Business
Customs, Stakeholders Collaborate on Trade Barriers
The Nigeria Customs Service (NCS), Seme Area Command as initiated a high level stakeholders meeting with a view to addressing border-related crimes, trade barriers and improve legitimate trade along the Seme border corridor.
At the meeting were representatives from the National Drug Law Enforcement Agency (NDLEA), Nigerian Immigration Service (NIS), Nigerian Army, Federal Roads Safety Corps (FRSC), traditional rulers, and various trade associations, including clearing agents and community leaders.
Speaking at the forum, the Area Controller of the command, Comptroller Wale Adenuga decried the persistence of unwholesome practices and multiple checkpoints along the Seme border corridor calling on security agencies and border communities to unite in tackling issues that could tarnish the good image of the country and hinder regional commerce.
According to Adenuga: “the checkpoints we have on the roads are too much, it is disgraceful. The CGC has directed that the checkpoints be reduced and on no account should anyone delay a legitimate business.
“After this meeting, it will not be business as usual. We will create an implementation committee on all that we have discussed.
“The Comptroller-General of Customs is now the number one Customs officer in the world and Nigeria cannot be different from what is obtainable in other part of the world.
The move, Adenuga said, “will facilitate legitimate trade, the better for our country. When trade thrives, crime reduces. That is the vision our Comptroller-General, Adewale Adeniyi has consistently championed – building a legacy of trade facilitation and a conducive environment for economic growth.”
Speaking on the plight of residents, one of the community leaders, Joseph Agoro, argued that majority of the fight and conflicts on the border corridor is caused by camp boys recruited by security agencies along the border route.
He labeled the practice an embarrassment, describing how commuters and residents are often harassed and questioned by individuals who are not legitimate officers.
“Multiple checkpoints is already problematic. It is more embarrassing to be stopped by Customs and other security agencies, especially the Police, and someone who isn’t an officer would begin questioning passengers. We don’t know who is attending to us. There is no way the residents and villagers wouldn’t complain with such unfair treatments from camp boys. Why should we be harassed just for living along the border corridor,” Agoro said.
On his part, the Oba of Kweme Kingdom in Badagry, Oba Sejiro Ogungbe expressed appreciation to the Customs for reducing frequent clashes between Customs and smugglers in communities, which he said, often leads to avoidable deaths.
Responding, Controller Adenuga, assured that the multiple checkpoints would be reduced in no distance time. He said the Comptroller General of Customs is working closely with the Inspector General of Police and the National Security Adviser to address the issue.
Adenuga also issued a note of warning to other security agencies, saying, “If you don’t have any business to do on that road, don’t come there. If you refuse to comply, you would be arrested because I have the backing of the Comptroller General. ”
On the use of camp boys, Adenuga warned that any officer who make use of camp boys will be dealt with appropriately as the Service has since abolish the use of camp boys.
Representative of the Nigerian Air Force, Badagry, Capt. H.I Medugu thanked Comptroller Adenuga for initiating the stakeholders meeting due to several complaints along the border route.
The Nigerian Ambassador to Benin Republic, Ambassador Olukayode Olugbenga Aluko who was represented by the Defense Attache, Colonel S. Yahaya, assured that all the takeaways at the meeting would be fully implemented by the appropriate authority.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.
The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) had last month directed its members to embark on strike in the wake of a face off with the management of Dangote Refineries over the reported sack of 800 workers.
Reacting to the effect of the three-day strike action on the oil industry, Ojulari stated that the industrial action had a telling effect on the production capacity of the NNPC.
The GCEO who spoke with newsmen after meeting with President Bola Tinubu in Lagos while describing the strike action as unfortunate stated that Nigeria has recently achieved a 7 Billion Cubic Feet (BCF) of gas.
“I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.
“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.
He, however, expressed happiness that the crisis had been resolved through the timely intervention of the federal government via the Federal Ministry of Labour and the Office of the National Security Adviser (NSA).
Ojulari added: “I’m very pleased that the federal government through the leadership of the Minister of Labour and full support of the National Security Adviser was able to put together everyone into a dialogue and brought everybody to the table and now there has been a communiqué that has been agreed on the way forward.
“We are all very hopeful that everyone will abide by the communique, since then we have been able to return production back to status quo, there has been one or two areas that we are still trying to catch up with. Overall, we have gradually gone back to restore lost production and the deferment that we have as of today,” he added.
Ojulari further stated that Nigeria has been able to step up crude oil production with effect from last month, saying 1.68 million barrels per day were produced in September, 2025 while 7 billion cubic feet of gas was also produced per day during the same period.
“We are making good progress. As you know, we recorded 1.68mbpd of oil production last month which was very good. That was the first in about five years. In terms of milestones, we also recorded the highest gas production above 7 Billion Cubic Feet per day which is also the highest in recent times.
“What we are also expecting is that with some Turnaround Maintenance we have done in August and September and all of those are meant to come back this month, we are hoping that by the end of the year we should at least be clocking 1.8mbpd,” the NNPC chief executive stated.
He attributed the current hike in price of cooking gas to the artificial scarcity caused by the recent PENGASSAN strike, but expressed hope that the price will stabilise before long with the resolution of the crisis.
“The increase you saw was relatively artificial because for the period of the strike, movement and loading were delayed for about two to three days and because of that you see that impact and as things return to normal it takes sometimes for distribution to fully return and you see with that delay some of the people that have existing resources in reserves had to put up the price.
“My expectation is that now that things are back to normal prices it should return to what they were before the strike,” Ojulari added.
Asked the purpose of his visit to the President, Ojulari said it was a routine visit to update him about developments in the oil sector, especially the task given to him to attract investors.
“It is quite an important opportunity to update the president on the progress in NNPC particularly in terms of production performance, in terms of progress we are making in terms of attracting investment.
“As you recall, the President gave us a clear mandate which is to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030 as well as grow gas production as well. So, how are we progressing this year and how are we preparing for next year in terms of ensuring we deliver this growth? So, that was one of my updates to the President,” the engineer noted.
Meanwhile, the NNPC has once again raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets, as light queues returned following the PENGASSAN and Dangote
It was learnt that NNPC stations in Abuja, especially in Wuse Zone 6 and Zone 4 areas had adjusted their pump price from N890 to N905 per litre, representing a N15 increase, or roughly 1.7 per cent upward review.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the latest price hike to recent supply disruptions caused by the standoff between PENGASSAN and the Dangote Refinery.
He said: “It is due to PENGASSAN’s strike disruption. However, our members are still selling between N885 and N895 per litre,” the IPMAN chief said.
The House of Representatives has formed an ad-hoc committee tasked with investigating the economic, regulatory, and security implications of adopting cryptocurrency and point of sale (POS) operations in Nigeria.
During the inauguration of the committee in Abuja on Monday, Speaker Tajudeen Abbas emphasized that the committee’s efforts would contribute to the development of a safe and well-regulated digital financial system in the country.
Abbas, who was represented by Bello Kumo, the chief whip, said the initiative reflects the seriousness with which the house views the risks associated with unregulated cryptocurrency transactions and PoS activities.
“There are real concerns about cryptocurrency’s susceptibility to terrorism financing and money laundering, considering its opaque nature and lack of accountability,” he said.
“This ad-hoc committee is absolutely necessary.
“Its main job is to undertake public hearings to collate relevant information from stakeholders that will guide the House in developing legislation for a regulatory framework for the adoption of the currency in our economy.
“Its work will also guide the House in its oversight functions as they concern the use of digital currency in Nigeria.”
The speaker said the move aligns with the Tinubu administration’s ongoing economic reforms, stressing the need to safeguard Nigeria’s financial system against illicit transactions and cyber threats.
“We must ensure that the security of our country is not breached through illicit financial transactions,” he added.
‘FINTECHS LACK PROTECTION’
In his remarks, Richard Olufemi Bamisile, chairman of the committee, said the panel’s task is of national importance and aims to balance innovation with security.
Bamisile noted that while digital payments have deepened financial inclusion, they have also become targets for fraud and cybercrime.
“Let us be frank: many fintech entities in our country still lack robust protections for their customers,” he said.
“If ignored, these risks could compromise not only our financial stability but also our national security.”
He said the committee would work closely with key institutions including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and the Nigeria Police Force to ensure that digital finance supports growth rather than undermines security.
Bamisile said the committee would also engage stakeholders through public hearings to develop practical and evidence-based recommendations for legislative and regulatory reforms.
“We are not here to stifle innovation, but innovation without safeguards can destabilise economies, empower criminals, and erode public trust,” he said.
On October 3, Olayemi Cardoso, governor of CBN, had said the bank is collaborating with the SEC to develop a sustainable framework for digital currencies in the country.
Nigeria approved the national blockchain policy in May 2023, a significant step in the country’s efforts toward digital transformation.
The Central Bank of Nigeria (CBN) has introduced new guidelines governing the operations of agent banking across the country, placing limits on daily and weekly cash transactions, as reported by BusinessDay.
The directive, aimed at deepening financial inclusion and reducing risks associated with cash handling, sets a daily transaction limit of N100,000 per customer for both deposits (cash-in) and withdrawals (cash-out). The weekly cap is fixed at N500,000 per customer.
Agent banking, which allows third-party individuals or entities to provide basic financial services on behalf of licensed deposit-taking institutions, has become a vital channel for extending financial access to underserved communities. However, the CBN says its growing adoption necessitates tighter regulation to ensure transparency, customer protection, and proper monitoring of transactions.
According to a circular issued on October 6, 2025, with reference number PSP/DIR/CON/CWO/001/049, the new framework titled Guidelines for the Operations of Agent Banking in Nigeria establishes comprehensive standards for agent banking activities. The document was signed by Musa I. Jimoh, director of the Payments System Policy Department. While the guidelines take effect immediately, provisions relating to agent location and agent exclusivity will come into force from April 1, 2026.
In the new framework, daily and weekly limits also apply to bill payments conducted through agent banking channels. Customers are restricted to N100,000 per day and per week when using agents to settle bills. The CBN explained that the introduction of these thresholds is designed to curb abuse, prevent money laundering, and enhance regulatory oversight.
Under the rules, financial institutions appointing agents, referred to as Principals, are required to ensure that each agent’s cumulative daily cash-out limit does not exceed N1.2 million. The CBN also reserves the right to revise transaction limits periodically in line with its Guide to Charges for Banks and Other Financial Institutions in Nigeria.
To further strengthen monitoring, all devices used by agents, such as point-of-sale (PoS) terminals, must be geo-fenced. This means they can only operate within the registered and approved locations of the agent. These devices must also be linked to a dedicated account or wallet provided by the Principal. Transactions conducted outside this dedicated account are considered violations of the guidelines, and the agent may be held personally liable for any resulting misconduct or fraud. Such breaches may lead to termination of the agent agreement and blacklisting or watch-listing of the agent involved.
Financial institutions must maintain transparency in agent deployment. Principals are required to publish updated lists of all their agents on their official websites. Each branch of a Principal institution must display the list of agents operating within its locality. Furthermore, any institution operating as a Super Agent must have at least 50 active agents spread across Nigeria’s six geopolitical zones.
The CBN also emphasised that all agent banking transactions must be conducted through a dedicated account or wallet with the Principal. Payment terminals such as PoS devices must be linked exclusively to these accounts. Agents operating outside of this arrangement will violate the guidelines. The agent, in such cases, shall be held personally responsible for any misconduct, and such actions may serve as grounds for contract termination and regulatory sanctions.
On the issue of enforcement, the CBN stated that it may take corrective action against any Principal or Super Agent whose agents repeatedly breach regulations. These actions may include blacklisting from participating in agent banking services. In situations deemed appropriate by the regulator, the CBN may also issue direct instructions for remedial measures to be taken by the Principal or the agents concerned.
The guidelines also include provisions for technology standards. The CBN mandates that all technological systems used in agent banking must ensure secure transmission of transaction data and seamless interoperability with the national payments infrastructure. Customers must receive immediate value for transactions, and in the event of a failed transaction, reversals must be processed without delay. All successful transactions should generate receipts or acknowledgements for customer records.
Agent banking platforms must automatically enforce daily transaction limits and reject unauthorised or suspicious transactions. There must be real-time monitoring of transactions, electronic audit trails to support dispute resolution and oversight, and all settlement records must be stored for a minimum of five years or longer, as required by law. The systems must also be equipped with features that prevent agents from exceeding their permitted transaction limits.
The CBN reiterated its commitment to fostering an inclusive, secure, and efficient financial system. It urged all deposit money banks, other financial institutions, and payment service providers to comply strictly with the new guidelines. The apex bank added that it will continue to monitor the agent banking sector and issue further guidance as necessary to ensure alignment with its regulatory objectives.
BusinessDay
The Association of Housing Corporation of Nigeria (AHCN) has reported that in the first quarter of 2025, the real estate sector played a significant role in Nigeria’s economy, contributing 17.4 percent to the nation’s gross domestic product (GDP).
The president of the AHCN, Eno Obongha, made this known yesterday while presenting a ‘State of the Nation’s Housing Address’ to mark this year’s World Habitat Day, in Abuja. He stated that it was projected that the real estate sector could grow at six to eight per cent in 2025, with urbanisation, infrastructure investments, and unmet housing demand.
Obongha called on the federal and state governments to put more efforts as well as interventions to housing development, especially in the urban centres, adding, that it can change the negative narratives of housing deficit to massive, large-scale housing provision backed up with deliberate affordability structures.
The president, who also lamented the government’s inability to act proactively to avert building collapses, noted that we need a nation where our government officials take appropriate action to prevent unnecessary building collapse calamities and unwarranted demolition, which is usually accompanied by loss of resources and pain of displacement.
He said that while the federal and state governments, alongside Private Developers and housing corporations, have embarked on various initiatives aimed at bridging the housing deficit, from new estate projects to urban renewal schemes and policy reforms, the period under review highlights a mixed picture of progress, innovation, and continuing obstacles.
While also commending the federal government under the Renewed Hope Housing Programme (REHHP), which he said is a three-tier model comprising Cities, Estates, and Social Housing, Obongha explained that the Ministry of Housing and Urban Development has been able to commence, in just two years, over 10,000 housing units across 14 states and the FCT.
He further called on the state houses of assembly to amend the housing corporations laws in their states to drive mass housing delivery in their states. He also lamented that at the state government level, not much has been recorded in the provision of affordable housing in virtually all the states within the last year.
Ecobank Nigeria, a subsidiary of the leading pan-African banking group, has upgraded its mobile app, so as to be able to deliever a faster, smarter, and simpler banking experience for customers nationwide.
The bank said the launch marks a significant step in its commitment to digital innovation and financial empowerment. The newly enhanced mobile app features a modern design and improved functionalities, including advanced facial recognition, seamless bill payments, airtime top-ups, and QR code payments, all tailored to make banking more convenient for customers on the go.
Commenting on the upgraded app, the managing director, Ecobank Nigeria, Bolaji Lawal, said “These new features make smart banking effortless for our customers using their smartphones. The new mobile app leverages digital technology to offer real convenience, security, and flexibility, enabling individuals to manage their finances with ease.”
Also the executive director, Commercial and Consumer Banking, Ecobank Nigeria, Kola Adeleke, explained that “the upgraded app comes with account opening, cardless onboarding; end to end card management for card request, activation, PIN change, block and unblock account; end to end profile management; dormant account reactivation and live monitoring of foreign exchange rates”
He added that “this app is not just a digital tool; it represents how we want to engage with our customers. Our goal is to make banking faster, smarter, and simpler for our customers.”
On Sunday morning, Bitcoin, the largest cryptocurrency globally by market capitalization, soared to a remarkable new all-time high, surpassing $125,000. This impressive price point marks a staggering 97 percent increase from approximately $62,000, a figure recorded in October 2024.
This recent surge follows a strong performance earlier in the year when Bitcoin had reached a peak of $124,500 on August 14.
The upward momentum can be attributed to a combination of favourable legislative developments and an invigorating rally within the United States equities market.
Such factors have undoubtedly contributed to the renewed investor enthusiasm surrounding this digital currency, driving its value to unprecedented levels.
The gains were attributed to the S&P 500 and the tech-heavy Nasdaq closing at record highs.
According to data from coinmarketcap.com, the cryptocurrency price stood at $124,913 as at 8:55 am on Sunday.
Similarly, Ethereum, the second-largest cryptocurrency by market cap, also rose by 2.4 percent to $4,609.
CoinMarketCap also said the global cryptocurrency market cap rose by 1.9 percent to $4.35 trillion, and recorded over $150 billion as at 09:15 am.
Since the beginning of the year, bitcoin’s value has soared, supported by regulatory reforms under the US President Donald Trump, a vocal supporter of the digital asset sector.
On October 3, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the bank is collaborating with the Securities and Exchange Commission (SEC) to develop a sustainable framework for digital currencies in the country.
Cardoso said cryptocurrencies, fintech, and blockchain innovation will play a role in shaping the future of currency policy — but the extent remains to be seen.
He recalled how Nigeria was thrust into global crypto prominence two years ago when regulators struggled to manage coin exchange markets, with the country ranking among the largest crypto trading hubs worldwide.
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