Maritime Agencies
MARAN Breakfast Meeting: Nigeria – China Currency Swap Deal Will Favour Trade, says CBN.
By Izuchukwu Ozoemena
The Central Bank of Nigeria (CBN) says a Nigeria-China currency swap deal has the potential to impact on Nigeria’s maritime industry by reducing shipping costs, enhancing trade efficiency, and easing foreign exchange pressure.
CBN Governor, Mr. Olayemi Cardoso, stated this in Lagos, Tuesday, while speaking at a stakeholders’ breakfast meeting organized by the Maritime Reporters’ Association of Nigeria (MARAN).
He explained that the agreement originally signed in 2018 and renewed in December 2024 enables Nigerian and Chinese businesses to conduct trade directly in Naira and Yuan (the Chinese currency), thus, bypassing the U.S. dollar.
Cardoso who was represented by Anthony Ogufere, the Special Adviser on Finance and Strategy, stated: “The swap agreement simplifies the settlement of trade transactions in local currencies and reduces the pressure on Nigeria’s dollar reserves. This, in turn, lowers the cost of doing business and enhances the competitiveness of Nigerian trade.”
The CBN Governor informed that by the end of 2024, China had become Nigeria’s largest trading partner, accounting for about 35% of total imports and reaching a trade volume of $11.58 billion. He added that the maritime sector, which handles the majority of Nigeria’s import and export activities, stands to benefit immensely through faster port clearance, improved trade finance instruments, and direct shipping links such as the Lekki Deep Sea Port—a Chinese-backed infrastructure project under the Belt and Road Initiative.
The CBN Governor, however, acknowledged that several challenges still hinder the full potential of the currency swap framework. Chief among them is Nigeria’s significant trade imbalance with China and the limited adoption of yuan-denominated transactions by Nigerian businesses. He called for greater sensitization, policy coordination, and efforts to expand non-oil exports to China.
Also speaking at the event, Mr. Martins Olajide, a representative of the Nigeria-China Strategic Partnership, offered a more cautious outlook. He noted that while the swap deal provides short-term relief and smoother trade operations, it is not a sustainable solution to the naira’s persistent depreciation.
Describing the swap arrangement as “swapization,” Olajide warned that Nigeria’s economic vulnerability and dependence on imports—especially from China—undermines the true impact of the agreement. He emphasized the need for structural reforms, particularly in industrialization, value addition, and local production.
“Without these changes, the swap deal may only reinforce economic dependence on China without solving the underlying issues,” he warned.
In his opening remarks, the Chairman of the event and Chairman of the Customs Consultative Council (CCC), Aare Akeem Olarenwaju, decried the volatility of the naira-dollar exchange rate as a major cause of the skyrocketing cost of goods in Nigeria. He called for greater public awareness of alternative currency options like the Chinese yuan.
“You can’t determine the price of goods within a few hours due to constant exchange rate changes. Today it’s ₦1,600 to a dollar, and in the next few hours, it could be ₦1,700 or ₦1,500. It’s the common people who suffer the most,” Olarenwaju lamented.
He commended the organizers for opening up conversations around trade, currency, and maritime development, urging media professionals to help educate the public on alternatives that could reduce the nation’s dependence on the U.S. dollar.
Earlier in his welcome address, MARAN President, Mr. Godfrey Bivbere, reaffirmed the association’s commitment to promoting dialogue on key economic issues. While acknowledging the swap deal’s promise in reducing transaction costs and enhancing trade efficiency, Bivbere stressed the need for a balanced discourse.
“We are not only here to applaud progress but also to interrogate policy. We must understand both the positive impact and the underlying risks associated with China’s expanding economic footprint in Nigeria,” he said.
Bivbere urged stakeholders across the maritime, trade, and financial sectors to approach the Nigeria-China currency swap with critical insight, noting that sustainable benefits would only come through policies that protect national economic interests while encouraging growth and competitiveness.
Maritime Agencies
MARAN to Honour NAGAFF President, High Chief Tochukwu Ezisi as Patron.
By Izuchukwu Ozoemena
The Maritime Reporters’ Association of Nigeria (MARAN) is set to confer the prestigious title of Patron on the President of the National Association of Government Approved Freight Forwarders (NAGAFF), High Chief Tochukwu Ezisi, in recognition of his outstanding contributions to the development of Nigeria’s maritime industry and his commitment to humanitarian causes.
The investiture will take place at the MARAN Maritime Annual Lecture (MAMAL), the flagship programme of the association, scheduled to hold at the Nigerian Air Force Event Centre, No. 1 Kofo Abayomi Street, Victoria Island, Lagos.
High Chief Ezisi is a seasoned and accomplished freight forwarder whose decades of experience and contributions to the freight forwarding profession have earned him respect within and beyond the maritime community. He is also widely recognised for his philanthropic activities and commitment to supporting individuals and communities.
MARAN President, Mr. Oluyinka Onigbinde, said the decision to honour High Chief Ezisi reflects the association’s appreciation of individuals who have distinguished themselves through professionalism, service and contributions to the growth of the maritime sector.
According to him, High Chief Ezisi’s elevation as Patron is also expected to further strengthen the relationship between MARAN and stakeholders across the freight forwarding and broader maritime community.
The MARAN President noted that MAMAL has, over the years, provided a credible platform for critical discussions on issues affecting Nigeria’s maritime industry, bringing together policymakers, government officials, regulators, industry leaders, academics, journalists and other key stakeholders.
The annual lecture is expected to attract top government officials, bureaucrats, maritime industry regulators, members of the academia and major stakeholders across the Nigerian maritime sector.
MARAN said the investiture of High Chief Tochukwu Ezisi will be one of the highlights of this year’s MAMAL and will underscore the association’s commitment to recognising individuals whose contributions continue to advance professionalism, collaboration and sustainable development in Nigeria’s maritime industry.
Maritime Agencies
Apapa Customs in Historic Revenue Boost, Nets N28 Billion In One Day.
By Izuchukwu Ozoemena
The Apapa Area Command of the Nigeria Customs Service (NCS) is ever committed to sustain and even surpass the current zeal with which it is prosecuting enhanced revenue generation, trade facilitation, professionalism and stakeholder collaboration because every legitimate revenue collected strengthens government’s capacity to deliver on its development priorities and improve the lives of Nigerians.
The Command’s image maker, Chief Superintendent of Customs Isa Suleiman Ibrahim disclosed this in a press release on behalf of the Customs Area Command Controller, Comptroller Emmanuel Oshoba.
The release disclosed a historic revenue collection of Twenty-Eight Billion,One Hundred and Two Million, Nine Hundred and Fourteen Naira, Sixty-One Kobo (₦28,102,000,914.61k) on Tuesday, 18th August, 2026, the highest single-day revenue collection ever recorded by the Command.
The feat, the release indicated, surpasses the previous daily record of ₦20.1 billion, achieved in September 2025, shortly after the assumption of office of the present Customs Area Controller, CAC, Comptroller Emmanuel Oshoba.
The new record is achieved weeks after the Command recorded an unprecedented ₦323 billion monthly revenue collection in July 2026, thus demonstrating the sustained impact of reforms, improved compliance, enhanced trade facilitation, intelligence-driven interventions and the increasing efficiency of digital Customs processes.
Commenting on the feat, Comptroller Oshoba stressed that the achievement is not simply about figures or records. It is about what the Nigeria Customs Service is contributing to the economic wellbeing of Nigerians.
Revenue generated by the Service, he explained, forms part of government resources used to fund public priorities including infrastructure, security, education, healthcare and other services that ultimately impact the lives of ordinary Nigerians.
He therefore dedicated the milestone to the Government and people of Nigeria, while commending the Comptroller-General of Customs, Bashir Adewale Adeniyi, and the management team of the Service for their continued support for modernisation, automation and reforms aimed at making Customs operations more efficient, transparent and business-friendly.
The CAC also acknowledged the cooperation of compliant importers, exporters, licensed Customs agents and other stakeholders, as well as patriotic Nigerians who have provided actionable intelligence in achieving this feat.
He stressed that every compliant transaction contributes to national development and urged stakeholders to continue supporting legitimate trade since a stronger revenue base gives the government greater capacity to respond to the needs of the people and create an environment where businesses can thrive.
Comptroller Oshoba charged officers and men of the Command to see the record as a clarion call to do more.
He emphasised that revenue collection must be achieved alongside trade facilitation, professionalism, transparency and respect for stakeholders, directing personnel to resolve legitimate disputes promptly and ensure that Customs procedures do not unnecessarily hinder lawful businesses.
Maritime Agencies
COUNTDOWN TO 2027 ELECTIONS: Customs Hands Over 399 Seized Rifles To NCCSALW .
By Izuchukwu Ozoemena
As the political space is heating up and preparations underway for the 2027 general elections, the Nigeria Customs Service (NCS) has restated her firm determination to tighten the noose against the illegal entry of arms and ammunition which could promote violence in Nigeria.

DIG Johnson Babatunde Kokumo (rtd).
Comptroller-General of Customs, Dr Adewale Adeniyi made the vow in Lagos, Monday, while handing over seized weapons to the Office of the National Security Adviser through the Director-General, National Centre for the Control of Small Arms and Light Weapons, (NCCSALW), Deputy Inspector-General of Police Johnson Babatunde Kokumo (rtd).
Identifying Robert Eze and Ejiogu Godson as the alleged importers of a consignment containing 399 fully assembled JoJeF pump-action rifles and other firearm components intercepted at the Tin Can Island Port in Lagos, the Custom boss said surveillance and enforcement operations are being intensified to prevent criminal networks from exploiting Nigeria’s land borders, seaports and airports to import dangerous arms to further their evil intentions.

The two persons arrested.
Additional rifle parts intercepted by the Customs include 89 frames, 16 heat shields, 10 trigger pins, three pistons, 25 locking lugs, 80 charging handles and 39 pistol-grip screws. Others are 34 springs, 57 trigger groups, 66 foregrip latches, 45 foregrips/handguards, four pistol grips and five barrels.
“We are about entering a major election cycle, and we know that by this period, men of the underworld will want to use our borders, our ports, our airports to bring in items like this,” CGC Adeniyi warned.
”We are going to redouble our efforts to ensure that we do not allow them to do so,” he added.
He explained that since Customs cannot physically open every container entering the country, applying technology-driven risk profiling in operations has become a tool to identify suspicious consignments. Risk management system enables the Service to determine which containers require physical examination. This particular interception, he explained, demonstrates the effectiveness of the system.
Having completed the inventory and assessment of the illicit shipment, the CGC handed over the seized armaments to the Director General of the NCCSALW. This underscores a unified inter-agency commitment to taking dangerous weapons entirely off the streets and ensuring that cabals behind the trafficking network are tracked down and brought to justice.
The CGC described the development as more than a seizure, noting that the interception, investigation, arrest of suspects, prosecution and handover of the firearms represented a complete enforcement chain.
He added that Robert Eze and Godson Ejiogu, the two suspects arrested during the preliminary investigation, had been remanded by the Federal High Court in Lagos, awaiting arraignment for August 25.
The Service, he pledged, would continue to strengthen intelligence – gathering, risk management and collaboration with sister security agencies to identify and disrupt attempts to smuggle firearms into Nigeria.
Accepting the arms and ammunition for further action, the NCCSALW Director-General, Deputy Inspector-General of Police Johnson Babatunde Kokumo (rtd) described the handing-over as a decisive step in strengthening the collective security of the people.

”This is more than a ceremonial handing/taking over of seized intercepted illicit weapons. It is a statement of intent, a commitment to protect lives, uphold justice and preserve the stability of our communities.”
The proliferation of illegal small arms and light weapons, he explained, remains a primary catalyst for terrorism, banditry, kidnapping and insurgency and other violent crimes.

”Armed violence fuelled by uncontrolled weapons through illegal importation or smuggling exerts a devastating toll on civilian lives, disrupts communities and undermines the foundation of governance and development. Nigeria cannot be indifferent to this reality. Our own assessment has shown with discomforting clarity that a significant proportion of illegal arms in circulation may have at some point passed through official channels.”
DIG Kokumo reiterated that illicit weapons taken out of the hands of nonstate actors is a direct blow to criminal networks and a vital step towards safeguarding innocent citizens.
”So far, over 21000 arms and light weapons have been retrieved while over 19000 have been destroyed since the establishment of NCCSALW.”
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