Business
FG inaugurate collaborative task team on overtime cargoes at ports
The Federal Government has inaugurated a collaborative task team of the Nigerian Ports Authority, Nigeria Customs Service, Federal Ministry of Transportation, saddled with responsibility of addressing lingering issues of overtime cargoes at the national seaports and terminals while also proffering best-case situations on how the cargoes can be cleared.
While inaugurating members of the task team in Abuja, Permanent Secretary, Federal Ministry of Transportation and Chairperson of the Committee, Dr Magdalene Ajani, said the inability to clear overtime cargoes at the ports and terminals had affected the number of cargoes that can be handled due to limitation of space.
Also, Ajani observed that this has resulted in a drastic drop in the volume of cargo coming into the country, adding that the reduction in cargoes has ultimately affected Internally Generated Revenue which is now lost to the neighbouring countries, while explaining that the clearing of overtime cargoes should not be confined to the Ikorodu Lighter Terminal, Lagos Port Complex, and TinCan Island Port Complex but all other ports and terminals within the country.
On the composition of the task team, Ajani said, ”It was a result of a series of meetings between the Minister of Transportation, Mu’azu Sambo and the Comptroller General, Nigeria Customs Service, and the Permanent Secretary, FMT, Dr Magdalene Ajani.”
Ajani, in a statement by the Director, Press and Public Relations of the ministry, Henshaw Ogubike, called on the task team to bring their professionalism to bear in the discharge of the onerous task.
Ajani, while reading the “Terms of Reference” said the team work includes but not limited to confirming the inventory of submission by the NPA on the actual number of overtime cargo in the ports and other locations; conducting a joint examination of all such cargo to determine contents suitable for use or consumption; providing a list separating goods for disposal by public auction and those to be deposed by condemnation/destruction.
“Others include gazetting all cargoes identified as overtime for disposal; determining the methodology for public auctioning at various ports/locations; determining the recoverability of part of the Terminal Operator’s revenue arising from long occupation of economic spaces and transfer charges; ensuring that the process is in conformity with applicable customs practices and any other task that may arise in the cause of the assignment.”
Responding on behalf of the team, Comptroller Adekunle Oloyede of the NCS, assured that the task team is a one-stop shop that will certainly unravel the overtime cargo challenge.
The task team is expected to submit its report within eight weeks.
Business
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
