Economy
SON Tasks ANLCA to Expose Fraudulent Clearing Agents
By Adedapo Adesanya
The Standards Organisation of Nigeria (SON) has urged the Association of Nigerian Licensed Customs Agents (ANLCA) to expose unscrupulous members hiding under the association to perpetrate heinous activities.
This appeal was made by the Director-General of SON, Mr Farouk Salim, at an interactive session with executives of ANLCA in Lagos.
He noted that exposing these clearing agents would serve to protect and improve the image of the association as well as safeguard lives and properties of Nigerians.
He said, “The impact of substandard goods on the nation is huge, leading to loss of jobs and sometimes lives as we know that substandard goods have no economic value.”
Mr Salim reiterated the agency’s resolve to combat fake and substandard goods in the country and also to improve the lives of Nigerians through quality assurance.
On his part, the ANLCA President, Mr Tony Nwabunike, restated the association’s commitment to work with SON.
He said that SON’s automation process scheduled to go full gear in the year 2021 would make cargo clearance seamless at the ports.
“We are going forward and we are hoping to see a very wonderful automation of SON,” he said.
The ANCLA boss called for all hands to be on deck as the nation begins trading activities in the African Continental Free Trade Agreement (AfCFTA) scheduled to start in January 2021.
He assured the DG SON that ANCLA would engage importers to always insist on standards whenever they import, stressing that standards must not be compromised.
“The trade pact would expose so many things, and on that note, I will want you to buckle your shoes more on areas of partnership with Nigerian Customs to achieve seamless port operations.
“We are going to do many things to challenge our African counterparts on areas of commodities and products.
“We will put our heads together and also tell our importers that whenever they go to import, they must always insist on standards and these standards cannot be compromised,” Mr Nwabunike said.
He urged the standards regulatory body to increase its sensitisation programmes across the nation, saying “the more Nigerians are sensitised, the more they would do the right thing.”
“We know SON places paramount importance on sensitisation and we implore you not to relent in this regards.
“Every individual and property must be protected and we are going to work together,” he said.
Mr Kayode Farinto, Vice President, ANLCA, in his remarks, sought the inclusion of SON into Nigeria Integrated Customs Information System (NICIS).
“Your inclusion is the surest way to achieve a seamless clearance of cargoes at the nation’s port.
“As experts in the industry, the association will assist SON to ensure that some members who are naturally non-conformists change their attitude in their dealings,” he said.
By Adedapo Adesanya
Nigeria’s average daily crude oil production declined by 64,000 barrels per day or 4.4 per cent to 1.401 million barrels per day in April 2025 from 1.465 million barrels per day recorded in the preceding month (March).
The Organization of Petroleum Exporting Countries (OPEC) April Monthly Oil Market Report revealed this, saying the numbers are based on direct communication from the producing countries.
The report also indicated that oil production fell by 6.6 per cent below OPEC’s 1.5 million barrels per day quota, and approximately 32 per cent belief of the country’s 2025 budget target of 2.06 million barrels per day.
Nigeria’s persistent shortfalls in meeting government production targets comes from challenges such as underinvestment and rampant oil theft, all contributing to suppressed output.
Nigeria’s oil production peaked at 2.5 million barrels decades ago and despite ambitious 3-4 million barrels promises by subsequent governments, the highest actualisation in recent times have been 1.8 million barrels per day.
The decline in oil production since then and the falling oil prices in the international market are likely to strain fiscal revenues, worsening budgetary pressures
Market analysts have pointed out that this will impact national reserves, thereby reducing the availability of resources for developmental spending.
While the government has no control over global oil prices, it can, to some extent, meet its OPEC production quota.
Therefore, the government must intensify efforts by enforcing stricter penalties for oil theft, while fostering greater collaboration with local communities.
Simultaneously, there is a need to attract investment in the sector by ensuring that regulatory bodies and the judiciary work together to provide an enabling environment for investment and modernisation of oil infrastructure.
By Modupe Gbadeyanka
A new report has shown the wide adoption of digital currencies in Nigeria despite efforts by the authorities to discourage the use of crypto.
The Central Bank of Nigeria (CBN) has yet to lift the ban of crypto transactions through the banking system in the country after almost five years.
In a report made available to Business Post by a venture capital firm, Hashed Emergent, it was stated that the USDT/Naira stablecoin pair has become the most traded on centralized exchanges, with stablecoin transfers in Nigeria nearing $3 billion in the first quarter of 2024, signalling the practical adoption of blockchain for real-world challenges like inflation and cross-border payments.
Last year, Nigeria ranked second globally for crypto adoption, according to Chainalysis, with $59 billion in crypto value received—$24 billion of that in stablecoins.
Stablecoin trading has overtaken Bitcoin trading on centralized exchanges, reflecting changing behaviour: for many, crypto is not speculative—it’s practical; it is how people hedge against inflation, send money, and make real-world payments.
According to the report, national agencies and multiple state governments are already implementing blockchain-based solutions across areas like identity verification, land registries, education records, and healthcare systems.
These aren’t pilots; they’re operational systems designed to improve transparency, efficiency, and trust in public services.
However, integration into existing public infrastructure remains a key challenge. Many legacy systems lack the technical readiness or interoperability needed for seamless adoption, and institutional capacity gaps—such as limited digital skills and fragmented procurement processes—continue to slow implementation.
Without addressing these bottlenecks, the long-term impact of public sector blockchain adoption may remain limited despite early momentum.
By Adedapo Adesanya
ExxonMobil is planning a $1.5 billion investment in deepwater exploration and development of the Usan oilfield in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed this in a statement, noting that commitment will be implemented between this current quarter (Q2 2025) and 2027.
This announcement, it said, was made during a visit by ExxonMobil’s Managing Director in Nigeria, Mr Shane Harris, to the Commission’s Chief Executive of the NUPRC, Mr Gbenga Komolafe.
The company proposed a Final Investment Decision (FID) for late Q3 2025, subject to final Field Development Plan (FDP) approval as well as internal and partner funding approvals, the upstream regulator added.
According to the NUPRC, this is in addition to investment targeted at the accelerated development of the Owowo and Erha deepwater oil fields, amongst others.
Mr Harris, while speaking, stated that the planned capital deployment reflects ExxonMobil’s confidence in Nigeria’s upstream potential and its dedication to playing a pivotal role in the sector’s growth.
He also voiced ExxonMobil’s support for the NUPRC’s “Project 1 Million Barrels” initiative, which aims to increase Nigeria’s crude oil production to 2.4 million barrels per day in the medium term.
The initiative has gotten commitments from other oil firms operating in the country since it was floated last year.
On his part, the NUPRC Chief Executive, Mr Komolafe, welcomed the announcement, reaffirming the NUPRC’s role as a business enabler and pledging regulatory support to facilitate ExxonMobil’s operations.
Mr Komolafe highlighted the importance of sustained collaboration between regulators and investors to meet Nigeria’s production and energy security goals, highlighting compliance with the Domestic Crude Supply Obligation (DCSO) and the need for transparent pricing and accountability in the sector.
“The commission is committed to the implementation of Section 109 of the PIA, which addresses the subject of willing buyer, willing seller, and we urge producers to comply,” he stated.
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