Business
Customs Confiscates Tankers With Adulterated Diesel
The Nigeria Customs Service (NCS), Federal Operations Unit, Zone A, has intercepted two tankers with adulterated 80,055 litres of Automotive Gas Oil (AGO), popularly called diesel in Ijebu Ode, Ogun State.
Acting Controller of the unit, Hussein Ejibunu, who disclosed this while handing over the petroleum product to officials of Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), said the drivers of the trucks escaped upon sighting customs officers on patrol.
According to him,”after careful study of the documents being used to convey the product and analyses of samples, it was discovered that the papers were forged and the diesel were of poor standard.
He said Customs wrote to NMDPRA to verify the status of the products and authenticate the documents found in the vehicles which were both confirmed to be fake
Giving a breakdown of the seizures and particulars of means of conveyance, the Acting Controller said one of the tanker truck, with registration number DBT 599 XA, was laden with 44,450 liters, while the other one with registration number USL 561 ZC had 35,605 liters of the AGO.
Ejibunu warned that FOU Zone A will always be a no go area for smugglers, duty evaders and perpetrators of other illegal activities.
He advised Nigeians to be patriotic and shun any form of commercial activity that runs foul of the law
A representative of the NMDPRA, Mr Patrick Musa, while receiving the seizures explained that the products were found to be off specification and fell below approved standards for use in Nigeria.
He added that the product could not have been lifted from any approved depots within the country.
Musa commended the NCS for the seizure which he described as the good beginning of a productive synergy.
By: Nkpemenyie Mcdominic, Lagos
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.