Business
Stakeholders Want FG To Copy Benin Republic’s Port Model
Arising from the noticeable decay in the maritime industry, some experts in the Nigerian maritime sector have called on the Federal Government to copy the Webb Port model of port community system used in neighbouring Benin Republic.
The experts, at the 2023 JournalNG Port Industry Town Hall meeting in Lagos, agreed that the Webb Port model has proven to enhance national security, improve revenue collection and promote trade at the seaport, airport and land borders.
Giving an insight into the workings of the Webb Ports in Benin, Lanre Balogun, A Manager in charge of installation at Webb Fontaine Nigeria Limited, said the Port Community System has achieved seamless interactions between systems used by the port authority, customs and terminal operators from data exchange and logistics through billing and payment.
Balogun said all port processes under the Webb Ports regime enjoy speedy processing from electronic manifest declaration through electronic payment of all duties and fees: space booking for delivery and loading preparation; e- release for cargo exit authorisation; and cargo movements management and follow up.
Balogun said his company has trained 8,137 persons in Benin from 2018 to 2022 and has 6,624 users of the system that has helped Benin Republic Customs achieve 97 percent increase in customs revenue collection between 2016 and 2022.
He added that the PCS is active at Cotonou Port, Cotonou Airport, and six land borders of Hilla Condji, Krake Plage, Malanville, Parakou, Iloua and Tchicandou.
He said the contract entered with Benin Ministry of Finance has contributed immensely to the port efficiency in the country, easing trade.
He listed trucking companies, banks, stevedores, customs brokers, shipping agents, inspection authorities and others as maximising the benefits of the Webb Ports system.
The Customs Area Controller of Kirikiri Lighter Terminal, Comptroller Timinadi Bomodi, warned that the nation’s blue economy won’t attract FDIs without adequate data to guide investors.
Bomodi said automated processes and technology could be utilized in addressing the dire need for relevant data on various aspects of the sector which makes it easier for investors to understand the terrain.
He identified fishing trawler operations in the country as a sub-sector that requires optimum regulation and adequate data to guide the regulators, operators, government policies and spur Foreign Direct Investments.
While stating that the Customs online portal, Nigeria Integrated Customs Information System (NICIS) II, allows for integration of other agencies, he stated that blue economy should be explored as an ecosystem that leverages technology.
Also speaking at the meeting, Chief Abdullai Tony Dania, a Maritime Lawyer, called for due diligence and enactment of laws that will strengthen integration among government agencies.
According to Dania, “there is a need for mandatory inter agencies and inter-Ministerial collaboration, supported by statute to give impetus to the required technologically backed integration”.
He said the Nigerian Customs and Excise is under the Ministry of Finance, but her operations are more under the Marine & the blue economy, hence the need to regulate the existing maritime agencies.
Meanwhile, the Founder of National Association of Government Approved Freight Forwarders (NAGAFF) and Chairman of the occasion, Dr. Boniface Aniebonam, observed that automated processes of port agencies are fragmented.
Aniebonam, who was represented by the Registrar, NAGAFF Academy, Mr. Francis Omotosho, observed that even the popular Customs Vehicle Identification Number (VIN) Valuation system and NPA’s electronic truck call-up system are fraught with the challenge of human interference.
The veteran freight forwarder suggested that technology could be utilized to alert Customs of overtime cargoes after 28 days at ports, thereby positioning the Service to expedite the evacuation of such cargoes.
On his part, the Chairman of the Association of Maritime Truck Owners (AMATO), Chief Remi Ogungbemi, advised that already established technological processes should be improved upon.
He also lamented that truck owners are also being vilified when their trucks are seized along with consignments intercepted by Customs and other security agencies.
Earlier, the Publisher of JournalNG and convener of the conference, Mr. Ismail Aniemu, observed that technology has become part of daily life and automation has also become the norm.
He said Nigeria Customs Service is the best suitable to be the lead agency for a national single window project and most qualified to handle it with its more robust NICIS II platform.
While commending the Webb Port system as most suitable, tested and trusted platform observed to be sustainable in Benin in the last six years, Aniemu said the Nigeria Customs’ strong presence at the seaports, airports and border stations further attests to its suitability to undertake the task.
It would be recalled that JournalNg town hall meeting in the past Five years has been playing advisory role in the maritime industry in a bid to promote adequate business environment.
By: Nkpemenyie Mcdominic,
Lagos
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
