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UK Court Orders Release of $200M Guarantee to Nigeria

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UK Court Orders Release of 200M Guarantee to Nigeria

A Commercial Court in London, UK has ordered the release of a $200 million guarantee to the Nigerian government put in place as security in respect to the Process and Industrial Development Limited {P&ID} $10 billion Arbitral Claim.

This was disclosed in a statement by the Central Bank of Nigeria on Tuesday.

The Court noted that Nigeria had established a strong Prima case that the contract was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria.

It said that there was also a strong case that the P&ID’s main witness in the arbitration, gave fabricated evidence to the tribunal, and contrary to the evidence, P&ID was not in the position to perform that contract.

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“Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200Million when the UK Commercial Court ordered the release of the $200million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim.

“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.” the CBN stated.

Recall that, On January 31, 2017, an arbitration tribunal had ruled that Nigeria should pay P&ID, the sum of $6.6 billion as damages and breach of contract after a 2010 deal for a gas project in the Niger Delta collapsed.

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Customs Corner

Oyo/Osun Customs Area Command Records Over Six Billion Naira in May 2024

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Oyo/Osun Customs Area Command Records Over Six Billion Naira in May 2024.

Oyo/Osun Customs Area Command Records Over Six Billion Naira in May 2024.

…Makes Seizures with Duty Paid Value of ₦129,854,100.00

By Vivian Daniel

In a demonstration of resilience, the Oyo/Osun Area Command of the Nigeria Customs Service, on 13 June 2024, at the operational headquarters in Ibadan, Oyo State, announced significant milestones in revenue generation and anti-smuggling activities.

The Customs Area Controller (CAC) of the Command, Comptroller Ben Oramalugo, during a press briefing, stated that the Command generated ₦6,335,842,600 for May 2024.

According to the CAC, cumulatively, when added to the revenue generated from January to April 2024, the sum of ₦30,664,247,939.15 has been generated from January to May 2024. This represents a 5.2% increase compared to the ₦29,154,853,722.73 generated during the same period in 2023.

He noted that in its anti-smuggling operations, the Command witnessed numerous successful operations from April to June 2024, resulting in the seizure of several contraband items with a Duty Paid Value (DPV) worth ₦129,854,100.00. These items include 504 wraps of Cannabis Sativa weighing 391.9 kg valued at ₦15,814,600.00, 600 bags (50 kg each) of foreign parboiled rice (1 trailer load) valued at ₦50,280,000.00, 274 kegs of Premium Motor Spirit (PMS) of 25 litres each (6,850 litres in total) valued at ₦5,521,500.00, 123 pieces of used tyres valued at ₦15,648,000.00, one used Mercedes-Benz truck valued at ₦30,000,000.00, and one used Nissan caravan valued at ₦12,590,000.00.

Furthermore, he informed the public that, in line with the policy thrust of the Comptroller-General of Customs (CGC) Adewale Adeniyi and the spirit of interagency collaboration, the Command had received approval to hand over the 546 wraps and 33 sacks of Cannabis Sativa confiscated to the National Drug Law Enforcement Agency (NDLEA) Oyo State Command. He also stated that the Command plans to auction seized PMS due to its flammability.

Comptroller Oramalugo reiterated his stance against the worsening illegitimate trade activities plaguing the nation, appreciating the officers and men of the Oyo/Osun Area Command for their unwavering support, efforts, and proactiveness in hunting down perpetrators. He acknowledged their valuable contributions to the command’s success.

“In tandem with our revenue generation efforts, the Oyo/Osun Area Command has maintained a robust stance against smuggling activities within our jurisdiction. Despite the economic hardships that often exacerbate smuggling tendencies, the officers have remained vigilant and proactive in intercepting illicit goods and apprehending perpetrators,” he said. He also commended the officers for their commitment to duty and professionalism.

He highlighted the awareness campaigns the Command has been conducting for its stakeholders, which have yielded significant results, and the introduction of advanced technology solutions in its operations.

“Our efforts to educate various stakeholders within the Command’s Area of Responsibility (AoR) on the importance of adhering to customs regulations have paid off. We have seen a significant reduction in under-declarations, contributing to the overall increase in revenue. The introduction of advanced technology solutions, such as the Nigeria Customs Service Modernisation Project, has streamlined our processes and enhanced transparency, further boosting our revenue collection capabilities,” he said.

The CAC expressed profound gratitude to the CGC Bashir Adeniyi and his management team for their continuous support, ensuring the core mandates of the service are achieved within Oyo and Osun States.

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Customs Corner

Customs Wildlife Unit Engages Stakeholders on Import/Export Regulations

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Author: Lucy Nyambi.

The Nigeria Customs Service (NCS) Special Wildlife Unit has engaged stakeholders on the need to understand Government policies on wildlife.

The meeting, which was held at the Customs Training College in Lagos on Friday, 07 June 2024, had in attendance freight forwarders within the Murtala Mohammed Airport Environs.

Declaring the event open, the Commandant of the Training College, DC Haniel Hadison, stated that the meeting aligns with the Comptroller-General of Customs, Adewale Adeniyi’s directive to ensure that the NCS continues to collaborate with relevant stakeholders.

“This is in line with the Comptroller-General of Customs’s clarion call for collaboration and synergy, “we have stakeholders coming from the airport to the wildlife unit domiciled here at the Customs Training College to deliberate on the way forward. It’s a continuous exercise; this is just the beginning, but it’s a work in progress, “the commandant stated.

The National Coordinator of the Special Wildlife Unit, AC Abimbola Isafiade, highlighted the importance of the meeting, saying, “The freight forwarders have some misconceptions about the activities of the customs; a lot of them think we’re trying to stop their businesses from flowing, and so they wanted to know why there has been a lot of restrictions and their consignments being put on hold”.

“So we have been able to explain to them that some laws have to be complied with before any export or import of wildlife product will be carried out, what the procedures are, as it relates to the shipment, the legal trade in wildlife product and where it is illegal trade, how and why we will not allow it”, Isafiade explained.

She noted that help desk officers have been assigned to their business locations to help make enquiries and lodge their complaints, which will be addressed at the national stakeholders forum, where customs will participate.

The National Coordinator appreciated the CGC and his management team for supporting and encouraging the Special Wildlife Unit of the service.

Stakeholders commended the service for working tirelessly to ensure that things are correctly done and regulations followed.

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Customs Corner

Customs plans to Set-up Technical Working Group to Ease Healthcare Cross-Border Movement

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Author: Lucy Nyambi.

The Nigeria Customs Service is set to establish a technical working group to implement the Memorandum of Understanding of the World Customs Organisation (WCO) and World Health Organization (WHO) on clearance of medical goods.

The Comptroller General of Customs (CGC), Adewale Adeniyi, made this known at a Round-table dialogue on the healthcare sector on Friday, 14 June 2024, at the Customs Training College, Ikeja, Lagos.

The CGC acknowledged the importance of the healthcare sector in Nigeria, especially its role in ensuring national security.

He said, “We are here at the instance of the Healthcare Federation of Nigeria (HFN) to discuss mutual concerns, issues that have bothered the HFN regarding the problems that they encounter in the clearance of medical equipment, particularly life-saving equipment”.

“One of the things we have said is that we need to implement the WCO and WHO’s Memorandum of Understanding on clearance of medical goods, which will involve creating special corridors for those goods; we are not strangers to that. We already have schemes targeted at such sectors”, the CGC explained.

CGC Adeniyi highlighted some of the agreements reached at the meeting, saying, “We will take the first step towards establishing the technical working group, and virtually all the members of the proposed working group are here, so they are already aware”.

“Some of these are things that we can deliver almost immediately if we are talking about processes and procedures, yes, we can deliver those almost immediately, but if we are talking about changing codes and classification, it requires a wider level of consultations, a more robust engagement with the Ministry of Finance and other agencies that are involved”, he emphasised.

The CGC explained that the technical working group will comprise Customs, HFN and other critical stakeholders like the Ministry of Finance, National Agency for Food and Drugs Administration and Control, Standards Organisation of Nigeria, office of the National Security Adviser and other stakeholders.

He restated President Bola Tinubu’s vision and passion for ensuring the delivery of a sound healthcare system to Nigerians, “we have a listening ear in government, and we will articulate this position, and hopefully by the next quarter, we could be having some of these delivered”.

The President of HFN, Dr Pamela Ajayi, expressed satisfaction at the outcome of the meeting. She appreciated the service for its quick response to issues affecting the healthcare sector.

“It shows that customs has a listening ear, the willingness to cooperate, to collaborate, to listen to the pains that we have as a healthcare sector”, she said, and the engagement of CGC in terms of quickly setting up this technical working group to work with us, to provide the solution that we need, we are indeed happy. We are grateful to the Customs Service for this”, she concluded.

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