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Maritime Agencies

MARAN Breakfast Meeting: Nigeria – China Currency Swap Deal Will Favour Trade, says CBN.

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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.

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Maritime Agencies

LFTZ Customs Achieves Highest Monthly Revenue of Over N87 bn in June; Over N408bn Half-year, 2026.

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‎By Izuchukwu Ozoemena





‎The month of June 2026 has become a watershed in the life of the Lagos Free Trade Zone (LFTZ) Command of the Nigeria Customs Service (NCS) as it achieved the  sum of N87,102, 845, 714.51, the highest monthly revenue collection so far in the history of the Command.

‎The Customs Area Controller (CAC) of the Command, Comptroller Hauwa Abubakar, stated this in Lagos, Thursday, while rendering her the Command’s 2026 half-year report.

‎Describing the achievement as historic, she explained that it demonstrates the Command’s growing capacity and the increasing confidence of investors and stakeholders operating within the Free Trade Zone and Lekki Deepsea Port.

‎”Furthermore, between January and June 2026, the Command generated a total revenue of ₦ 408,869,138,497.75 (Four Hundred and Eight Billion, Eight Hundred and Sixty-nine Million, One Hundred and Thirty-Eight Thousand, Four Hundred and Ninety-Seven Naira, Seventy-Five Kobo).”

‎”This represents an increase of ₦91,546,402,785.69k over the ₦317,322,735,712.06k collected during the corresponding period in 2025, amounting to an impressive 28.85% increase in revenue performance.

‎CAC Hauwa attributed the unprecedented leap in revenue generation to deliberate strategies aimed at strengthening compliance, improving operational efficiency and fostering constructive engagement with all stakeholders operating within the Free Trade Zones and Lekki Port.

‎”Our sustained stakeholder engagement programmes have continued to build mutual trust and encourage voluntary compliance with extant customs laws and regulations. Through continuous dialogue, education and collaboration, we have created an environment where legitimate trade can flourish while ensuring that government revenue is adequately protected.”

‎She equally hailed the high level of professionalism, integrity, and unwavering commitment demonstrated by  officers and men of the LFTZ Command and expressed delight that their diligence, discipline, and dedication to duty have contributed significantly to the outstanding achievements. These have also strengthened the confidence of the trading community in the operations of the Nigeria Customs Service.

‎”As we celebrate these milestones, I wish to express my profound appreciation to Bashir Adewale Adeniyi, the Comptroller-General of Customs for his visionary leadership and the confidence reposed in this Command. I also extend my sincere gratitude to the distinguished members of the Management Team for providing the strategic guidance that has enabled Commands across the Service to excel.”

‎”My appreciation also goes to every officer and personnel of the Lagos Free Trade Zone Command, as well as officers from other Customs formations and units whose collaboration has enhanced our operational effectiveness. Your commitment and professionalism remain the bedrock of these remarkable achievements.

‎She equally acknowledged the invaluable support and cooperation of all sister security and regulatory agencies operating within the Port and the Free Zones, saying that this synergy has continued to enhance security and facilitate legitimate trade in line with the Federal Government’s economic objectives.

‎She also appreciated investors, licensed customs agents, importers, exporters and members of the business community for their cooperation and growing level of compliance.

‎”Your partnership has been instrumental to the Command’s success and I encourage you to sustain this commendable disposition.”

‎The CAC assured all and sundry that the Lagos Free Trade Zone Command will continue to provide an enabling environment for legitimate trade by promoting trade facilitation in accordance with global best practices. However, she harped on the need for compliance with all legitimate trade regulations.

‎”While ensuring strict compliance with all extant laws and regulations, we remain committed to transparency, professionalism and continuous stakeholder engagement as we work collectively towards enhancing national economic growth and improving the ease of doing business in Nigeria.”

‎She pledged that as the second half of 2026 sets in, the Command is determined to consolidate on the achievements, improve service delivery and surpass her performance targets without compromising statutory responsibilities.

‎To the media, she said: “We count on your partnership in projecting the positive image of the Nigeria Customs Service and communicating our reforms and achievements to the Nigerian public.”


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Maritime Agencies

STARZS INVESTMENTS COMPANY LTD @40: Four Decades of Advancing Indigenous Maritime Excellence.

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Engr Greg Ogbeifun, Founder/Chairman, Starzs Group






‎By Izuchukwu Ozoemena




‎Starzs Investments Company Ltd (SICL), Nigeria’s foremost indigenous marine and offshore logistics conglomerate has mapped out impressive programmes to commemorate her 40th anniversary in celebration of four decades of resilience, innovation, operational excellence and unique contributions to the growth of the country’s maritime industry.

‎The week-long event spanning July 4 to 10  has the theme ‘Transforming Lives, 40 Years On’. It will bring together industry policy makers, regulators, tested industry leaders and investors. Others are maritime professionals, development partners, host community leaders and other stakeholders to reflect on the company’s remarkable journey and explore the future of indigenous participation in Nigeria’s maritime industry and the blue economy.

‎The event will commence on Saturday July 4 with a Thanksgiving Service followed by Corporate Social Responsibility (CSR) initiatives in host communities .
‎Activities throughout the week will celebrate the company’s legacy of entrepreneurship, indigenous capacity development and community impact.

MV Osayamo

‎On Friday, July 10, the celebrations will peak with a high-level Maritime Symposium on the theme ‘Anchoring Resilience: 40 Years of Private Indigenous Initiative, Shaping Nigeria’s Maritime Future,’ followed by a Gala Night celebrating the company’s legacy and future aspirations.

‎Founded in 1986 by Engr Greg Ogbeifun, maritime entrepreneur and industry pioneer, SICL has grown from a modest indigenous marine services company into one of Nigeria’s leading offshore maritime logistics providers. From operating its first vessel nearly four decades ago, the company has expanded into a fleet of 11 offshore support vessels, delivering critical marine logistics and offshore support services to major international and indigenous operators in Nigeria’s oil and gas industry.Over the past four decades, SICL has played a pioneering role in advancing indigenous participation in Nigeria’s offshore marine sector, investing in modern vessels, developing Nigerian seafarers, and demonstrating the capacity of indigenous companies to deliver world-class offshore logistics services.

Starzs Marine Shipyard, Onne, Rivers State.

‎Today, SICL employs more than 200 professionals and has successfully executed over 35 offshore marine contracts since 2010, supporting some of Nigeria’s most significant offshore energy projects. These accomplishments reflect the company’s enduring commitment to operational excellence, local content development, and sustainable value creation.

‎Beyond its achievements in marine logistics, SICL has evolved into a diversified business group with interests spanning maritime support services, security, automotive solutions, gas distribution, and related sectors through subsidiaries including Starzs Marine & Engineering Limited, Eaglewatch Security Limited, Diverse Autocare Limited, Starzs Gas Limited, Cee Jackson Limited, and Maritime Shipping & Ocean International Resources Limited.

‎One of the defining features of SICL’s legacy has been its commitment to developing Nigerian maritime talent. Through its flagship cadetship programme, the company has trained more than 100 Nigerian cadets, providing aspiring seafarers with practical sea-time experience, structured mentoring, internationally recognised professional exposure and career development opportunities aboard its vessels. Many graduates of the programme have progressed to successful careers, contributing to Nigeria’s growing pool of highly skilled maritime professionals and reinforcing the company’s long-standing commitment to indigenous capacity development.

Ms Iroghama Ogbeifun, MD/CEO, Starzs Investments Co Ltd.

‎Speaking ahead of the anniversary, the Managing Director/Chief Executive Officer, Ms. Iroghama Ogbeifun, described the milestone as both a celebration of the company’s legacy and a commitment to its future.

‎“For forty years, SICL has remained committed to building indigenous capacity, creating value, and transforming lives. What began as a bold entrepreneurial vision has grown into a diversified indigenous enterprise supporting Nigeria’s maritime and energy industries while creating opportunities for people, businesses, and communities.”
‎She noted that the company’s success has been built on the vision of its founder, the dedication of its employees, the confidence of its clients, and the support of its partners and host communities.

‎”Our greatest achievement is not simply the growth of our fleet or the expansion of our business portfolio. It is the people whose lives have been transformed through employment, training, mentorship, and opportunity. Having trained more than 100 cadets and built a workforce of over 200 dedicated professionals, we remain committed to developing the next generation of Nigerian maritime leaders while strengthening indigenous participation across the industry.”

‎The anniversary symposium will convene leading voices from government and industry to discuss practical strategies for strengthening indigenous ownership of maritime assets, expanding access to long-term financing, deepening local content participation, improving maritime infrastructure, accelerating workforce development, and positioning Nigeria as a globally competitive maritime nation.

‎Distinguished guests expected at the event include senior government officials, heads of maritime regulatory agencies, leaders of indigenous and international maritime organisations, financial institutions, development partners, community leaders, and stakeholders across the maritime, oil and gas, logistics, and shipping sectors.

‎Over the years, SICL has earned a reputation for operational excellence, safety, professionalism, and innovation. In addition to maintaining a modern fleet of 11 offshore support vessels, the company has successfully delivered more than 35 offshore marine contracts since 2010 while continuing to invest in human capital through its cadetship programme and workforce development initiatives. These achievements underscore SICL’s enduring contribution to Nigeria’s maritime industry and reaffirm its commitment to transforming lives through indigenous enterprise, innovation, and capacity development.

‎As SICL enters its fifth decade, the company remains focused on expanding indigenous capacity, driving innovation, strengthening strategic partnerships, creating sustainable opportunities, and contributing meaningfully to the realisation of Nigeria’s Blue Economy aspirations.

‎For SICL, the 40th anniversary is more than a celebration of longevity. It is a reaffirmation of a vision that began four decades ago and continues to shape the future of indigenous maritime enterprise in Nigeria.


‎FROM THE BEGINNING

‎Starzs Investments Company Limited (SICL) is a leading indigenous maritime and offshore logistics company with headquarters in Port Harcourt, Rivers State, Nigeria. Established in 1986, the company owns and operates a fleet of 11 offshore support vessels, employs more than 200 people, has successfully executed over 35 offshore marine contracts since 2010, and  trained more than 100 Nigerian cadets through its flagship cadetship programme.
‎The company provides marine logistics, offshore support, vessel management, maritime security logistics, and specialised offshore services to major operators in Nigeria’s oil and gas industry.
‎Guided by its mission, “Transforming Lives, One Boat at a Time,” SICL remains committed to operational excellence, innovation, sustainability, indigenous capacity development, and supporting the continued growth of Nigeria’s maritime industry.

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Maritime Agencies

WAR ON ILLICIT DRUGS: ‎CGC Adeniyi Showers Commendations on Apapa Customs, Hands over Massive Contrabands to NDLEA, NAFDAC

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‎By Izuchukwu Ozoemena





‎Once again, officers and men of the Apapa Area Command of the Nigeria Customs Service (NCS) have received fresh accolades for being professional, vigilant and unwavering in pushing the realization of the aims and objectives of the Service.

‎Comptroller-General of Customs, Bashir Adewale Adeniyi made the commendation  in Lagos, July 1, as he unveiled and handed over nine containers of narcotics and expired pharmaceuticals recently seized by the Apapa Command to the National Drug Law Enforcement Agency (NDLEA) and the National Food and Drug Administration and Control (NAFDAC).

‎The contrabands worth over N53.39bn, the CGC explained, were confiscated from unscrupulous importers after painstaking intelligence gathering, scanning analysis and physical examination by the NCS in collaboration with the NDLEA and NAFDAC.

‎CGC Adeniyi referred to resolutions at the 147th/148th Sessions of the Council of the World Customs Organization (WCO) in Brussels, where Customs administrations from 187 member-countries deliberated on  the theme, “Customs Protecting Society through Vigilance and Commitment,” saying the latest achievement of Apapa Command aligns with the spirit and expectations.

‎He said the sessions provided participants opportunities to engage with critical stakeholders including the International Narcotics Control Board (INCB) and INTERPOL to deepen international cooperation to advance societal protection mandate.

‎“It is indeed showcasing the end- product of diligent commitment to societal cause, driven and supported by collaboration between and among Agencies, within and across our national jurisdiction,” he stated,

‎The massive Apapa Port seizure comes just days after the commemoration of the 2026 International Day Against Drug Abuse and Illicit Trafficking, reaffirming the Nigeria Customs Service’s unwavering commitment to protecting the borders, preserving the health of the citizens, safeguarding the future of the youths and strengthening national security through intelligence-driven border management, the CGC said.

‎”A breakdown of the seizures include: 1x40ft container with number CAAU7569127 found to contain 3,639 parcels of Cannabis Sativa (Canadian Loud) weighing 1819.5 kilograms, concealed alongside three imported vehicles and assorted automobile spare parts; and 1x40ft container with number HAMU3246311 conveying 9,918 sachets of Cannabis Sativa, weighing approximately 4.95 metric tones, concealed alongside two imported vehicles and household items.”

‎”Others are 1x40ft container with number MRKU3816476 conveying 1,700 cartons (170,000 bottles) of Codeine Syrup (CSP) concealed with 38 cartons of insulated casserole dishes; 1x40ft container with number TGBU5399178 conveying 1,698 cartons (169,800 bottles) of Codeine Syrup (CSP) concealed inside 36 cartons of casserole products; 1x40ft container with number HASU4519480 conveying 1,300 cartons of expired pharmaceutical products, including Tramadol (Timakadol); 1x40ft container with number MRKU4961275 conveying 1,269 cartons of expired pharmaceutical products, including Oxytocin injections, Mexclor Eye Drops and Carbamazepine tablets (Termigral brand); and 1x40ft container number PCIU8771576 comprising expired pharmaceutical products, including Cloxicillin capsules 100mg, Cynamine 12 Vitamin B12 injections and Becoline B-Complex injections.
‎Additionally, 1x20ft container with number MRKU 6964435 conveying Piccan Teething Powder, and 1x40ft container, No. TCKU7000791, conveying 1,100 packages of CHACOLD Chlorpheniramine Maleate Capsules bearing a fake NAFDAC Registration Number (04-6646) and an expiry date of December 2028 were also Intercepted.”

‎“This particular seizure at a first glance, the consignment appeared legitimate. However, a detailed verification of the NAFDAC certificate presented by the declarant established that the product is, in fact, not registered with NAFDAC. The use of a fake registration number and supporting documentation clearly indicates a deliberate attempt to smuggle unregistered pharmaceutical products into the Nigerian market, thereby posing a serious risk to public health.

‎“Consequently, the consignment was seized in accordance with the provisions of the Nigeria Customs Service Act, 2023, and will be handed over to NAFDAC for further regulatory action and investigation.”

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