General News
Perishable Cargo Exporters Loss N100m, Seek Probe of Incidents
Exporters of perishable cargo/vegetable have lost a whooping N100 million due to government’s closure of export warehouses of the Nigerian Aviation Handling Company (NAHCO) and the Skyway Aviation Handling Company (SAHCOL) at the Murtala Muhammed International Airport, Lagos.
The warehouse was shut last week by officials of the Federal Operations Unit of Nigerian Customs Service following a tip off that the bonded facilities housed stolen and prohibited items meant for exportation.
This is just as they have stated that government’s closure of the export sheds at the Murtala Muhammed Airport Lagos is sending wrong signals to the comity of international agro-allied supply chain, which portends grave danger for the economy’s agro-allied produce, if not curtailed.
Speaking to journalists in Lagos, Captain John Okakpu, chief executive officer of ABX World, said the agro-allied exporters numbering over one hundred are worried that such incident is tantamount to economic loss.
He said international off-takers are developing cold-feet with regard to agricultural produce from Nigeria.
Captain Okakpu, who said the exporters lost over N100million worth of goods within 48-hours the export warehouses were shut.
He called on the Federal Government through the various Ministries, Departments and Agencies (MDAs) to urgently commence full-scale investigations into the immediate and remote causes of the warehouses closure to avoid re-occurrence.
He said with government’s focus on agriculture as one of the panaceas to the rising inflation, restrictions in capital flows and depleting forex reserves, agro-allied exporters deserve protection as partners.
The warehouse was re-opened last Wednesday.
He said: “Gentlemen, the truth is, we have made fundamental mistakes in the past as a nation by becoming a mono-economy. But, we cannot continue to lick the wounds. We have to reverse the case and agriculture provides us with a better option to grow. That is why as agro-allied exporters, we are seriously worried over the actions of some government officials, who seem not to underestimate the peculiarities of perishable items for export.
“Shutting down the warehouses was actually an indictment on customs, as they (Customs officials) ought to have carried out surveillance before shutting down all export businesses at the Lagos Airport. If such act is not checkmated in future it will compound issues and create a logjam in the system. Or, do we prefer to ship our cargos to countries like Ghana or Cameroun before we can be shipped to Europe and other markets? Presently, the yam sold in Europe as Ghana yams are actually from Nigeria!
“Go and investigate it! Because we seemingly abandoned our God-given potentials ‘to lick oil’, see how the economy has been battered. We wouldn’t want the issues surrounding brown beans and other agricultural produce from Nigeria, to happen to vegetables and other perishables like ginger, garlic, Nsukka-yellow pepper, among others. That is why we are calling on the Federal Government to urgently investigate the matter and punch who ever are the culprits to serve as deterrent to others. So, as Professor Yemi Osibanjo was inaugurating the new agric road map, those warehouses have been shut. What an irony. Enough is enough!”, he said.
He said any action contradicting Federal Government’s agricultural road map launched by the Vice President, Professor Yemi Osinbajo recently should not be treated with levity.
Supporting Captain Okakpu’s claims, the President, Nigeria Vegetable Exporters Association, Mrs. Oluwatoyin Temitope, said that her company alone lost over N1million worth of cargo within 24-hours of the export shed closure.
She lamented the widespread impact on the Association’s members numbering over 20. She said, “It was a devastating day for us. We work at night so that as early as 6:00am our partner airline Arik Air would ship the vegetables. So, when the news got to us that customs have shut down both NAHCO and SAHCOL export shed my blood pressure shoot up.
“I have been on this business for over 30 years; exporting vegetables to South Africa and London almost every week. Unfortunately, the Customs Service and some other government agencies do not have regard for us. They do not any way intimate us before embarking on any clamp down. They know who are engaging in illegal businesses. Ask them, who cleared the items in the first place! In countries like Uganda and Ghana, vegetable/perishable goods exporters are accorded special attention; why is our different?”
Mrs. Temitope said that the Association members merit to be compensated by the government hence they are legitimately contributing their quota to the development of the economy.
“Most of us do take bank facilities, so when occasions like this occur you can imagine how difficult it becomes for us to meet up with the demands. Aside that, there are other markets offering more conducive environment; the principal reason most exporters now prefer Ghana to Nigeria. Customs have arrogated powers to themselves to the extent armored tanks were sent to the airport in hunt of illegal exporters whereas no items goes out of Nigeria without passing through Customs clearance. In fact, it should be investigated properly, maybe some secret or unknown forces sabotaging the county will be uncovered”, she added.
Also, Veronica Ezigbo, managing director of Kiverlin Foods said that the incident should be thoroughly investigated, citing the impact as a negation of President Muhammadu Buhari’s change mantra.
She said, “The impact is very huge, because we deal on perishable goods. We are ordinary citizens of this country and do not deserve this kind of treatment. Customs officials know the people they are searching for, where and how to catch them. They acted ignorantly, because our line of business is very competitive; if you fail to deliver within few hours the vegetables get damaged too.
“Think of it, our dear country is faced forex challenges. Is it not common sense that exporters should be encouraged? It takes a lot of stress to conduct this business, especially when Government no financial facility for us. We demand that this matter should not be swept under the carpet. If Nigeria will move forward, if we are sincere about agriculture, then, special recognition should be given to exporters like us”.
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Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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