Business
Clearing Agents Knock FG Over Border Closure
Clearing Agents operating in the nation’s maritime sector have condemned the Federal Government’s recent re-opening of four land borders.
The Federal Government had, on Friday, approved the second phase of the reopening of the remaining four land borders at Idiroko, Jibia, Kamba and Ikom.
This is coming a few years after shutting the land borders due to the incessant smuggling of arms and different contraband goods.
In December 2020, the Federal Executive Council re-opened the country’s four major land borders, which were Seme, Ilella, Maigatari and Mfun.
The newly re-opened four borders means a total of eight have been opened.
In a circular signed by the Deputy Comptroller General of the Nigerian Customs Service (NCS) Enforcement and Inspection, E.I Edorhe, recently titled, ‘Re-opening of Four Additional Nigerian Border Posts’, the NCS directed all Customs formations and Joint Border Patrol Teams to ensure proper manning in compliance with extant operational guidelines.
“Sequel to the presidential directive dated 16 December 2020 granting approval for the phased reopening of land borders namely, Mfum, Seme, Illela and Maigatari borders across the country, I am directed to inform you that four additional borders stated below have been approved for re-opening.
“The borders are Idiroko border post, Ogun State (South-West Zone); Jibiya border post, Katsina State (North-West Zone; Kamba border post, Kebbi State (North-West Zone) and Ikom border post, Cross River State (South-South Zone).
“Consequently, all Customs formations and JBPTs are to take note and ensure that proper manning takes place in compliance with extant operational guidelines. Above is forwarded for your information and compliance”, the circular read in part.
In his reaction, a member of the National Association of Government Approved Freight Forwarders, Segun Musa, charged the government to tell Nigerians what had been achieved by closing the borders.
“Federal government has refused to tell us what they have achieved from the closure of the borders these years. If there has not been any achievement, then the closure was a disaster.
“As the government re-opens the border, they should be able to tell us what they have achieved within the period and what measures have been put in place to ensure that we don’t expect a closure again”, he said.
According to him, the Federal Government needed to provide these explanations to assure Nigerians that the border closure itself was not a disaster.
“Government can’t just wake up overnight, after closing the borders for too long, and just re-opened it without analysing their achievements so far during the closure.
“We have not gained anything and it has been a disaster. A lot of businesses are shut down. We have over 80 per cent of small-scale businesses that are using that corridor to source their raw materials, equipment, spare parts and other consumables. And they lost billions of dollars in that unfortunate situation. Some even committed suicide and nobody has put a measure in place to check the impact assessment”, he said.
Also speaking, a member of the Association of Nigerian Licensed Customs Agents, Ojo Akintoye, said that the reopening of the land borders was political.
He queried why the decision was coming now that the country was planning for its 2023 election.
“It is political, tell us why they were closed in the first place and tell us why the government decided to open the borders now that the election is around the corner. I don’t know why we continue to deceive ourselves in this country. You said you closed the borders because of security threats and since then till now, the security threat has been increasing on a daily basis. So how do we justify that?
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.