Business

Confusion Trails 15% ‘Tokumbo’ Vehicles Levy Planned Strike

Published

4 years ago

April 27, 2022

Confusion seem rife at the Nigeria Ports Authority (NPA), Tin-Can Island Port Complex over the introduction of 15 per cent National Automotive Council (NAC) levy by the Federal Ministry of Finance on imported used vehicles also known as ‘Tokunbo.’
On the one hand, clearing agents operating at the Apapa seaport, Port and Terminal Multiservices Limited (PTML) and Five Star Logistics under the Tin-Island seaport have threatened to down tool on Monday.
Meanwhile, another group called on members to disregard the call for strike, saying, the leadership of Association of Nigeria Liscenced Customs Agents (ANLCA) is engaging the Ministry of Finance on the new policy.
The Tide’s source, however, gathered that clearing agents are confused on who to listen to over the implementation of the NAC levy by the government.
A notice over the weekend, by a supposed youth leader at Tin Can Island Port, Rilwan Amuni, said all freight forwarders were to go on a warning strike last Monday against the NAC levy, as well as Customs Benchmark on Pre Arrival Assessment Report (PAAR).
“Having consulted widely among the critical stakeholders as regards 15 percent NAC and Illegal benchmarks on PAAR, it has been concluded that the 15% NAC is a ‘fraud’.
“In view of this, in conjunction with other stakeholders, there would be a one-day warning strike on Monday 25th of April by 10am prompt, starting from our ‘Holy Ground’ in front of Grimaldi and we move down to CAC’S of PTML and Tincan enroute all other terminals in Tincan and Apapa.
“After sensitising, we believe the authorities concerned will reverse this ‘Illegal 15 per cent NAC and also review the Benchmarks on PAAR’ within the next 48hours.
“Failure to do this, all members should be ready to downtool and make sure we have a total shutdown at the Ports.
“Please note that Monday and Tuesday is just a ‘warning strike’, agents are allowed to do their jobs and tidy up against Wednesday in Lieu of whether their will be a reverse or not,” the notice read.

In a swift reaction, the Acting President, ANLCA, Kayode Farinto, described the call for strike from Monday to protest the imposition of a 15 per cent NAC levy on ‘Tokunbo’ as baseless.

Farinto, said the clearing agents calling for strike action on Monday have no License and wwre leading a faceless group.

“The ANLCA is not going on strike on account of the NAC levy. The call for a strike is by a faceless group in the Tin Can Port and we shall deal with the situation appropriately.

“Who signed the notice? That character is not a member of ANLCA and has no license. Whoever heeds his call for a strike does so at his or her own risk.” the ANLCA chieftain warned.

He said the action of the faceless group does not enjoy the support of the ANLCA top hierarchy.

Also speaking, the Secretary-General of ANLCA, Alhaji Abdulaziz Mukaila, said freight forwarders confraternity has decided to engage the Federal Ministry of Finance on the issue.

“When we held a meeting with the Customs last week Wednesday, we found out that the Customs was not responsible for the imposition of the levy but the Ministry of Finance. We have, therefore, written to the Ministry and only got the acknowledgment of our letter Thursday.

“Hopefully, the five accredited freight forwarding associations will hold a meeting with the Ministry officials next week,” he said.

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

2 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

2 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

2 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos