General News
NAGAFF Says Finance Ministry Deliberately Underfunding Customs
National Association of Government Approved Freight Forwarders (NAGAFF) has alleged that the Federal Ministry of Finance deliberately underfunds the Nigeria Customs Service (NCS), and stressed the need, for partial autonomy of the Service,.
In a petition addressed to President Goodluck Jonathan by the group expressed strong concern with perceived, deliberate underfunding of the Service.
Already, the group has dispatched a letter, ref: NAGAFF/HQ/01/F/101/36 dated August 5, 2014, to President Jonathan, stressing the un-acceptability of underfunding of the Customs, if the revenue yielding platform should be expected to continue to facilitate trade, in addition to intensifying its security watch, on the nation’s borders.
“We have observed from our strategic point as critical stakeholders that at the moment, it is apparent that the Nigeria Customs Service is being under funded which may be currently affecting its operations and the freight forwarding business”, the group declared in its letter, signed by Dr. Boniface Aniebonam, NAGAFF founder, stressing that its understanding of the President Jonathan’s transformation agenda implies a genuine desire “to usher in development and prosperity to the Nigerian people”.
Highlighting that the body wrote in view of its role “as very critical stakeholders in the maritime transport, freight forwarding and Customs facilitation sector”, Dr. Aniebonam also advised President Jonathan to un-burden the Customs of the lack-luster performing Webb Fontaine, as its increasing equipment breakdown was already taking severe toll on Service delivery to the port users.
“The constant down time of the ASYCUDA System being handled and managed by Webb Fontaine most time slow down automation. We suggest that the Nigeria Customs Service be allowed to build a robust system that can accommodate and resolve the problem of down time syndrome. This is capital project which cannot be satisfactory handled with the current under-funding of the Nigeria Customs administration and management”, he posited further, adding that the need for timely release of funds is underscored by the fact that the anti-smuggling officers were already facing tougher resistance daily, from smugglers who have sophisticated arms.
“Your Excellency, it is in the public domain that between 2010 and 2014 (up to July) the approved budget for the Service may be N378,974,132,999.80.
“Our checks revealed that Nigeria Customs Service may have just received N279,423,858,602.50 leaving a balance of N99,550,274,397.30. We have observed that the morale of officers is very low because their entitlements are not being paid on time and most times, they are not attended to.
“It is a fact that the Nigeria Customs Service is a very critical Agency of the Government saddled with huge responsibilities which include but not limited to revenue collection, anti-smuggling functions, inter agency support service, business development and trade information services, post audit function, provision of trade statistics and trade facilitation etc.
“Under the Destination Inspection Policy the Nigeria Customs Service has been given additional duty to manage and maintain scanners, capacity building in the area of training of officers and building super structures and other capital projects that will enhance and sustain its operations.
“We are concerned because its current problem of under-funding does not add value to our businesses in the Customs ports. As Nigerians, we are equally worried because the Nigerian State is facing some security challenges. We wish to remind your Excellency, that the anti-smuggling function of the service is strategic on matters of border security.
“It is no longer news that our borders are porous which is aiding the activities of criminal elements like the Boko Haram”, the group noted further, urging Jonathan to investigate why the Service, despite its strategic importance to the success of the transformation agenda, was still being underfunded.
“It is our view that the Nigeria Customs Service should be excised from Finance Ministry and granted partial autonomy because of the strategic nature of the agency. The Nigeria Customs Service administration and management should be proactive and efficient to the glory of the Nigerian people and the economy.
“The way forward should include the much expected new Customs law pending at the National Assembly seeking to grant the Service partial autonomy”, the NAGAFF founder, concluded.
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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