Business
Extortion: Truck Owners Threaten To Sue NPA, FRSC
As the withdrawal of service by clearing agents and other stakeholders continue at the nation’s seaports, a body of truck owners under the auspices of Joint Council of Seaport Truckers (JCOST) has threatened to sue the Nigerian Ports Authority (NPA) and the Federal Road Safety Corps (FRSC) over alleged extortion by officials of the agencies.
The group also said that the 2016 sticker permit on truck standardisation issued by NPA to every truck plying the ports at N10,000 each was illegal, saying the group is set to challenge that in court.
Speaking at a round table meeting with journalists under the aegis of Association of Maritime Journalists of Nigeria (AMJON) in Lagos yesterday, Chairman of JCOST, Alhaji Kayode Odunowo alleged that too many levies were paid by truckers to government agencies, which in turn have rendered most transporters jobless.
Odunowo maintained that” any moment from now we will be in court with the NPA over issue of sticker permit and obnoxious levies and fines by FRSC ”
He disclosed that the matter is already with the Federal High Court and the case would likely come up for mentioning soon.
According to him, the regulatory agencies have contributed negatively to truckers operations ,stressing the need for government to reduce the number of agencies on the roads.
The truck owner, however, stated that apart from the Nigeria Airforce every other paramilitary agencies of government, including the Nigeria Navy, Army, Police, etc have allegedly extorted transporters operating within the seaports
Odunowo who was accompanied by the Secretary General of the council, Chief Godwin Ikeji called on the government to create an enabling environment to enlighten government agencies deployed on the highways and truck operators.
Speaking on some of the challenges faced by transporters operating within the ports corridors,the truck owners noted that it takes five days for a truck to access the seaport in Lagos,pointing out that the roads linking the ports are in deplorable condition.
The chairman however accused truck owners in the dry cargo section of haulage business due to lack of co-ordination in their operations.
He commended operators in the wet cargo section for a better coordinated operations in the oil and gas industry urging maritime truck owners to work together in achieving success in the business environment.
On the ongoing service withdrawal by transporters and freight agents across the country, the council lamented that the body was not carried along and the organizer did not adequately mobilise the all the stakeholders.
He explained that the moves and ideas on the action was commendable but it has no role to play in the ongoing strike
JCOST Chairman said that the council is not against the strike but added that the “council had been involved in the issue of the poor port access roads which prompted withdrawal of service sometimes last year and we spend more than N4 million to fill some of the bad spots on Apapa road that year.
“We are not part of the strike but we are interested in what brought about the strike. We have documents to show that we have written to the government concerning the bad condition of the ports access roads,” he said.
Odunowo however appealed to the government to expedite action to fix the bad roads saying it would help to forestall incessant falling of trucks along the port roads as well as help to cushion the effect on the trucks.
He said, “We want government to repair the ports access roads, we have been calling on the government to try their best as our truck with containers are falling down every day and that mean loss of business for the truck owners and the containers too.
“If the roads are in good condition, it will be easy for the trucks to move the goods faster and do about three trips in a day”, he added.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.