Business

Customs Educates Stakeholders On PCA Procedures

Published

2 months ago

September 14, 2026

In a bid to carry her stakeholders along on the Post clearance audit(PCA) procedures, the Nigeria Customs service has intensified it ongoing nationwide sensitisation seminar to better educate importers , manufacturers and the entire business communities on the application of the newly introduced World Customs Organisation (WCO) trade facilitation tools as enshrined in the Nigeria Customs Service Act 2023.

The stakeholders workshop which was organise by the Post Clearance Audit (PCA) Unit of the NCS on Thursday in Lagos was to educate stakeholders on the WCO trade facilitation tool, the Authorise Economic Operator (AEO) and the role of the PCA in accordance with the WCO convention and application.

In his keynote address at the workshop at Eko hotel in Lagos , Comptroller General of Customs, Bashir Adewale Adeniyi MFR, said he was

glad to see the trading community so well represented, because according to him “they are the focus of today’s engagement.

“I will begin further back than the audit function itself, because Post-Clearance Audit did not arrive in Nigeria by accident. It arrived because two things happened at about the same time.

“The first is that the Nigeria Customs Service Act, 2023 gave this Service a modern legal foundation, and with it an express mandate to verify compliance after goods have been released. The second is that The Federal Government set a clear

direction on revenue and on the business environment, and asked the agencies of

government to meet both objectives at once.

“That instruction deserves to be stated plainly, because it is harder than it sounds. President Bola Ahmed Tinubu’s administration has pursued a broadening of non-oil revenue, a reform of the fiscal system and a serious effort to reduce the cost and friction of doing business in Nigeria. Customs sits precisely where those objectives meet. We are asked to collect more, and to obstruct less.”

Adeniyi said the scale of the first half of that instruction is worth stating.

He informed that in 2025 , the Service collected ?7.281 trillion against a target of ?6.584 trillion, exceeding it by ?697billion, and rising from ?6.1 trillion the previous year,

“This is a growth of some 19 percent year on year. For 2026 the target set for us is ?11.074 trillion. At the end of

June we stood at ?4.30 trillion, which the Board reviewed at its 65th Regular Meeting on 2nd of September. These figures make a point about the methods that must be applied and not celebrated alone. Numbers of that order cannot be delivered by opening more containers. They can only be delivered by knowing which containers to open.” .

To achieve more revenue collection, Adeniyi said is only one way to do both. “Control has to move off the quay. If every

consignment must be opened at the port before it is released, then revenue assurance and trade facilitation will pull against each other for as long as we practise Customs, and the trader will pay for that contest in demurrage and delay.

Post-Clearance Audit is how that contest is resolved. It allows goods to move on the strength of the declaration, and moves the verification to the records, after release, where it can be done thoroughly and without holding up commerce.

“The good thing is that we now have recent measurement to work with. In January this year the Service published the findings of the Time Release Study conducted at Tin Can Island Port, a facility that handles more than a tenth of Nigeria’s seaborne trade.

“The study followed 601 import declarations from arrival to physical exit, and it was carried out with the shipping lines, the terminal operators, the Nigerian Ports Authority, licensed agents and the banks, so that what it recorded would be the real operating environment and not our own account of it.

“The central finding deserves the attention of everybody in this room. A container at Tin Can Island sat for about 5 days before it left the port. The physical examination of that container took a matter of hours. For 98.7 per cent of consignments, the interval between booking for examination and physical exit averaged close to 4 days, and a small number of prolonged cases carried the overall average to nearly 5.

“Read that carefully, because it does not say what people often assume it says. It

does not say that Customs examination is slow. It says that examination is fast and

clearance is slow, and that the difference between the two is made up of manual

processes, fragmented coordination between agencies, and the waiting that these

produce. The delay is in the architecture, not in the inspection.

“As I said when the

report was launched, the study allowed us to move from assumptions to facts, and some of those facts were uncomfortable.”, he explained.

Speaking further Adeniyi said if the problem was slow examination, the answer would be more examiners.

“It is not, and so the answer is different. The answer is to reduce the number of

consignments that need to be stopped at all, by verifying afterwards those that do not

and not celebrated alone. Numbers of that order cannot be delivered by opening more

containers. They can only be delivered by knowing which containers to open.

“There is only one way to do both. Control has to move off the quay. If every

“So, the message today is a simple one. Compliance should not be driven by fear

of enforcement. It should be driven by confidence in a system that is fair, predictable and consistently applied. Businesses need clarity. You need to understand your obligations, and you are equally entitled to understand your rights. You are entitled to know that an audit will be conducted professionally, transparently and within the applicable legal framework, by officers”. he noted

It also gives you an opportunity to speak to us. We are listening, and we are prepared to learn.

Adeniyi urges the stakeholders that their partnership must rest on responsibility, and the responsibility runs both ways.

He said the Service expects traders to keep accurate records, make truthful declarations and observe the laws governing international trade.

“Where errors occur, and they will, our system should encourage their prompt correction and voluntary disclosure instead of punishing the trader who comes forward.

“For our part, we are moving the Service from a culture of intervention to one in which compliance is the natural outcome of understanding, trust and cooperation. As we modernise, we are applying technology, trade data and professional expertise to make our processes faster while strengthening revenue assurance.

Earlier in his welcome address, the host and Assistant Comptroller General, Post Clearance Audit ( PCA), ACG Babatude Olomu PhD said the engagement comes at a critical time in the NCS efforts to strengthen PCA as a strategic instrument for revenue assurance, voluntary compliance, trade facilitation and improved customs administration.

“It also provides an important platform for strengthening understanding, cooperation and mutual trust between the Service and our stakeholders.”, he assured

According to ACG Olomu the programme is geared towards strengthening three key objectives: Enhancing Stakeholder Understanding and Voluntary Compliance;

Strengthening Revenue Assurance and Risk-Based Compliance and; Deepening Partnership and Institutional Cooperation.

He said the impact of PCA interventions is increasingly evident in the Service’s revenue performance. “Between January and August 2025, the Service recovered ?21,278,494,169.61, while the corresponding period in 2026 recorded ?27,181,037,678.77 – an increase of ?5,902,543,509.16, representing approximately 27.7% growth year-on-year.

“This substantial improvement reflects the growing effectiveness of our PCA interventions, particularly enhanced risk-based targeting, more robust audit processes, strengthened case management and improved stakeholder compliance.

Beyond the increase in recoveries, this performance demonstrates the PCA’s expanding contribution to revenue assurance, compliance management and accountability, while reinforcing the Service’s commitment to leveraging post-clearance interventions to secure government revenue and promote a more compliant trading environment.

By: Nkpemenyie Mcdominic, Lagos

Business

Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings

Published

11 hours ago

October 30, 2026

The Tide

The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.

This was contained in an online report obtained by The Tide Source in Port Harcourt recently.

The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.

The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.

The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.

Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.

The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.

The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.

Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.

Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.

Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.

His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.

Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.

The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.

The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.

‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.

King Onunwor

Business

Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation

Published

11 hours ago

October 30, 2026

The Tide

A firm, Kompetenz Investment Zentrum Ltd, has said it would crash down the cost of vegetable oil in the market through adequate production and milling of its product for large scale sales in and around the State.

The Head, Human Resource Management of the firm, Mrs Amina Shehu said this in Yenagoa, the State capital, Wednesday while speaking with newsmen on an inspection tour of the company.

She noted that while other firms have previously managed the Palm farm, her company which she described as an experienced manager of palm farms recently acquired right of management of the Bayelsa Government-own palm plantation in September, 2026.

“We inherited a poorly managed farm and machineries from our predecessors, and so we’re working assiduously to overhaul the mills in this firm, more especially the biggest one.

”Today we’ve been able to put the small one into use, and it’s functioning well. Some engineering contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing big mill we inherited, but surely the cost of repairs shown to us by the engineers run into billions.We’re however determined to get all our equipments and machinery functioning soon”, she said.

Mrs Shehu bemoaned the dysfunctional State of the farm facilities prior to its acquisition, adding however that there were plans by the company to get all moribund machinery functioning and put them to maximum utilisation and production capacity, while also working towards ensuring revenue boost for the firm and the State in the future.

Speaking on manpower and employment generation, the company’s HRM emphasised that at low peaks, the firm has employed no fewer than 200 staffers, comprising regular, casuals and workers on its daily payroll.

“At peak periods of harvest, more hands would be employed and production and milling capacity will be increased to 10 tons of palm oil per day in order to gradually crash down the soaring price of red oil in and around this State.

“We have just acquired the right of management of the Bayelsa Palm estate in September, 2026. We’re barely two months old as new management of this farm. As you can see for yourselves, a lot of work is currently ongoing in this farm.

“We have borrowed loans to run this farm, and so a lot of work; slashing of the palm fruits and clearing of the farm is ongoing. But upon what we have done which amounts to millions, it’s like we have not yet started because the Bayelsa Palm estate is really big” Mrs Shehu added.

She noted that during the world food day the company “showcased some of our produce and as we speak calls are coming in from far and near placing orders and showing interest in doing business with us.

“Our Director (our boss), has the requisite experience in this business. He has reinvigorated and invested in similar Palm farm businesses in other parts of this country.

“Some contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing machinery we inherited, but surely the cost of repairs shown to us by the engineers run into billions.

‘We determined to get all our equipments and machinery functioning as we progress. For now we have about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”.

The Tide gathered that the firm is the new operator of the Bayelsa Palm estate and managers of the state’s Palm tree plantation.

The Tide spoke with a cross section of traders and consumers in major markets of the State and reports said the price of Palm oil which is botanically referred to as ‘elaeis guineensis’ has increased astronomically in recent months, due to general inflation in prices of commodities.

Ariwera Ibibo-Howells, Yenagoa

Business

Traders Decry Continuous Increase In Prices Of Foodstuffs

Published

12 hours ago

October 30, 2026

The Tide

Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.

This was made known by the traders when The Tide visited the market recently.

The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .

A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.

Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.

According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.

Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.

A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.

Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.

In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.

Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.

Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.

He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .

Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.

Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .

Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.

“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.

He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.

The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.

Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.

He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.

Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.

Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.

He further commended the President, the Federal Ministry of Power and TCN for completing the project.

It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.

Wali Chioma, Obasi Chidinma & Amarachi Uche