested massively in rice production and legitimate importation through approved seaports after paying appropriate duty charges into government coffers.

Local production of this grain will remain imperiled except a closer tab is placed on Seme border and other possible areas of leakage as stakeholders in the genuine rice business now see that entry point is their major threat.

A source close to the borders, who prefers anonymity, told The Tide that the government has however not shown commitment in its resolve to make its policy on rice work.

He explained that price differential between imported rice smuggled into Nigeria through Cotonou and the ones that come through the approved Nigerian seaports are as high as N2,000. He argued that the need for the government to review Nigerian port charges to make them competitive with the Cotonou port has become imperative.

This price differential has not helped the government’s purported drive to stop smuggling. The much talked about Common External Tariff (CET) has also not been able to address this trend.

Smugglers and buyers rendezvous for rice coming through Seme are the Alaba-Rago Market, Iyana –Era, Iyana-Iba, all located on the Lagos –Badagry expressway and other parts of the country.

The volume of poultry products through the border is no doubt far from abating. Whereas, the command attempts to destroy seized poultry products particularly frozen chicken and turkeys, a glaring fact remains that these poultry products flood our local markets having found their way from Cotonou to Lagos.

The retaining of the poultry products to direct consumers start from Seme to every other part of Lagos. Some smugglers break their bulk at the borders while others ship them as far as Port-Harcourt and the entire South Eastern states.

At Mazamaza, a popular inter-state motor park for South East bound luxury buses, there are buses waiting to ship as much as 6000 cartons of poultry products to Port Harcourt, Aba, Owerri enroute the South East.

The Tide finding can authoritatively reveal that a consignment of about 600 cartons of poultry products shipped in a bus could belong to about 2 to 3 persons. Over six of these big buses leave Lagos for various destinations on daily basis.

Some turkey and chicken laden buses also do transporting in textile materials, used tyres that come in through the connivance of some officials of the Customs Services.

Some of these contraband laden buses get seized while in transit out of Lagos by men of the Federal Operation Units of the Customs. These seizures have often times been paraded by Comptroller Victor Dimka, the F.O.U Zone A. comptroller.

Along the Lagos-Badagry Expressway, precisely at two points-Gbaji and Agbara, Customs officials manned check points and collect various sums from smugglers before allowing their goods in. These checkpoints are jointly mounted by the resident officers of Seme border Customs and Federal Operation Unit.

It therefore, becomes ironical when goods for which “settlement” was paid to Customs at the Seme Border, Gbaji Bridge and Agbara get seized by F.O.U.

Aside the issue of compromise on the part of the Customs, there is also the factor of negligence due to the lack of Customs presence in places like Fara Seme and Ponraele. Fara –Seme, a border town is dreaded by government agencies. This has resulted to the place becoming a route for unfettered smuggling activities.

Ponraele, from our investigation, is a rendezvous for dare –devil smugglers that may resolve to confront Customs forces, should there be an attempt by the Customs to stop their operations. It is in fact a storage point for large-scale consignment before they are shipped into the country at night or concealed with dutiable items by day after “settlement”.

Operatives of the Customs avoid going close to Ponraele for the purpose of performing the enforcement functions except those who go to indulge with the smugglers for the purpose of mapping out strategies and taking of hard drugs like Indian hemp.

Outside of these functions, the Seme command of Nigerian Customs Service tends to have enshrined in its duties other acts that are anti-people and other vices capable of devastating the economy which they are established to uplift.

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Wealth Creation: GCPBS  Convenes Strategic Investment Workshop In PH

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In a significant move aimed at strengthening financial literacy and promoting sustainable economic growth, the Alumni Association of the Garden City Premier Business School (GCPBS) has hosted its inaugural Annual Executive Workshop in Port Harcourt, drawing key stakeholders from across Nigeria’s financial and public sectors.
The workshop, themed “Wealth Creation through Investment in Money and Capital Markets,” held at the Corporate Residence, William Jumbo, Port Harcourt recently,  brought together financial experts, policymakers, and professionals to deliberate on practical investment strategies in a rapidly evolving economic environment.
The event attracted a distinguished audience, including alumni of the institution, officials of the Securities and Exchange Commission, financial market leaders, top government functionaries, and seasoned professionals committed to advancing wealth creation initiatives in the country.
In her opening address, Chairman of the GCPBS Alumni Association, Her Excellency Dr. Mrs. Mina Tele Ikuru, charged the participants to take full advantage of the knowledge-sharing platform, stressing the importance of continuous learning and informed financial decision-making.
Also speaking, the Rivers State Head of Service, Dr. Mrs. Inyingi Brown, underscored the need for smart investment practices, noting that true wealth lies not merely in hard work but in the ability to make money work efficiently through strategic investments.
Deliberations at the workshop exposed participants to practical insights into navigating the financial markets, with experts emphasising the need for liquidity-conscious investments and encouraging the exploration of commercial papers issued by reputable corporations.
Speakers further highlighted the benefits of leveraging money market instruments such as bank deposits, while also stressing the importance of understanding market timing—knowing when to buy, hold, or exit investments—as a critical factor in achieving optimal returns.
The concept of compounding was extensively discussed as a powerful tool for long-term wealth accumulation, alongside the introduction of SWOOT—Stocks Worth Over One Trillion—with leading financial institutions identified as dominant players in Nigeria’s stock market.
Participants were also cautioned against common investment pitfalls, including the dangers of holding excessive idle cash, exposure to inflationary pressures, and the growing threat of fraudulent Ponzi schemes often disguised with unrealistic promises of high returns.
They also stressed the importance of diversification as a risk management strategy, with experts warning that failure to spread investments across asset classes could expose individuals to avoidable financial losses.
A panel session anchored by Prof. John Ohaka featured robust contributions from Barr. Bernard Ibe and Figbene Briggs, who examined critical approaches to monitoring investments and ensuring long-term financial stability.
A Financial expert, Uche Uwaleke (FCMA) provided further guidance, advocating the adoption of the DHL investment model—Diversify, Hedge, and Long-term planning—while emphasising the need for constant monitoring of market capitalisation and price indices.
The event also featured goodwill messages and the presentation of awards to deserving individuals and organisations, including Oida Energy Limited, Xenergi Limited, Aslan Resources Ltd, and Dr. Mrs. Mina Tele Ikuru, in recognition of their contributions to economic development and professional excellence, while special honours were conferred on Prof. Silver Opuala-Charles and Dr. Mrs. Inyingi Brown.
In a closing remark, Prof. Adline Ben-Chioma who summarised the key takeaways from the workshop, reiterated the importance of informed investment decisions, as ESV Okputu delivered the vote of thanks, appreciating organisers, speakers, sponsors, and participants for their roles in the success of the inaugural initiative.
By: King Onunwor
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Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

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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.

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Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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