General News
Confusion over Appointment of New Customs Boss
There is confusion among stakeholders in the shipping industry in Nigeria on whether or not to appoint a new Comptroller General for the Nigeria Customs Service (NCS).
Ships & Ports Daily, a maritime newspaper, had reported on Tuesday that the Federal Government had clarified and ready to announce the appointment of M. Mohammed, assistant controller general of Customs as the new Customs chief to replace Alhaji Abdullahi Dikko
However, Ships And Ports wrote, “Any moment from now, the Federal Government will formally announce the appointment of Yobe State born M. Mohammed as the new Comptroller-General of the Nigeria Customs Service (NCS), SHIPS & PORTS DAILY can authoritatively report”.
The National Association of Government Approved Freight Forwarders (NAGAFF), in a press statement endorsed by Prince Obums Anene, head of Special Duties (NAGAFF) Headquarters, said that the civil service rule and tenureship of persons in the Public Sector cannot be changed because of an individual.
“Tenureship of civil Servants are 35 years in service and/or 60years of age unless if a person have served in a position of Director for 8 years. Aside from these rules, it is only the President of the Federation that can determine those that can manage his delegated powers to act on his behalf. The most important thing is that it is only God that decides who wears the Crown.
“It is the view of National Association of Government Approved Freight Forwarders (NAGAFF) that Interested parties should lobby Mr. President as an Angel of God on Earth to offer them the position of CGC without distracting government programmes and activities” the statement read.
In spite Ships and Ports had revealed that, “a sources at the Presidency informed that Mohammed, who is presently one of the about a dozen Assistant Comptrollers-General in the Service, will be succeeding Alhaji Dikko Inde Abdullahi, who attained four years in office as Comptroller-General of Customs on Sunday, August 18, 2013, NAGAFF said, “At the moment, we have only one CGC who has been hoisting the Flag of Nigeria both at Local and International Arena. Except a bias mind and enemy of the present administration, it is an act of sabotage for anybody or group of persons to advise or lobby Mr. President to change a winning leader when he has not attained 35 years in service or 60 years of age”.
Dikko, seemingly had his last major public outing in the position at the formal launching of the Nigeria Trade Hub (NTH) Portal and the Nigeria Import, Export and Transit Process Manual held in Abuja during the week.
NAGAFF however, identified that there is no doubt the post of the Comptroller-General of Customs is strategic to the economy of Nigeria.
The Nigeria Customs Service is believed to be the second in ranking on matters of revenue collection with other ancillary functions thereto. With this in mind, it is a place of pride for the interest most stakeholders are showing in that regard. The fact remains that other than politics, the position of the Comptroller-General of Customs is not different from any other civil servant of the Federation.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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