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4% FOB Levy: Customs Cancels Declarations During Implementation

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fob levy

By Adedapo Adesanya

The Nigeria Customs Service (NCS) has cancelled declarations made during the short-lived 4 per cent Free-on-Board (FOB) implementation.

This was disclosed on Monday in a statement by Mr Abdullahi Maiwada, Assistant Comptroller of Customs, National Public Relations Officer, who further directed stakeholders to recapture entries made after the policy was commenced.

Recall that two weeks again, the customs suspended the FOB, which is a 4 per cent charge on imported goods, meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee.

The move sparked heavy criticism from stakeholders like the Nigeria Employers’ Consultative Association (NECA) which warned that the business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”

According to the latest directive, tall import declarations made during the initial implementation period have been cancelled and stakeholders affected have to take the process again.

“This measure is necessary to ensure clarity, maintain consistency in customs operations, and prevent any disruptions in clearance processes. Affected importers, customs agents, and stakeholders are, therefore, required to recapture their declarations to proceed with the clearance of their goods,” the statement said.

It added that all stakeholders affected are urged to promptly recapture their entries through the designated customs processing platforms.

“The NCS has put measures in place to ensure this process is seamless,” it said adding that, “Customs Commands nationwide have been directed to provide the necessary assistance and clarifications to importers and agents requiring support during this period.”

The service added that the decision to cancel previous declarations and give room for recapturing is part of its broader effort to be a public-centric organisation that ensures efficient service delivery.

“The service remains steadfast in its commitment to implementing government fiscal policies in alignment with the provisions of the Nigeria Customs Service Act 2023 through robust consultation and dialogue with all stakeholders.

“Under the leadership of the Comptroller-General of Customs, Bashir Adewale Adeniyi, the service remains committed to demonstrating openness and transparency in its engagements with stakeholders.

“Traders are therefore encouraged to take advantage of this opportunity to avoid any further delays in the clearance of their consignments,” it added.

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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Egbin Power Commissions 80 New Staff Housing Units

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Egbin Power 80 New Staff Housing Units

By Modupe Gbadeyanka

In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.

This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.

The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.

This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.

The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.

This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication

“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.

“This significant expansion of our residential estate is a tangible expression of that commitment.

“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.

Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.

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NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality

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Ring Bell for Gender Equality

By Aduragbemi Omiyale

On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.

The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.

In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.

Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.

NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.

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IWD: Dolapo Akanbi-Alade of Pathway Holdings Urges Stronger Inclusion of Women in Finance

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Dolapo Akanbi-Alade Pathway Holdings

By Adedapo Adesanya

The Executive Director/GCOO of Pathway Holdings Limited, Mrs Dolapo Akanbi-Alade, has called for increased inclusion of Nigerian women in finance as the world marks International Women’s Day 2026.

International Women’s Day 2026 is marked every March 8, and this year’s theme is Give To Gain.

In a statement shared with Business Post, Mrs Akanbi-Alade noted that while International Women’s Day highlights the need for gender equality, significant progress requires deliberate policies and systems that expand women’s access to finance and leadership opportunities.

She emphasised that many Nigerian women and women-led businesses still face limited access to finance, highlighting the urgent need for targeted inclusion initiatives.

“At Pathway Holdings, we empower women and give access to investment advisory, asset management, and lending solutions for institutions, high-net-worth individuals, and businesses. Ensuring that women and women-led enterprises can access these opportunities is critical to building a more inclusive financial system,” she added.

Mrs Akanbi-Alade said, “Women’s access to finance is not only a social responsibility but essential for national productivity and economic growth’’. She co-founded the following companies:

Pathway Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria, as a Fund and Portfolio Manager. The product range includes Pathway Fixed Deposit Notes, Privately Managed Notes, Pathway Private Portfolio Management, Investment Advisory, and Mutual Funds, which will be launched soon.

Pathway Advisors Limited is registered and regulated by the Securities and Exchange Commission (SEC) as an Issuing House and financial adviser. Pathway Advisors’ services cover Mergers and Acquisitions (M&A), Capital-Raising, Financial Advisory, Rating Advisory, and Project and Structure Finance.

Fundbox Financial Services Limited is a wholly owned micro-lending company providing short-term personal and SME finance loans to salaried individuals, self-employed personnel, and small businesses. They offer services which include Cars4Cash, SME Loans, Personal Loans, and Group Employee Loans. Fundbox has successfully disbursed a wide range of loans to both corporate and individual clients, supporting their financial needs and business growth.

Pathway Holdings Limited is a notable investment holding firm focusing on private market investments, including private equity, private credit, and infrastructure. Pathway creates customised investment solutions for institutional investors and individuals, leveraging its extensive experience and local footprint.

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