Economy
Nigerian Importers Cry Over High Cargoes Fees by International Shippers
By Adedapo Adesanya
Stakeholders in the import scene in Nigeria are lamenting the huge surcharge imposed on them by the international shipping firms on cargoes imported from across the world into the country.
The surcharge is adding to the high cost of doing business in the Nigerian ports, coupled with the challenges of infrastructure deficiency and cumbersome shipping process at the nation’s gateway.
Since late last year, a German shipping firm, Hapag-Lloyd, has imposed a revised Peak Season Surcharge (PSS) on all container types from across the world to Tin Can Island and Apapa ports.
According to reports, documents obtained by the media showed that about $1025 surcharge is slammed on 20 feet and 40 feet containers through cargoes coming from the United States and other US territories. Likewise, from China, Taiwan, Hong Kong, and Macau.
It was also disclosed by shippers that charges from cargoes from the rest of the world are also pegged at $1025 or an equivalent of €930 accordingly.
Notably, they complained that the charges are different from the ocean tariff rates as well as bunker-related surcharges, security-related surcharges, terminal handling charges, among others that shore up the cost of shipping in Nigeria.
Coupled with the strain of the coronavirus pandemic, industries are complaining as these high prices will take a toll on its profit.
According to the Chairman, Shippers Association Lagos State, Mr Jonathan Nichol lamented the huge shipping costs and expressed the group’s readiness to take it up with appropriate agencies.
Mr Nichol said the surcharge could be linked to congestion at Lagos ports, but it is uncalled for, considering the negative effect of COVID-19, “we will certainly induce discussions on this with the Shippers Council”.
He stressed the need to review the costs of shipping in Nigeria, noting that “importers hardly make profits” due to excessive charges.
On the part of the Nigerian Shippers Council (NSC), the Executive Secretary and Chief Executive Officer, Mr Hassan Bello, described the charges as “economic sabotage”, saying the Council is against the action of the shipping firm.
He said, “We are protesting against it vehemently. There was no notice to us and the shippers that the charge was imminent. From our intelligence, these charges are over $1,000. It is discriminatory. It is insensitive. Just when the Nigerian economy is recovering a little bit from the effect of COVID-19, it is insensitive for anybody to slam such charges of over $1,000 on Nigeria’s trade.
“It is discriminatory because it is not happening in Togo, Benin or Ghana, why should it be in Nigeria.
“We have written a strong letter to the shipping association of Nigeria and we also wrote to their principals overseas, because this is not a local charge.
“Why should Nigeria be the recovery ground for shipping companies? We have three lines of action on the internal level; we are going to call on the Union of Africa’s Shippers’ Council; Global Shippers’ Association and Global Shippers Forum.
“On the national level, we are rallying around the organized private sector, I am already in talks with Lagos Chamber of Commerce and Industry (LCCI), I will talk to Manufacturers Association of Nigeria (MAN), as well as big time shippers like Dangote and Nigerian Breweries among others.
“We should all come together and fight against these unnecessary charges. The charges are unilateral and arbitral and we are going to protest against it because it is economic sabotage.
“It goes deep into Nigeria’s economic recovery. It is against our resolve to recover from the effect of COVID-19,” he said.
Also bemoaning the development, the President, Importers Association of Nigeria, Mr Kingsley Chikezie said the importers are not happy about the additional charges from the shipping firm, even at a time they were complaining about the high cost of shipping at the ports.
He explained that a lot of things are happening at the ports including the issue of transfer charges among others, appealing to the authorities to ensure urgent review of the charges.
However, some industrialists who were severely affected by the surcharge burden have urged the Federal Government to institute litigation against the erring shipping firm for operating against the rule of trade facilitation agenda of International Maritime Organisation (IMO) during the pandemic period.
Notwithstanding the negative effects of the COVID-19 pandemic, German container shipping company Hapag-Lloyd closed the first six months of this year with a profit. The group profit stood at $314 million in H1 2020, compared to $165 million seen in the corresponding period a year earlier.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
