CBN Reassigns Pre-Shipment Agents for Non-oil Exports

CBN interbank forex market

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has reassigned two pre-shipment inspection agents; Carmine Assayer and Cobalt International to inspect all non-oil exports emanating from northern and south-western parts of Nigeria.

This was disclosed by Director, Trade and Exchange Department of the CBN, Mr Ozoemena Nnaji, in a circular titled Notice of Re-assignment of Pre-Shipment Inspection Agents for Non-oil Exports on Thursday.

According to the CBN Director, Carmine Assayer has been re-assigned from the northern zone to serve as PIA for non-oil export for the south-west zone, comprising Lagos, Ondo, Osun, Ekiti and Ogun states.

On the other hand, Cobalt International was re-assigned from the south-west zone to the north-central, north-east and north-west zones handling states that fall under that zone.

The Pre-Shipment Inspection Agents (PIA) have also been charged to report all unwholesome activities or substandard exports to the Nigerian Shippers Council (NSC).

According to the apex bank, PIAs are also expected to submit monthly, quarterly and annual statistical returns on export transactions to the Federal Ministry of Finance, Central Bank of Nigeria, Nigerian Export Promotion Council (NEPC), National Bureau of Statistics, Office of the Secretary to the Government of the Federation and the Nigeria Customs Service.

The guideline from the Ministry of Finance stipulates that any PIA that consistently fails for a period of three months to submit a monthly report on or before the 10th day of the subsequent month shall receive a query from the Ministry, while any PIA that fails to submit same for up to six consecutive months within the same year shall be deemed as non-performing and would have its contract terminated.

“On the other hand, if it is established that it is the fault of the shipping line/agent, it shall be reported to the Nigerian Shippers Council for appropriate sanction.

“Failure of any PIA to report attempts to export substandard goods should immediately result in a query, warning and subsequent suspension,” the guidelines explained.

PIAs are responsible for the inspection of all non-oil exports from the country, with the exemption of goods prohibited for exportation from Nigeria as contained in the annual Fiscal Policy guidelines.

This means the quality, quantity and price competitiveness of non-oil exports from Nigeria are done by them as well advising the fair value of the products exported and if satisfactory, issue a Clean Certificate of Inspection (CCI) in respect of such products.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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