Business

Just In: Nigeria Customs suspends implementation of 4% FOB Levy

Maiwada explained that “This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

Published

1 year ago

February 11, 2025

OCHEFA

369 Views

The Nigeria Customs Service (NCS), has suspended implementation of the 4 percent levy on the Free On-Board (FOB) value of imports.

The Spokesman of the service, Abdullahi Maiwada, made this known in a statement on Tuesday in Abuja.

Maiwada explained that “This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

Ohibaba.com reports earlier that NCS on Feb.5 announced that it was implementing a 4 percent charge on the FOB value of imports.

The announcement received criticism from the private sector operators, the like of the Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, etc, calling for its suspension because of the negative effects on trade facilitation, Manufacturers and other stakeholders in the port system.

Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and and Industry, said the implementation was abrupt and lacked due consultation with stakeholders, as required by the provisions of the NCSA 2023.

Read Also: Man-accuses-ncs-npa-not-giving-priority-to-trade-facilitation/

According to Maiwada, the suspension period would allow the service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for the sustainable funding of its modernisation initiatives.

The revised implementation timeline would be announced following the conclusion of the consultation.

Related Topics:Featured FOB Levy suspension NCS Free -on-board levy

Up Next

New ATM Transaction Fees Begin March 1, Says CBN

Don't Miss

Court orders Winding Up of Keystone Bank and forefiture of Majority Shares to FG

Click to comment

Business

Naira Exchange Rates Thursday, 22 July

Published

5 hours ago

July 23, 2026

OCHEFA

23 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

22 hours ago

July 22, 2026

OCHEFA

30 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.