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SNFFIEC Utters Discontent with Customs Benchmark

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The self imposed revenue target for year 2012 by the Nigeria Customs Service running in trillions of naira has continued to pitch it against stakeholders in the sector. Nigeria CommunicationsWeek gathered that the agents under the auspices of Save Nigeria Freight Forwarders Importers and Exporters Coalition (SNFFIEC) are dissatisfied with the adopted benchmark measures by the customs to reach the target. They rated the procedure as capable of undermining the nation’s law on valuation. Although, Alhaji Abdullahi Dikko, the comptroller general of customs (CGC), had a stakeholders parley recently declared that the three core areas of revenue drive, smuggling and participation on international trade mount daunting tasks on the Service, however, other key players in the industry are crying foul on the manner the targets were being pursued. In a statement made available to Nigeria CommunicationsWeek and endorsed by Chukwumalu Emeka, the national secretary, Save Nigeria Freight Forwarders Importers and Exporters Coalition (SNFFIEC) said the current Nigeria Customs Service initiative of Bench Mark Valuation (BMV) is discriminatory and arbitrary as it applies to only 26 items of imported goods. “Nigeria Cusatoms Service cannot justify the introduction of bench mark valuation with the excuse that by so doing 48 hour clearance time line policy will be met.,” the statement read. The body alleged that the real reason for the bench mark initiative was the anxiety of the NSC to meet its Two Trillion Naira (N2t) revenue target for 2012. “SNIFFIEC is saying that if the imperative of meeting revenue target should not undermine our national law on valuation, then it is advised that the Nigerian government should declare a state of emergency on our national revenue which will effectively suspend all law on rates, taxes and levies. “The management of the Nigerian Customs Service is aware that it is introducing an illegal regime that is why it has scaled down the amount it imposed on its BMV on some items from its earlier announced value of N12.5 million per 40ft container to N10 million per 40ft container while at the same spreading the reduction over an alleged list of 26 items from the earlier list of 11 items. “The result of continued imposition of BMV is that importers will abandone their goods in the ports,” he decried. In a swift response, Alhaji Abdullahi Dikko, the CGC denied the alleged imposition of Bench Mark Valuation (BMV) on importers, expressing that the Service only issued Bench Mark on Cargoes. “The issue of bench mark was misunderstood. And many agents in the maritime sector are mischievous, thereby circulating false information to the people. Some have even petitioned President Jonathan. “We must withstand paying lip service to the authorities. The maritime industry is a big family that needs the assistance of all stakeholders to move on. For instance, we have the challenges of revenue generation, smuggling and participation in international trade; so, running after containers means that something is either wrong with the Customs operations or that the stakeholders have failed. Dikko affirmed that the Service introduced the Bench Mark on Cargoes (BMoC) to ensure that businesses thrive, while importers pay the necessary duties. Against that backdrop, the management of customs has introduced an incentive that any importer whose clarifications, declarations and duties payment are up standard five consecutive times will be rewarded.


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EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

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Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.

EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

Tunde Ayeni, former chairman of defunct Skye Bank Plc,

This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.

He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.

Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.

Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.

Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.

About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.

The EFCC is expected to file charges once the investigation is concluded.


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Summit Factory Opens in Ogun, Targets Hygiene Market Expansion

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L-r: Sadiq Ali, General Manager, Summit Household Solutions Limited; Oba Abdulakeem Odunaro, Onikotun of Otun, Ota; Hon. Wasiu Adewale Lawal (FCA), Executive Chairman of Ado-Odo/Ota LGA; Mr Kehinde Akintomide, Permanent Secretary, Ministry of Commerce, Trade and Investment, Ogun State; and Mojeed Maaradesa, Manufacturing Manager, during the commissioning of the ultra-modern factory by Summit Household Solutions Limited in Ota on Thursday.
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Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.

The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.

Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.

He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.

Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.

In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.

He also revealed that the company is preparing to introduce new home and personal care products later this year.

Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.

Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.

Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.

The special guests were conducted around the facility, and the programme was concluded with a luncheon.

 


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US Freezes $344m in Crypto Linked to Iran in Major Crackdown

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The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.

US Freezes $344m in Crypto Linked to Iran in Major Crackdown

The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.

U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.

Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.

A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.

Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.

The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.

Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.


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