Customs adopted 28 exchange rates to clear goods in Q1 – CG

The Nigeria Customs Service says it adopted 28 different foreign exchange rates in the clearance of imported goods at the ports based on the directive of the Central Bank of Nigeria.

Comptroller General of Customs, Adewale Adeniyi, disclosed this at a press briefing, where he said the agency also generated a total of N1.3 trillion during the period.

The fluctuations and frequent Forex exchange rates, he said, sent negative signals and disrupted activities at the ports.

He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per $1 in January 2024 to a peak of N1,662.35 per $1 in February 2024.

“While a singular exchange rate of N951.94 per $1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per $1 to N1,662.35 per $1.

“March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per $1 in the clearance of Customs goods during the quarter.

“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”

Adeniyi also said a total of N1.3 trillion was generated in revenue by the Customs Service in the first quarter of 2024.

The CG added that over 572 seizures were made with a duty-paid value of N10bn.

He said, “The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where N606,119,935,146.67.

“When compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion.”

The CG also said a total of N1.6 billion was earned through its electronic auction platform launched in the first quarter of the year.

Tinubu names ex-LAMATA boss as new NIMASA DG

President Bola Tinubu has named Dr Dayo Mobereola as the director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA).

This came after the exit of Dr Bashir Jamoh, whose tenure recently expired.

The announcement is contained in a statement issued Tuesday night by Ajuri Ngelale, special adviser to the president on media and publicity.

The statement said, “Dr Mobereola holds a Ph.D, and an M.Sc in Transport Economics from the University of Wales, United Kingdom. He is a fellow of the Chartered Institute of Transport, England, and a fellow of the same institute in Nigeria.”

“He was the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA) from 2003 to 2015 and was also the Commissioner for Transportation in Lagos State from 2015 to 2016.

“In the private sector, he was Deputy Managing Director and Project Development Director at AFM Consulting Plc, London. He was also Senior Economist at British Petroleum Shipping Limited, London.”

The special adviser said Tinubu expects Mobereola to bring his vast experience to bear in his new role under the leadership of Adegboyega Oyetola, minister of marine and blue economy.

Customs give 90-day grace to clear improperly-imported vehicles

The Nigeria Customs Service (NCS) has granted a 90-day window for those who improperly imported vehicles into the country to clear them.

Spokesman for the NCS Mr. Abdullahi Maiwada announced this in a statement on Sunday.

The new window, he said, was in line with a directive of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Maiwada said, “This initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.

“While we strive for inclusivity, it is important to clarify that vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government in accordance with extant regulations.

“All vehicle owners, Importers/agents seeking to regularise import duties on their vehicles are required to apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command.

“They must submit the necessary available documents and process Vreg in line with the Federal Ministry of Finance directives for the registration of imported motor vehicles.

“Valuation and assessment of the vehicles will be carried out using the VIN valuation method.”

For the affected vehicles, he said that Import Duty and a 25% penalty shall be paid in tandem with the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the Nigeria Customs Service Act 2023.

In addition, the spokesman said duty payments must be made using the Procedure Code specifically created for this exercise.

He said, “This initiative reflects our unwavering commitment to facilitating compliance. We encourage all stakeholders to capitalize on this opportunity within the stipulated timeframe.”