The Nigeria Customs Service (NCS) recently intercepted 16 containers containing prohibited items, including firearms, ammunition, military equipment, and counterfeit pharmaceuticals, with an estimated value of N10 billion at the Lagos Port Complex (LPC) in Apapa.

During a press briefing in Lagos, Comptroller General Adewale Adeniyi reported that the seizures included two pump-action rifles, 25 cartridges of ammunition, and 202 cans of Colorado Loud, a cannabis strain originating from Canada, which were concealed within a 40-foot container identified by the document number MRSU6407089.

This particular container was consigned to Mr. Babatunde Ogidiolu, linked to a Lagos address.

Adeniyi clarified that the container had initially received clearance as compliant; however, a subsequent search conducted by joint security agencies revealed the concealed illegal items. Each can of Colorado Loud weighed 500 grams, culminating in a total weight of 101 kilograms, roughly equivalent to two bags of cement.

He also noted that intelligence reports suggested the potential presence of additional contraband within the confiscated containers, thereby leading to directives for comprehensive scanning to uncover all hidden items.

“And when this was done, arms and ammunition were discovered inside the container. Two pump-action rifles and 25 cartridges of ammunition were discovered. Also discovered was one Smith & Wesson pistol with 55 rounds of ammunition, one blank, and a number of accessories.

“This container had Mr. Babatunde Ogidiolu of an address in Lagos as the consignee of these products. Other seizures include that of seven containers of expired drugs and prohibited medicaments, three containers of expired food items, particularly margarine, and three containers of absolutely prohibited used clothing.”

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Over the weekend, Adeniyi disclosed, “we also launched an operation through the customs area where one container, one by 40-footer container, number OERU4243517, was seized.

“And it contained 1,290 sacks of frozen poultry products. Another container, FBIU5507953, a 40-footer container, also had 1,290 sacks of frozen chicken. Another interesting seizure has to do with an importation that has infringed intellectual property rights.

“It was established that this container, number ZZSU7277511, had 305 cartons of toothpaste that were concealed with beads and a Jalabiya dress. This particular seizure also underscores what customs does with other agencies of government regarding the enforcement of branch rules. It was a case of infringement of a brand owned by a Nigerian company. Because these products were also not registered by NAFDAC, in addition to the brand infringement, they are subject to seizure.

“Two other containers of expired chest and lung tablets without NAFDAC registration number were also seized. And as we were putting together this press briefing, two containers that we have followed over a period of time from our partners arrived at our ports yesterday.

And true to the information that we received, he said, “These two containers, 40-foot containers, contained codeine. These two containers have also been seized. And the information that we had on these containers is linking the owners to those of the previous ones that we have made.”

The Service, he added, has “therefore deployed tools, technology, and intelligence to help us to strike a delicate balance between and among all these mandates. In doing so, we have found ourselves working on some tightropes to ensure that we do not give attention to one and allow another one to suffer. The results that we have gotten in the last two years have justified the fact that we are doing our best in striking a healthy balance,” Adeniyi said.

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FirstBank proudly sponsored the recently held Canada-Africa Fintech Summit (CAFS 2025), which ended at the weekend at the Sheraton Centre in Downtown Toronto.

Convened by Dr. Segun Aina, President of the African Fintech Network, CAFS 2025 was a landmark event that united fintech leaders, regulators, startups, and investors from Africa and Canada to explore scalable digital solutions, encourage investment, and promote inclusive economic development across both continents.

As a legacy institution with over 131 years of leadership in financial services, FirstBank’s sponsorship highlights its commitment to fostering cross-border collaboration, financial inclusion, and forward-thinking innovation in the global fintech landscape. Olayinka Ijabiyi, Ag. Group Head, Marketing and Corporate Communications at FirstBank, stated, “Our support of CAFS 2025 reflects our belief that collaboration between African and Canadian fintech ecosystems can lead to transformative innovations. FirstBank is proud to help shape that future.”

During a high-level panel discussion with Rudy Cuzzeto, MPP for Mississauga–Lakeshore, and David Stevenson, Country Director for the United Nations World Food Programme (Nigeria), Chuma Ezirim, Group Executive for E-Business & Retail Products at FirstBank, stressed the significance of digital collaboration in Africa’s financial ecosystem. “We’re building APIs that understand regulatory bifurcation, who has access to what, and why. The technology is the easy part.”

The real challenge lies in maintaining security, consent, and performance,” he explained. “In Nigeria, fintech has evolved beyond disruption to convergence, integrating banks, fintechs, and regulators into an agile and accountable ecosystem.” He further emphasized that regulatory clarity is essential for building public trust and attracting private investment in fintech, stating, “The more we collaborate, the more lessons we learn, and the greater the benefits for consumers.”

In a separate panel discussion, Rachel Adeshina, Chief Technology Officer at FirstBank, shared insights on harnessing AI to enhance credit access for the underbanked. “We’re addressing data poverty by using AI to interpret alternative data, allowing us to lend to individuals who might otherwise be invisible to the traditional credit system,” she noted. Adeshina highlighted that FirstBank has disbursed over ₦1 trillion in digital loans through this AI-driven model, achieving a remarkable repayment rate of over 99%. “This innovation was enabled not only by technology but also by a supportive environment, including API banking regulations, data privacy laws, and a shift from account-based to wallet-based banking,” she added. She also underscored the importance of scalability through collaboration, stating, “In a fragmented continent like Africa, digital scale will come from interoperability. Connecting the 54 markets is the next big challenge, and fintechs are ideally positioned to lead that initiative.”

The summit formed part of Canada’s broader Africa Strategy, aimed at fostering economic partnerships, digital cooperation, and innovation exchange. As Africa’s digital finance ecosystem continues to grow and Canada develops its own open banking framework, events like CAFS 2025 provide a timely platform to align strategies and ignite collaborations.

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The escalating cost of living, elevated exchange rates, and increasing import tariffs are rendering foreign-used vehicles increasingly unaffordable for many Nigerians.

Consequently, there is a noticeable shift towards Nigerian-used cars, which have become the preferred option.

This trend, as reported by Saturday PUNCH, is catalyzing a surge in the Nigerian-used car market, as a greater number of buyers are opting for locally pre-owned vehicles due to their affordability.

Research conducted by Saturday PUNCH indicates a significant rise in vehicle listings by private owners, particularly on online marketplaces, social media platforms, and roadside car lots.

Meanwhile, car dealers have expressed concerns regarding the escalating costs and decreasing demand for imported vehicles.

Although foreign-used vehicles, commonly referred to as Tokunbo, continue to enjoy popularity, their prices have reportedly doubled or even tripled within the past year due to the depreciating naira and substantial import charges.

This situation arises amidst a marked decline in the volume of imported vehicles, a consequence of the introduction of a new four percent Free On Board (FOB) levy, which has replaced the previous one percent Comprehensive Import Supervision Scheme charge.

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The Nigerian Customs Service (NCS) has previously announced that this new levy is mandated by the Customs Act 2023 and is intended to serve as a principal funding source for its operations, including the implementation of the B’Odogwu cargo clearance system.

Comptroller-General of the NCS, Adewale Adeniyi, stated that the transition from the Comprehensive Import Supervision Scheme to the Free On Board levy is designed to modernize the service and mitigate clearance bottlenecks.

“The one per cent CISS has served the country for decades,” Adeniyi said at a recent stakeholder forum in Lagos. “But as we embrace digitisation and indigenous technology like the B’Odogwu platform, the Customs must find sustainable ways to fund these transformations.”

Nigerian-used cars market booms

Speaking with Saturday PUNCH, a dealer in Nigerian and foreign used vehicles, Nurudeen Amodu, decried the rising cost of automobiles in the country, saying the situation had also reversed the old practice of Nigerian dealers travelling to Cotonou and other neighbouring countries to buy cars.

“Back then, what we usually did in the car business was to travel to Cotonou and other neighbouring countries to bring cars because our money was valuable, but currently they come to us to buy now because our money has lost value.

“Recently we hosted some customers from Cotonou that came to buy cars, and I asked them why, they said because their money has more value now than the naira and that they would make more buying Nigerian used cars,” Amodu said.

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He gave examples of price jumps in recent years: foreign used Toyota (2003–2006) models that sold for about N1.5m now cost between N8m and N10m; the Honda CR-V (2010) rose from N5m to N13m; the Lexus RX330 from N5m to N15m; and the Toyota Venza from N6m to nearly N20m.

Amodu said the sharp depreciation of the naira had pushed the prices of foreign used cars, popularly called Tokunbo, to levels comparable to, or even higher than, locally used vehicles.

“Some companies have liquidated. Imagine running a business with N100m capital and stocking vehicles for N5m each before. You could have 10 cars in stock then, but now that each costs around N15m, you can see how the business is affected.”

“What we do presently to address the situation for our customers is car swap, where we collect your old car and you add a little money to get another,” he added.

Several car dealers in Sokoto also told Saturday PUNCH that they are witnessing an influx of buyers from neighbouring Niger Republic, to buy Nigerian-used cars due to better pricing.

They attributed the growing trend to the relative strength of the Nigerien currency against the Nigerian naira, making Nigerian-used vehicles more affordable for Nigerien buyers.

Speaking with Saturday PUNCH, a car dealer operating along Maiduguri Road in Sokoto, Haruna Abubakar, said the number of customers from Niger Republic had surpassed local patronage in recent times.

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“I now have more customers from Niger Republic than within Nigeria,” he said. “They often buy popular models like Toyota Corolla, Camry, and Sienna. It used to be the other way around, but with the current exchange rate, they are the ones buying from us, and it is good for our business,” Abubakar said.

Another dealer, Mallam Jamiu Bello, disclosed that he had been consistently selling Nigerian-used vehicles to Nigerien nationals over the past few years.

“Many of them not only buy vehicles here, but also request Nigerian number plates,” he disclosed. “From what I understand, their laws permit them to use Nigerian plates after securing a single document, and they drive the cars like that back home.”

Bello added that it is not uncommon to find several cars in Niger Republic bearing Nigerian registration numbers, especially from Sokoto.

According to him, the development is boosting the local automobile market in Sokoto, even as economic challenges continue to affect domestic buyers.

Also speaking, a Lagos-based car seller, who only identified himself as Sam, said people now patronise Nigerian-used cars more than foreign-used ones because of the Customs duty hike and high exchange rates.

“This current situation will make it difficult for many Nigerians to get cars. Even people now sell their cars so they can eat. I bought a fairly used 2005 Toyota Corolla for N4m. Also, in Lagos State, I saw another one whose owner said it was going for N5.2m. This is because the man has issues,” he noted.

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Sam added, “Not only do people from Benin Republic buy Nigerian-used cars, but people also come from Cameroon. This is because their currency is stronger. Recently, I compared the prices of a 2013 Ford Escape in Cotonou, and it is between 2.8m to 3m CFA. In Nigeria, it is being sold for N11m to N13m.”

More Nigerians sell cars

A private car owner, Olumide Adegbola, told our correspondent that he had to sell his vehicle due to the worsening economic situation in the country.

He explained that feeding his family had become a daily struggle, making it nearly impossible to afford fuel for transportation.

“The economy has really been tough lately. I can’t even afford basic necessities,” he said. “To stay afloat, I had to sell my car to meet my family’s needs. It was a Corolla I bought a few years ago for N2,000,000, but I had to sell it for N4,000,000.”

Another car owner, identified simply as Yunusa, also shared that he sold his car as a result of financial hardship.

Recounting his experience, he said, “I lied to my client that I was travelling just so I could sell my car. I wasn’t travelling, hunger will make you do anything just to survive.

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“Now, I don’t have a car, and honestly, I don’t know when I’ll be able to afford one again. Things are really hard.”

“It’s the profit that made me sell it so that I can help my family and be stable financially.”

In the first quarter of 2025 (Q1 2025), Nigeria’s total capital importation reached approximately $5.64 billion, reflecting an increase of 67.12 percent compared to the $3.376 billion recorded in Q1 2024.

The Federal Capital Territory (FCT) emerged as the leading destination for foreign investment, attracting $3.04 billion, while Lagos State followed with $2.54 billion. This development marks the first occurrence of Lagos losing its status as the primary preferred destination for foreign investment in the country.

Ogun State attracted $7.95 million in investments, positioning it behind Lagos, while Oyo State and Kaduna State received $7.81 million and $4.06 million, respectively. These figures were reported by the National Bureau of Statistics (NBS) in its Capital Importation Report for the first quarter of 2025, released on Tuesday.

The report notes that, relative to the previous quarter, capital importation increased by 10.86 percent from $5.09 billion in Q4 2024. Portfolio Investment constituted the largest segment, amounting to $5.20 billion, which represents 92.25 percent of the total. Other Investment accounted for $311.17 million (5.52 percent), while Foreign Direct Investment contributed the least with $126.29 million, representing 2.24 percent of total capital importation in Q1 2025.

The NBS indicated that the Banking sector recorded the highest inflow at $3.13 billion, representing 55.44 percent of the total capital imported in this quarter. This was followed by the Financing sector, which received $2.10 billion (37.18 percent), and the Production/Manufacturing sector with $129.92 million (2.30 percent).

The report highlighted that the majority of capital imports originated from the United Kingdom, amounting to $3.68 billion, or 65.26 percent of the total, followed by the Republic of South Africa with $501.29 million (8.88 percent) and Mauritius with $394.51 million (6.99 percent).

The NBS further detailed that Abuja (FCT) was the top destination, accounting for $3.05 billion (54.11 percent) of the total capital imported, with Lagos State at $2.56 billion (45.44 percent) and Ogun State at $7.95 million (0.14 percent). Oyo and Kaduna States received $7.81 million and $4.06 million, respectively.

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The report identified Standard Chartered Bank Nigeria Ltd as the recipient of the highest capital importation in Q1 2025, with $2.10 billion (37.29 percent). This was followed by Stanbic IBTC Bank PLC and Citibank Nigeria Limited, receiving US1398.38 million and $1.05 billion (18.66 percent), respectively.

Nigerian crude remained steady at $73 after a three-day decline, as concerns grew over Russian supply risks, further intensified by US President Donald Trump’s escalating threats to penalize India for purchasing crude from Moscow, as reported by Nairametrics.

Brent fell below $69 a barrel after losing over 6% in the past three sessions, while West Texas Intermediate hovered near $66 a barrel.

U.S President’s comments about “substantially raising” tariffs on exported Indian goods due to Russian oil imports were an attempt to pressure Moscow into complying with a ceasefire concerning the Ukraine conflict, which drew strong opposition from New Delhi.

The US president issued his most recent warning to India just before his deadline of August 8 for Russia to agree to a truce with Ukraine.

Tass stated that Steve Witkoff, the US Special Envoy, is scheduled to travel to Moscow on Wednesday. After Russia’s invasion of Ukraine in 2022, India became the largest purchaser of Russian seaborne crude exports, quickly increasing purchases from nearly zero to roughly one-third of imports while snatching up discounted barrels avoided by Western countries. China is a significant buyer of oil from Moscow as well.

India’s ongoing demand for oil keeps Nigerian barrels in high demand, highlighting the impact of global supply chain shifts and new consumption patterns.

Nigeria’s crude oil production increases
The narrowing delta between Brent and Nigerian crude is a sign of increased market competition. A statement released on Monday by Nigeria’s upstream regulator stated that the country’s oil production averaged 1.8 million barrels per day.

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Nigeria relies on increased crude oil production to finance its economy; the black viscous hydrocarbon constitutes over 80% of foreign exchange earnings and nearly two-thirds of government revenue.

Gbenga Komolafe of the Nigerian Upstream Petroleum Regulatory Commission said the output rise is from enhanced security measures and is part of an effort to boost oil production from 1 million to 3 million barrels per day.

Nigeria aims to increase its oil output, with a medium-term target of reaching 2.06 million barrels per day by 2027, according to Bayo Ojulari, CEO of the Nigerian National Petroleum Company (NNPC) Limited. He expressed confidence that by December this year, output could reach 1.9 million barrels per day.

Nigeria achieved full operational capacity on its major crude oil pipelines in June, a milestone Ojulari said was the first in many years and signaled improved system reliability and infrastructure security.

OPEC+ members to increase crude oil output
OPEC+ members’ decision to boost crude output at the start of the next month stems from the ongoing recovery of the global economy and fundamental market factors. Data from the August 3 meeting, which involved Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, showed they reaffirmed their commitment not to destabilize the market.

The phased responsive increase marks the fourth monthly hike in the 2.2 million bpd voluntary production cuts introduced in April and November 2023 in a bid to support prices during highly volatile market conditions.

OPEC explicitly supported the participants and quoted, “By the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from the August 2025 required production level.

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” However, industry analysts are increasingly worried that this decision could put downward pressure on oil prices, which would negatively affect Nigeria’s oil revenues.

“Although there is a lot of discussion about tariffs on India, it is clear that there is a possibility that secondary tariffs will also be applied to other buyers,” said Patterson of ING. The more buyers are subject to these tariffs, the more difficult it is for the market to cope with the potential disruption.

If India’s purchases of Russian oil are interrupted, it might have to look for supplies elsewhere. Other OPEC+ countries, those in the Middle East, were able to make up for any potential shortfall, according to a recent note from Rystad Energy. The alliance agreed to start increasing production in September by about 547,000 barrels per day.

The African Export-Import Bank (Afreximbank) has announced the signing of a US$1.35 billion financing facility in favour of Dangote Industries Limited (DIL).

The facility is part of a larger approximately US$4 billion syndicated financing arrangement for Dangote Industries Limited (DIL), Africa’s largest industrial conglomerate.

Afreximbank acted as the Mandated Lead Arranger for the syndication.

This financing, one of the largest syndicated loans in recent African financial markets, will refinance capital expended on constructing the Dangote Petroleum Refinery and Petrochemicals Complex — the biggest single-train refinery in the world, with a capacity of 650,000 barrels per day.

The financing alleviates initial operational expenditures and enhances DIL’s balance sheet, supporting its continued growth trajectory.

Afreximbank contributed US$1.35 billion, the largest share among participating banks, underscoring its commitment to large-scale infrastructure that advances Africa’s industrialisation, energy security, and intra-African trade.

Since operations at the refinery complex began in February 2024, Afreximbank has continued to support the Dangote Refinery by providing key financing solutions for crude supply and product offtake, ensuring uninterrupted operations and reinforcing its role in Africa’s most significant refining intervention.

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Commenting on the development, Professor Benedict Oramah, President & Chairman of the Board of Directors at Afreximbank, said: “With this landmark deal, we once again demonstrate that Africa’s development can only be meaningfully financed from within. It is only when African institutions lead the way that others can follow. The journey to utilise African resources for its own economic transformation is well underway. Through the Bank’s funding support, we are enhancing the capacity of the Dangote Refinery and Petrochemical Industries Ltd to produce and supply high quality refined petroleum products to the Nigerian market, as well as for export to the entire continent and the world. Our energy security is in sight.”

Alhaji Aliko Dangote, President/Chief Executive, Dangote Industries Limited, added: “Afreximbank’s contribution to this milestone financing underscores our shared vision to industrialize Africa from within. This refinancing strengthens our balance sheet and accelerates with ease the refinery’s supply of high-quality refined petroleum products across Africa.

“The syndicated facility attracted strong participation from leading African and international financial institutions, reflecting enduring confidence in Africa’s industrial potential and Dangote’s vision in transforming Africa.”