General News
Freight Forwarders Seek Participation During Customs Policy Formulation
CRFFN Accredited Freight Forwarding Associations representatives have risen from a crucial meeting with a call on the Nigeria Customs Service to always carry stakeholders along before implementing policies.
Stanley Ezenga, of NAGAFF national publicity secretary, said in a press release on Friday, that the Representatives during the meeting at the Freight Forwarders Village in Lagos deliberated on the new foreign exchange policy and the shutdown of DTIs by the Customs, opined that the two policies if not retracted will do incalculable damage to the economy of Nigeria.
The well attended meeting of the top echelon of the registered Associations frowned at what they termed “impunity of Customs”, and advised the Government’s revenue making agency to be more conscious of its major responsibility which is trade facilitation in whatever they do.
They urged all Government agencies operating at the ports and all border stations to work in harmony and synergy accusing Customs of having disregard for the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) especially with the new shut down of DTIs. The stakeholders reminded the Customs that something seems to be wrong with the policy whereby passwords will be issued to licensed Customs Agents, as this is a clear violation of the CRFFN Act, which says licenses can only be premised on the Freight Forwarders Register, which is domiciled with the CRFFN.
According to the freight forwarders, it is disheartening that while other countries are moving to the highest level of logistics process we are introducing policies that will stunt the growth of the sector. They therefore called on Customs to take into cognizance the impact of their policies on the industry and the economy in general.
Earlier, Founder of NAGAFF, Dr. Boniface Aniebonam, setting the ball rolling, said the two policies recently introduced by the Customs should be viewed from the legal perceptive. Dr.Aniebonam reminded the representatives at the meeting that Nigeria, being a democratic country, we should begin to look at the activities of Governments and theiragencies from a legal perceptive and rule of law.
He therefore urged Government agencies carrying out functions for theGovernment to be conscious of this special privilege conferred on them, and that they are exercising the delegated powers of Mr. President as conferred on him by Section 5(1a) of the 1999 Constitution as amended.
“5. (1) Subject to the provisions of this Constitution, the executive powers of the Federation:
(a) shall be vested in the President and may subject as aforesaid and tothe provisions of any law made by the National Assembly, be exercised by him either directly or through the Vice-President and Ministers of the Government of the Federation or officers in the public service of the Federation; There is therefore the need to exercise restraint in the manner the executive powers of Mr. President is being exercised by most of the Government agencies in Nigeria. We want to appreciate the role Nigeria Shippers Council under the leadership of Barr. Hassan Bello has been playing in resolving the avoidable differences between Government agencies and the people on trade matters.
The statement recalled that the meeting was attended by the Chairmen of the Board of Trustees, Presidents and Secretaries of the National Association of Government Approved Freight Forwarders (NAGAFF), National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the Association of
Registered Freight Forwarders (AREFF) and Nigeria Association Freight Forwarders and Consolidators.
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Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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