Business

ANLCA Seeks GTB Probe Over Debt

Published

4 years ago

September 14, 2022

The umbrella body of Freight practitioners in Nigeria, Association of Nigeria Licensed Customs Agents (ANLCA), has called on the Economic and Financial Crimes Commission (EFCC) to probe the activities of Guaranty Trust Holding Company (GTCO) PLC, formally known as Guaranty Trust Bank (GTBank), over alleged billions of naira owed importers and their agents.
According to ANLCA, “the accumulation of debt arising from demurrage follows the suspension of GTCO from Customs duty collection owing to the lenders’ inability to remit collected funds to the Federal Government coffers, which called for questioning”.
Addressing newsmen in Lagos recently, the Acting National President of ANLCA, Dr. Kayode Farinto, decried the consequences of the suspension of the bank, which has affected over 400,000 consignments.
He, therefore, urged the EFCC to investigate non-remittance of funds by the bank, which he described as a criminal act.
Dr. Farinto berated GTCO for failing to address the stakeholders, despite the loss incurred by importers and agents.
He stated that the amount Nigerian importers lose as a result of storages and demurrages is running high and the problem is not yet over.
“These consignments are still trapped in the ports and agents cannot clear them. Even some who have made assessments cannot pay duty. It is running to over N40 billion now and that is very unfortunate.
“We have a situation on ground where nobody is talking to Nigerians, nobody is talking to our stakeholders, freight forwarders or Customs brokers. That is why there is a need for us to make the world know what is happening in the maritime industry.
“We have a situation in which GTBank must have erred through the issue of reconciliation. We heard that the bank has not remitted some hundreds of billions to the Federation account and they have collected this money on behalf of the Federal Government and that was what led to their suspension.
“The Committee on Customs at the House of Representatives directed Customs to suspend GTBank from the portal. The bank has been suspended and some consignments have been trapped.
“As I talk to you, clearing of over 400,000 containers throughout the federation processed by agents who open their Form M through GTBank cannot proceed further despite their Pre Arrival Assessment Report (PAAR).
“This is because they must pay the duty through the Commercial or dealer Bank where they have opened Form ‘M’ which are now trapped and there are over 40% of vehicles that needs to be cleared from the seaport which has gotten assessments but cannot go ahead.
“There are about 10% of people who have actually paid duty and as a result of the suspension, the status has not changed in the portal of Customs and they cannot move forward in of clearance of the goods.
“This is why we are calling on freight forwarders to make sure that from today the 6th of September, 2022, they should not open their Form ‘M’ or make any assessment or transaction through GTBank again.
“This has become imperative in view of the fact that nobody is even talking to us. We sent a letter to GTBank on this particular issue for them to address us and let us know what is happening but everybody is avoiding us. That is why I want to challenge the EFCC to wade in”, he stated.
Recall that the Nigeria Customs Service (NCS), penultimate week, unannounced the suspension of GTCO from collection of import duty payments on cargoes, thereby leading to importers and clearing agents incurring huge demurrages at the ports.
The National Public Relations Officer of the NCS, Deputy Comptroller Timi Bomodi, in a statement explained that the suspension was on the directive of the National Assembly.

By: Nkpemenyie Mcdominic, Lagos

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

11 hours ago

June 29, 2026

The Tide

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.

IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.

It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.

The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.

Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.

Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.

The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.

He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.

The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.

He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.

Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.

He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.

King Onunwor

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

13 hours ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

13 hours ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor