Business
Reps move to halt new vehicle duty valuation by Customs
The House of Representatives Committee on Customs and Excise has expressed misgivings over the implementation of Vehicle Identification Number (VIN) valuation system by the Nigeria Customs Service.
It noted that the system was currently affecting revenue generation and directed the Customs to streamline the system or risk the suspension of the exercise.
This was part of the recommendations contained in a report presented by the committee to the Comptroller General of the Nigeria Customs Service, Col. Hameed Ali (Rtd), in Abuja on Monday.
VIN is the system used by customs to collect duty on (used) vehicles imported into the country, based on their year of manufacture.
The report presented by the Chairman of the committee, Leke Abejide, was based on observations and interactions with customs officers in the Zone A, Lagos, during oversight visits to the various commands in the zone.
Presenting the report, the lawmaker stated that the committee had observed how the impasse over VIN valuation was pitching customs against importers, licence agents and other stakeholders operating at the nation’s ports.
The committee particularly lamented how the issue was affecting revenue generation at Tin Can Island Port, Lagos which depends more on vehicle import revenues.
The report read in part, “Revenue of the command is fluctuating due to VIN valuation that is said to be of two types: standard and non-standard.
“This creates problems for operators of the command being an automobile port as importers abandoned their vehicles while some diverted to other neighbouring countries.
“Some refused to ship. The command may face dwindling revenue in a short while. If the VIN can’t be streamlined into one within this week, the committee will recommend for its suspension pending (the time) it works as one system.”
Business
Release Nigerian traders’ data to EFCC, court orders Binance
Release Nigerian traders data to EFCC, court orders Binance
A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.
Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.
This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.
The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.
An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.
He said the data provided would enable the commission to accomplish its investigation activities.
He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.
He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”
He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.
Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.
Railway
UK firm to build PH-Enugu-Abuja standard rail line – FG
UK firm to build PH-Enugu-Abuja standard rail line – FG
The Federal Government has signed a Memorandum of Understanding with Messrs MPH Rail Development Limited, a United Kingdom company for the construction of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.
The project when completed will be operated under a public-private partnership framework.
These details are contained in a statement issued by the Federal Ministry of Transportation and published on its website.
Under the MoU, the UK firm will manage the design, construction, commissioning, operation and eventually transfer to the Nigerian Railway Corporation.
The ministry stated that the MoU signing followed the approval of the Outline Business Case and the issuance of a compliance certificate by the Infrastructure, Concession, and Regulatory Commission.
This clearance allows Messrs MPH Rail Development (UK) Limited to focus on assembling the necessary documents for the Federal Executive Council (FEC) approval to proceed with the project.
Some of the essential documents for advancing this initiative are listed as a comprehensive feasibility study report, a full Business Case Study, an Environmental and Social Impact Assessment, the production of a Resettlement Action Plan, and the design of a Financial Model to implement the project.
This would ensure transfer of the line to the Federal Government under a PPP arrangement without incurring loans or debts for the Nigerian government or its agencies.
At the MoU signing ceremony, Alkali pledged the ministry’s support for the successful implementation of the project.
He emphasized the importance of diligent preparation and submission of all requisite documents to expedite FEC’s approval.
The statement read in part, “As part of the initiative to consolidate the ongoing railway modernisation projects consistent with the Renewed Hope Agenda of Presidential Bola Ahmed Tinubu administration, the Minister of Transportation, Senator Saidu Ahmed Alkali, has executed a Memorandum of Understanding on behalf of the Federal Ministry of Transportation with Messrs MPH Rail Development (UK) Limited to enable the company to carry out the design, construction, commissioning, operation and transfer of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line on Public – Private Partnership basis.”
Business
No approvals from FEC for borrowing through eurobond, says DMO
No approvals from FEC for borrowing through eurobond, says DMO
The Debt Management Office (DMO) says it has not secured approval of the Federal Executive Council for the appointment of advisers and eurobond issuance.
The Federal Government could raise as much as $1 billion in external borrowing in 2024 through this method to meet its spending needs.
On March 13, there were reports Nigeria had hired investment banks to seek advice on its first eurobond issue since 2022.
But the DMO in a statement on Friday said it had not appointed transaction advisers.
“The appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC),” DMO said.
“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.
“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.”
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