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.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
Business
Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities
Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
-
Politics22 hours agoCHRISTIAN FORUM PASSES CONFIDENCE VOTE ON TINUBU, WIKE, OTHERS
-
Politics22 hours agoTinubu Felicitates Umahi @63, Says Works Minister Outstanding
-
Politics22 hours agoBuhari Administration Originated Fake PFIPC, Budget Office Tells Reps
-
Politics22 hours agoHow I Paved Way For Other Govs To Join APC — Eno
-
Politics22 hours agoSpeak For Yourself, Otti Tells Uzodimma Over Tinubu’s Reelection Bid
-
Politics22 hours agoVotes Will Count In 2027, INEC Assures Nigerians
-
Business1 day ago$50m Steel Pipe Facility: NCDMB Lauds Brentex, Assures Industry Patronage
-
Niger Delta23 hours agoCommunity Elects Monarch After 55yrs Interregnum … As King-elect Preaches Unity
