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.
By Izuchukwu Ozoemena
Following a keenly-contested election, Thursday, Oluyinka Onigbinde, Assistant Editor, Shipping Position Daily, emerged the new President of the Maritime Reporters Association of Nigeria (MARAN).
Out of 33 votes, Onigbinde polled 20 while his closest rival, Rev John Iwori, had 13.
The election, which witnessed active participation by members of the association, also produced other executive officers to pilot the affairs of MARAN following the dissolution of the Tunde Ayodele-led Caretaker Committee. These are Sylvanus Obasi (Vice President), Fabian Anawo (Secretary) and Amina Ojelabi (Assistant Secretary). Others are Ruth Umunnna (Treasurer), Ambrose Okehi (Financial Secretary) and Providence Ayanfeoluwa (Public Relations Officer).
The new MARAN Executive during swearing-in by Mr Leye Ajayi, the Lagos NUJ Chairman.
Speaking after swearing in the officers, Mr Adeleye Ajayi, Chairman, Lagos State Council of the Nigerian Union of Journalists (NUJ), urged the newly-elected officers to conduct the affairs of the maritime journalists’ body with a deep sense of patriotism while promoting professionalism, welfare, and unity among members of the association.
Maritime Agencies
Anti-Smuggling Operations: FOU ‘A’ Customs Seizes N2.35bn Drugs, Pledges Hard Times for Smugglers.
By Izuchukwu Ozoemena
In the past eight weeks, the Federal Operations Unit (FOU), Zone ‘A’ of the Nigeria Customs Service (NCS), Ikeja , Lagos, intercepted narcotics and contrabands valued at over N5.5billion, thus, posting a substantial breakthrough in the sustained efforts to deal with smuggling of illicit goods and unauthorized importations.
The FOU Zone ‘A’ Customs Area Controller, Comptroller Aliyu Gambo announced this in Lagos, Tuesday, during a press conference.
Beside cocaine worth ₦2.35 billion, large quantities of 50kg bags of foreign parboiled rice equivalent of 15 trailers, petroleum products, used vehicles, and other prohibited goods were also displayed as confiscated.
During the period, he stated, the Unit carried out 473 successful interdictions, seizing 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, 31,705 litres of Premium Motor Spirit (PMS), and a Mercedes-Benz vehicle valued at ₦119 million.
Also seized were 531 cartons of frozen poultry, 1,188 kegs of vegetable oil, 485 used tyres, and several cartons of spaghetti and sugar.
Comptroller Gambo Aliyu revealed that operatives at the Gbaji Customs on Seme Road intercepted a 71-year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander. The drugs, comprising powdered and crystalline variants, carry an estimated street value of ₦2.35 billion.
Under a special operation code-named Operation Hawk, the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg. The seized narcotics were handed over to the National Drug Law Enforcement Agency (NDLEA) in a formal handover ceremony during the briefing, for further investigation and prosecution.
The CAC who lamented the huge harm consumption of drugs inflicts on the Nigerian society regretted that today, many homes are broken.
”A lot of homes are broken due to drugs and the results of drug trafficking. Our mandate is to cut off the supply chain, and that is exactly what we are doing.”
He further unveiled four cylinders of mercury concealed in a vehicle along the Lagos-Abidjan corridor, describing the hazardous substance as regulated under international conventions.
The unit also recovered ₦97.7 million through Demand Notices on under-declared consignments. He requested for stronger collaboration among security agencies to confront and overcome various strategies being applied by purveyors of illicit trade networks.
Commending the synergy between the NCS and the NDLEA, Narcotics Commander, Kabiru I, K. explained that this should send a strong signal to purveyors of illicit trade that the South-West corridor is under close surveillance.
Customs
Kaila, Seme Customs Boss, Pledges To Eradicate Trade Barriers, Visits Stakeholders To Create Awareness.
By Izuchukwu Ozoemena
The Seme Area Command of the Nigeria Customs Service (NCS) has restated a strong desire to ensure free movement of goods and services along the Lagos-Abidjan international trade corridor by eradicating all negative factors involved. This it is implementing through effective collaboration and engagement with critical stakeholders.
This is contained in a release by the Command’s image maker, Superintendent of Customs J.T. Ayagbalo, on behalf of Comptroller Kaila, the Customs Area Controller.
While on a series of familiarization visits to the Palaces of traditional rulers and stations of heads of sister security agencies, the CAC announced that the step signifies a bold commitment to achieving the goals and objectives of the Service in line with the Federal government economic policies.
At the Palace of Oba Akran of Badagry Kingdom, the Customs Area Controller condoled with the royal family and entire people of Badagry kingdom on the passing away of HRM De Wheno Aholu Menu Toyi I, a highly recognized traditional ruler across the border communities and beyond.
””The purpose of my visit is to introduce myself as the Area Controller of Seme Command and to equally seek your royal blessing and support to achieve the core mandate of the service. Our priority remains to generate revenue, facilitate trade and suppress smuggling. And we in the Customs believe that without due support and co-operation from traditional rulers, we cannot have effective performance of our functions as Customs officers” he said.
In response, the King Regent, Chief Abel Ogunbiyi, described Kaila as a son of the soil, added: “We have listened to your request. Know that Badagry is a very peaceful town, and we will keep collaborating with you in safeguarding our borders and in promoting legitimate trade, ” he stated.
Comptroller Kaila also visited the Onibereko of Ibereko Awori-Kingdom, where the monarch, Oba Israel Okoya where he signified his commitment to fostering the service’s relationship with residents living within the border communities
”I welcome you to Badagry and be rest assured that I will always talk to my people whenever the need is required. In our town, our youth does not engage in illegalities as I have no other choice than to assist you in achieving the government mandate, ” he stated.
While at the Palace of Alapa of Apa Kingdom the king HRM Oba Oyekan Ajose Ilufemiloye commended and described the CAC, Comptroller Kaila as a professional, seasoned and well respected officer as described by indigenes of border communities.
”I promise you that I will always assist you in my area for anything that you need. Our border here has been peaceful because our youth always listen to the elders, and I know with your present here, things will change for the better, ” he said
In his efforts to consolidate on existing synergy between sister security agencies, the controller visited Headquarters of 653 Nigerian Air force base, Ahanve-Badagry. The Air Force base formation expressed their readiness to always support the command in achieving its mandate. This was revealed by the Commanding Officer, Group Captain Hungruy Medugu, where he added that both agencies shared similar purposes.
”Our collaboration has been key to various successes we have recorded in our area of responsibility. Your presence here strengthens existing bonds of inter-agency collaboration between both Services, and we will not take it for granted ,” he said
The Area Controller then ended his familiarization tour by seeking for mutual cooperation with a visit to the Republic of Benin Police office showing his readiness to eradicate hindrances affecting the free movement of goods and services across the border.
MARAN Elects Yinka Onigbinde As New President.
Anti-Smuggling Operations: FOU ‘A’ Customs Seizes N2.35bn Drugs, Pledges Hard Times for Smugglers.
Kaila, Seme Customs Boss, Pledges To Eradicate Trade Barriers, Visits Stakeholders To Create Awareness.
AMJON Honours NPA’s Anda with ‘Most Resourceful Port Manager’ Award At 2026 Conference.
NPA Targets Nigerian Ports As West Africa’s Trade Nerve Centre, Taking Advantage of AfCFTA.
Greg Ogbeifun, Foremost Ship Owner, To Chair Event Marking the 10th Anniversary of AMSAY Conference.
MARAN LEADERS APPRECIATION NIGHT: Iheanacho, Integrated Oil and Gas Boss, Urges Maritime Journalists To Invest in Knowledge
MARAN’s Appreciation Night for Former Presidents Showcased Pomp and Pageantry.
Tincan Port Customs Floors Smugglers, Nabs Massive Cannabis Indica Days After Pact with NDLEA.
To Attain Maritime Excellence, Conversations Must Translate Into Concrete Actions, says MAN Rector.
Capt Iheanacho Underscores the Critical Role of Media As MARAN Celebrates Past Leaders.
Ihenacho, Ogbeifun, Shittu, Other Industry Heavyweights Confirm Attendance As MARAN Celebrates Past Presidents
NSW: Stakeholders Fear Success With Weak Commitment by Drivers and Lack of Reforms by Government.
Dantsoho, NPA MD, Attributes Maritime Sector Transformation to Reforms and Minister’s Leadership Style.
MARAN Confirms Readiness To Celebrate Past Presidents.
NATIONAL SINGLE WINDOW: MACI, Hynek Host Parley To Address Risks and Concerns.
1. EXECUTIVE PLATFORM. AMES 2024: TIME TO CHANGE GOVERNMENT ATTITUDE TOWARDS SHIPPING DEVELOPMENT IS NOW, AMES President Charges FG.
2023 ELECTIONS：CILT Hosts Seminar on Logistics & Electoral Process
APFFLON Seeks Immediate Reform of CRFFN, Replacement of Registrar.
OMIS AWARDS, 2022: Greg Ogbeifun, Industry Gurus For Special Recognition.
B’ODOGWU TRADE PORTAL: Customs Consolidates, Pilots Form ‘M’ Processing.
FG Set To Re-establish National Shipping Line, To Take Advantage of $10 bn Annual Ship Charter Market.
PHOTO NEWS: Maritime Capacity Development
Photo News: Salah Celebration
HALF YEAR, 2024: Apapa Customs Nets ₦1.024 Trillion, Records 143% Increase.
JANUARY-MAY REPORT: Seme Customs Hits N2.6bn, Facilitates ₦35.1bn Exports.
Sylvanus Ekpo, ex-Editor, Shipping World Magazine, loses Mum
Mama Theresa Enisuoh Due For Burial April 27
WAR AGAINST OIL THEFT: Tompolo’s Company Nabs VLCC Laden With Crude Oil
MAN, ORON: It’s Encomiums Galore From International Seabed Authority (ISA).
B’Odogwu: Apapa Customs Collects ₦161b in 3 Weeks, Assures of Improvements .
SIFAX GROUP: Ojeniyi Becomes Sky Capital GMD, Omajuwa Strategy Director.
-
Maritime Agencies3 weeks agoIhenacho, Ogbeifun, Shittu, Other Industry Heavyweights Confirm Attendance As MARAN Celebrates Past Presidents
-
Maritime Agencies2 weeks agoTo Attain Maritime Excellence, Conversations Must Translate Into Concrete Actions, says MAN Rector.
-
Maritime Agencies2 weeks agoCapt Iheanacho Underscores the Critical Role of Media As MARAN Celebrates Past Leaders.
-
Maritime Agencies1 week agoAMJON Honours NPA’s Anda with ‘Most Resourceful Port Manager’ Award At 2026 Conference.
-
Customs1 week agoKaila, Seme Customs Boss, Pledges To Eradicate Trade Barriers, Visits Stakeholders To Create Awareness.
-
Maritime Agencies2 weeks agoTincan Port Customs Floors Smugglers, Nabs Massive Cannabis Indica Days After Pact with NDLEA.
-
Maritime Agencies1 week agoNPA Targets Nigerian Ports As West Africa’s Trade Nerve Centre, Taking Advantage of AfCFTA.
-
Maritime Agencies1 week agoGreg Ogbeifun, Foremost Ship Owner, To Chair Event Marking the 10th Anniversary of AMSAY Conference.