Business
SON System Failure: Port Loses N84bn In Two Weeks

The failure of the server of the Standards Organisation of Nigeria (SON) to link importers to the Customs server for the clearance of goods has reportedly cost the port industry N84bn in the past 14 days.
Importers have been trying for two weeks to upload their SON Conformity Assessment Programme code into the system to get their Pre-Arrival Assessment Report out without success.
The loss to the port is estimated at N6bn daily.
SON had explained that it upgraded its system and importers were having challenge migrating to the new system.
However, an information and communication technology expert, Mr Tunji Olaosun said most of the applications government organisations used were not developed for Nigeria and the processes were also not domesticated.
Olaosun said from time to time, if systems break down and they could not get hold of the developer, the problem would defy solution.
He advised SON to reach whoever developed its application so the problem could be corrected.
On the immediate and short term solution to the problem, Olaosun advised the agency to switch to manual so that it could clear the importers to get their PAAR.
“There is always a sail safe mode so that in an unlikely situation that the electronic system breaks down, you could switch to the alternative,” he said.
Meanwhile, clearing agents have threatened to take SON to court if the situation is not resolved in 24 hours.
The Vice-President of Association of Nigeria Licensed Customs Agents, Dr Kayode Farinto, who issued the threat lamented that in the last two weeks, it had been very challenging for members of the organisation to get their PAAR and they had been paying huge demurrage for a problem that was not their fault.
He said it appeared the system analyst SON brought in did not carry customs along or did not know much about the SON software.
“Nigerian port is losing N6bn daily as a result of the system collapse in SON, if this is not addressed in 24 hours, there would be chaos in cargo clearance,” he said.
Farinto called on the Nigeria Customs Service as the lead agency at the port to rise to the challenge and proffer solution to the challenge or else, importers and clearing agents would not hesitate to go to court.
He lamented that stakeholders were losing billions of Naira and there was a need for the government to declare a force majeure, adding that agents could not continue to pay demurrages for SON’s faults.
Arguing that SON regulated cargo was about 35 per cent, he said the failure in its system had constituted impediment to cargo clearing.
He recommended that the Customs should allow clearing agents to clear regulated cargo and later send their officers to the consignees’ warehouses for further checks.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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