Business

RTEAN Decries Poor Access Roads …Loses 400 Trucks In One Year

Published

9 years ago

May 8, 2017

The Road Transport Employers Association of Nigeria (RTEAN) has decried the poor state of port access roads in the country, saying members lost over 400 trucks in Apapa and Tincan Island ports axis in the last one year alone .

He added that some of the truckers have sold off their trucks as scraps due to lack of job and poor port access roads.

Lagos State chairman of RTEAN, Alhaji Musa Muhammed, stated this at the monthly news events of the Association of Maritime Journalist of Nigeria (AMJON), tagged monthly round table held in Lagos, recently.

Muhammed who was represented at the event by the State Public Relations Officer, Comrade Abayomi Afini, said that members plying their trade in the ports are leaving the business in droves because it is becoming increasingly unprofitable due to the very poor state of ports access roads and the downturn in the Nigerian economy which has, according to him, cut imports coming into the country through the seaports by about half.

He lamented that while the poor port access roads is damaging the vehicles daily, cost of acquiring new trucks has doubled even as cost of spare-parts has gone up by over 50 percent in the last one years.

Muhammed said, in Tincan and Apapa alone, I can count about 40 owners that are no more in business. I am talking of members that have about 10 to 15 trucks each.

“Our very bad situation is made worse by the fact that instead of the cost of freight going up following the rising cost of business, cost of freight is rather falling.

In 2007, for instance, we used to charge N160,000 for a 40 feet container to Ikeja, but today we charge N60,000 for the same 40 feet container to Ikeja because even as the cost of doing the business is very high, there is no business either because of government policies that have dried up imports to Nigeria,” he said.

He lamented that members of the Association are now selling their trucks and going into Commercial Bus Transportation Business.

“Infact it is more profitable to operate Keke Napep than to own a truck today in Nigeria”, he added.

Mohammed also said that the Nigeria Port Authority (NPA) deceived its members to subscribe to the N10,000 payments for stickers it introduced last year as a measure for minimum truck standardization in the port.

He added that lack of unity among the various Truck Owners Associations in the port contributed to NPA’s success in collecting the fee for the strckers even as he blamed the government for not sticking to the two recognized associations notable in the transport sector

He said, “Last year, NPA came up with the issues of stickers that has been there for six years but because there are many associations in the ports, that is why we have the problems we have today.

“If government has been dealing with the two major Associations, that is the National Union of Road Transport Workers (NURTW) and RTEAN, there wouldn’t have been the problems we have today in the ports. These two bodies are supposed to take care of all transport problems in the country; but today, we have so many associations.

“On the issue of the stickers we had several meetings with the MD and the General Manager, Western port of NPA, they told us that immediately we are able to pay the money, extortion would stopped at the gate but that has not stop”, he said.

Earlier, the Public Relations Officer had disclosed that the association has an internal standard assurance mechanism to make sure that members’ trucks met the required standard.

He said that the Association had always ensured that its members maintain their trucks and to make sure they are in good shape and they are complying with to the directive”.

He however denied the allegation that members of the association park their trucks indiscriminately on the roads thereby causing traffic gridlock, saying the reason why trucks litter the roads is because the terminal operators have failed to produce truck bays as well as the failure of the government to provide parking lot for trucks coming into the ports.

Nkpemenyie Mcdominic – Lagos

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

7 hours ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

8 hours ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

10 hours ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor