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Post-Dikko: CRFFA Worried over Customs’ Direction
Thirty-five days after Alhaji Dikko Abdullahi exited, freight forwarders under the aegis of Concerned Registered Freight Forwarding Association, say they await the new CGC, col. Hameed Ali to hit the ground running.
The expectation of the freight forwarders may be disappearing for the slow starting of the new Comptroller General of Customs Col. Hameed Ali (Rtd).
The Freight Forwarders, who said expected to be saved from the inexplicable extortion in the ports, added they are getting disillusioned.
The freight forwarders in a statement made available to Nigeria CommunicationsWeek and signed by Eugene Nweke, national president, NAGAFF; Festus Ejiofor, national president, NCMDLCA; T. Agubamah, National President, NAFFAC and Frank Ukor, national president, AREFFN, said “The expectation has been that by now the CGC should have visited the ports and strategic border locations with a view to conferring with the stakeholders.
The Association said that to achieve the mandate of reforms, restructure and revenue collection we expect that the new CGC should start by conferring with the stakeholders with a view to obtaining first hand information.
“If Col. Hameed Ali (Rtd.) continues to confer only with officers it may be risky to the mandate of Mr. President and anti corruption crusade.
“At the moment the rate of corruption has increased because of uncertainty. At present it is to grab whatever you can because you do not know what happens next. The instances of alert application from unauthorized units of APM’s desk, valuation, CIU, enforcement and others have continued in a regrettable proportion. The instance of frivolous and unsubstantiated demand notes from the valuation unit have become unbearable including the extortion therein.
“The Comptroller General should hit the ground and be running to maintain the tempo of the anti corruption crusade of Mr. President. The impression at the ports at the moment is that he is being reluctant to effect his assigned duty especially wearing Customs uniform after 20 years of civilian life. If he does not hit ground running on matters of corruption it may appear that Mr. President is not properly briefed about the corruption level in the Nigeria seaports and border locations.
“In the instance, there is the need to bridge the gap between the clearing costs at the seaports, airports and border stations. The inherent differential in the cost of clearing goods out of Customs control at Jibiya border, Idiroko and Seme with Onne ports, Apapa and TCIP are so much without realizing that the importers compete in the same market. Therefore the urgent need for universal application of value for imported goods in all Customs commands cannot be over emphasized.
“The expected reforms and restructuring of Customs is to the stakeholders an internal affairs of the Service. The interest of stakeholders is to the extent the CGC shall ameliorate the level of extortion, over valuation of imports and the impunity of officers to act to the contrary on Customs laws and regulations. The CGC warnings with regard to non compliance to import regulations on matters of concealment, false declaration and untrue declaration in general has created a huge panic in the Customs operations.
“The implication of the warning from Abuja without visiting the operational areas and recourse to issuance of demand notices over such infractions has created opportunity for the highest level of extortion in the ports. The CGC seem not to realize that every offense against Customs laws in relation to revenue collection is about detention, seizure, investigation and prosecution. The concept of smuggling as far as Customs matters are concerned is to the extent the exporter; importer, excise trader and licensed Customs agents attempt to evade Customs duty or importation of prohibited goods into Nigeria.
“The CGC should therefore be told that his pronouncement has increased smuggling activities in the Customs ports through concealment, false declaration, under valuation, wrong description of imports etc. We shall be looking forward to meeting with him after the Sallah holiday because the Government is losing so much revenue at the moment.
“The Comptroller General should simply understand that some Customs officers who have been in the seaports by recycling their postings for the past 10 years must have to leave the port arena if he wants to tackle corruption in the Customs ports and border stations. We must clearly state that we are tired of giving bribes in our profession. The option is to do the right thing now with a view to supporting the crusade of change in Nigeria. Importers/exporters/manufacturers must be seen to do the right thing at the moment, and together we should build a greater Nigerian.
“Other measures shall include but not limited to revoking Customs licenses which are allegedly owned by serving and ex-customs officers, activating the Zonal offices for effectiveness, stopping of multiple alert systems and establishing a public data base for valuation of imported goods for Customs purposes. When the CGC meets with the critical stakeholders like the freight forwarders and agents, we shall have the ample opportunity to speak our minds on so many issues that we feel will make him succeed in his mandate from Mr. President. We are definitely putting finishing touches to the compilation of names of Government agents’ personnel’s that are so corrupt. We hope that this should take place as soon as possible,” the statement read.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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