Business

Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements

In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

Published

1 year ago

May 12, 2025

OCHEFA

424 Views

The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.

CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.

After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.

He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”

“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.

He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.

He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.

In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.

Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.

“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.

With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.

He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.

Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

7 hours ago

July 21, 2026

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18 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

16 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.