Business
Nigeria Customs Set for Nationwide Activations of B’Odogwu System to Facilitate Trade
The B’Odogwu system is an indigenous trade facilitation platform developed by the NCS to replace the existing Nigerian Integrated Customs Information System (NICIS) II.
The Comptroller-General of Nigeria Customs Service (NCS), Adewale Adeniyi, has said that the Service is prepared for the full implementation of the B’Odogwu system—an indigenous trade facilitation platform developed by the NCS to replace the existing Nigerian Integrated Customs Information System (NICIS) II.
CGC Adeniyi made this known recently during a courtesy visit to the Central Bank of Nigeria, where he met with its governor, Olayemi Cardoso.
“The initiative is expected to modernise Customs operations, improve efficiency in trade documentation, and enhance revenue collections,”said Adeniyi.
He emphasised the importance of seamless integration between Customs and financial institutions, particularly in automating foreign exchange transactions and trade-related payments.
He explained that the new system was introduced following the contract’s expiration with the previous service provider, which had been extended multiple times before the government entered a new concession agreement in 2023.
“We began piloting the B’Odogwu programme at the Port and Terminal Multi-services Limited (PTML) Area Command in Lagos and engaged all stakeholders, including the Central Bank. “
Three months into the pilot phase, we integrated key trade documentation processes such as Form M and Pre-Arrival Assessment Report (PAAR) but encountered initial challenges, particularly resistance from some of the Authorised Dealer Banks (ADBs),” Adeniyi noted.
He urged the Central Bank to grant the necessary approvals for banks to integrate into the system to enable seamless transactions.
Adeniyi also highlighted bottlenecks in the current manual process communicating prevailing exchange rate to the service by the apex bank for the purpose of duty collection.
He appreciated the Central Bank’s support and called for continued collaboration to ensure a smooth nationwide rollout of B’Odogwu.
In response, the Central Bank Governor, Olayemi Cardoso, commended the Customs Service for its innovative approach and pledged his support in ensuring the initiative’s success.
“I am pleased to see a new direction in Customs operations. Collaboration is key, and we will continue to work closely to ensure seamless integration. Our commitment is to provide the necessary support so that the banking sector aligns with this transition,” Cardoso said.
He assured that the Central Bank would work towards ensuring compliance among commercial banks with directives to improve trade processes and enhance revenue collection efficiency.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
Illicit Financial Flows Draining National Resources – Adedeji
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