Business
Nigeria Customs auctions 408 impounded vehicles at N4.72m
The Nigeria Customs Services has auctioned 408 impounded vehicles to some firms and individuals at a total giveaway price of N4,770,000.
The vehicles were said to have been branded as scrap and sold through direct auction allocation.
For instance, 338 of the vehicles were sold to one company at N3.38m.
This was done via a letter addressed to the company, AMEX West Africa Limited, dated March 25, 2022, by the Nigeria Customs Services’ Committee on Direct Disposal of Condemned Scrap Vehicles and other Items.
The letter, obtained by the Punch, coming with a reference number: NCS/ADM/MGT/012/S.2/C, signed by the Chairman, Direct Disposal of Scraps Committee, Comptroller A.D Sanusi, was titled, ‘Direct auction allocation of scrap vehicles and other items.’
It read, “I am directed to inform you that the Comptroller-General of Customs, acting on the provisions of Customs and Exercise Management (Disposal of goods) Act, CAP C46, Laws of the Federation of Nigeria, 2004, hereby allocates the under-listed 338 lots of various scrap vehicles domiciled at Katsina State Area Command to your company as auction sales for the purpose of disposal, smelting and fabrication into raw materials for production valued at N3,380,000 only.
“All vehicles disposed of must be evacuated from the premises within 10 working days after payment or risk forfeiture. Furthermore, you are to note the following: Application for replacement of allocated vehicles would not be entertained. All allocation letters transferred or sold by the allottee to a third party shall be at the buyer’s risk.”
In another auction, 53 vehicles were disposed of through a letter from the committee dated September 5, 2022, to Nak Metal Steel Limited at a cost of N530,000.
Also, Gamchaka & Sons Nigeria Limited, was allocated two Toyota Camry and Mazda 626 cars at N120,000.
The section cited by the NCS to justify the sale read in part, “For the purposes of this Act, the Director (CG) shall generally have the power to sell or otherwise dispose of any goods forfeited pursuant to Section 1 of this section, and shall, in particular, be concerned with the functions; of determining the best method of sale or disposal of the goods; and where the goods are to be sold; of ensuring that such reasonable prices as may be determined by the Director are obtained in the course of such sale or disposal, and of appointing through tender (where necessary) any person or agent to buy or conduct the sale or disposal of the goods; and of ensuring that the goods shall not under any circumstances be sold or otherwise disposed of to any importer to whom the goods are or have been consigned or to any person, firm or agent connected therewith.”
A firm, Jelverson Oil & Gas Nigeria Limited, was allocated a Fiat Ducato for N80,000, Honda Accord (N30,000) and Volkswagen (N30,000), all located in Kano.
The NCS similarly sold a Mitsubishi Canter truck valued at N100,000; Toyota bus (N60,000) and Volkswagen Golf car (N20,000) to A1 Business Ltd., Abuja shopping complex, Garki Area 3.
Garbadau Global Services equally benefited from the exercise as it was allocated three pick-up vans parked in Kano at a cost of N150,000.
Three vehicles – Peugeot J5 bus valued at N80,000; V/W Golf car (N30,000) and Honda Accord (N30,000) were allocated to Team Option Services Limited, while Kusfa Nigeria, got two V/W Golf cars (#60,000) and J5 bus (N70,000).
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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