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Nigeria – China Currency Swap Deal: Farinto, Olanrewaju Urge Maritime Stakeholders To Take Advantage of Opportunities.

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By Izuchukwu Ozoemena

 

 

 

Chairman, Customs Consultative Council (CCC), Aare Hakeem Olanrewaju is optimistic that the currency swap agreement between Nigeria and China has the potential to address the challenges of inflation and other issues working against trade facilitation in the country.

 

Determined to relieve external funding pressures and ensure trade facilitation between Nigeria and China, both countries engaged in a series of negotiations for a bilateral currency swap framework.

 

Olanrewaju who chaired the recent breakfast meeting held in Lagos by the Maritime Reporters Association of Nigeria ( MARAN) recalled

a research of over ten years ago showing that prices of goods keep going up in Nigeria compared to other countries of the world.

 

” I believe the decision of MARAN to organise this breakfast meeting and bring stakeholders together will give us an insight into the benefits and challenges of the currency swap between Nigeria and China”, he said.

 

Statistics show that China is a strategic tool for trade efficiency and external sector diversification . It has the potentials to offer Nigeria’s maritime industry new trade opportunities with China, the country’s trading partner .

 

In his intervention, former Acting President, Association of Nigeria Licensed Customs Agents (ANLCA), Dr. Kayode Collins Farinto commended the Tinubu administration for courageous decisions being taken to move the country’s economy forward.

 

However , he wants Government to tackle the challenge of infrastructure which has been an impediment to trade facilitation so as to efficiently implement the currency swap deal.

 

Farinto also called for the construction of a functional rail system to make the Lekki Deep Sea port viable and disbursement of the Cabotage Vessel Financing Fund ( CVFF).

 

He urged the Federal Government to provide the financial support to MARAN to enable the pioneer maritime media association to lead in efforts to carry out needed sensitization on the implementation of the currency swap deal between the two countries.

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Maritime Agencies

Lekki Deepsea Port Set to Achieve Full Capacity Before Expectations, Deepens Barge Operations, among others. ‎ ‎

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‎By Izuchukwu Ozoemena





‎Barely three years since the commencement of port operations, the Lekki Deepsea has achieved half of its projected operational capacity. There has been a noticeable spike in container throughput especially since September, 2025, and chances are that the establishment will meet her full operational capacity before expectations. With this incredible growth rate, the port is set to overtake others in Nigeria by next year.



‎ Managing Director/Chief Executive Officer of Lekki Port LFTZ Enterprise Ltd, Mr. Wang Qiang disclosed this in Lagos, Tuesday, during an end-of-the-year interaction and media tour of the facility to observe scanners, Customs at work and shipside night offloading of containers from a vessel at the quayside.

‎Mr Qiang who featured alongside other members of the top management of the port during the media chat said Lekki Deepsea Port currently operates at close to 50 percent capacity, reflecting increasing confidence by shipping lines and cargo owners in the ability of Nigeria’s first deep seaport to deliver not only for the local and regional market but even beyond. Top management officers present during the media parley included Weilian Zhong, C.O.O, Lekki Port, Jedrzej Mierzewski and Ajay Tyagi

‎“We already reached 50 per cent of our capacity now – almost 50 per cent of the port capacity,” he stated. He attributed this development to steady improvement in the number of twenty-foot equivalent units (TEUs) the port handles monthly.

‎He said cooperation is needed from stakeholders to improve efficiency badly needed in cargo movement. Critical stakeholders include government, the business community, importers, exporters (foreign and local). On trans-shipment, Qiang implored cooperation by all to achieve competitive trans -shipment. Efficient multimodal connectivity, he explained, is crucial in efforts to accelerate and maintain the desired growth at the port.

‎Barge operations, the Lekki Port boss said, has become an important means of evacuating cargo as it currently accounts for about 10% means of cargo movement. Since inception, the port has moved 3000 TEUs of cargo even as plans are in top gear to improve on the capacity.

‎On concerns about cargo dwell time, he announced that Lekki Deepsea Port cannot, on its own, reduce this. Importers, Customs, banks and all other players must collaborate to resolve issues of cargo dwell time. When cargoes move seamlessly, the port makes money.

‎The Lagos -Calabar coastal road is one infrastructure that will be of huge assistance in stemming down congestion, improve overall access and cargo evaluation from Lekki Deepsea Port, he explained. Even then, he added, rail connectivity remains essential, particularly given the quantum of industrial activities taking place along the Lekki corridor.

‎“I believe the train option is something the government is concerned about, and with the level of industrial activities in this region, we expect that it will be provided,” he added.

‎While reiterating that Lekki Port is a fully automated terminal, Wang asserted that delays may persist until all stakeholders, including government agencies, fully align with end-to-end digital processes.

‎He explained that Customs procedures, particularly physical cargo examinations, and other port services must be fully digitalised to significantly reduce cargo dwell time.

‎Also speaking, the Chief Executive Officer of Lekki Freeport Terminal (LFT), Capt. Jedrzej Mierzewski, expressed excitement that after only two years of operations, LFT has already become the number two terminal in the Nigerian market.

‎“We are the fastest-growing terminal in the country, combining modern infrastructure, operational excellence, and a clear ambition to become a leading transshipment hub for West Africa.

‎“Our growth supports the Nigerian economy by strengthening trade connectivity and helping to reduce the cost of foreign trade through efficient, reliable, and competitive port services.

‎“For automation to work efficiently, all players must be ready – customers, government and every stakeholder. Only then can we have a fantastic system.”

‎He also stressed that improved connectivity would allow the port to effectively double capacity through performance optimisation without expanding its physical footprint.

‎Speaking on the new tax regime coming into effect in 2026, he urged the government to adopt a simplified tax framework that supports ease of doing business. He cited Germany and other countries where goods are cleared from ports with a 30-day window allowed for value added tax (VAT) remittance.





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Maritime Agencies

‎FIGHT AGAINST FINANCIAL CRIMES: MMIA CAC Makes Huge Haul of Foreign Currencies, Hands Over To EFCC

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‎By Izuchukwu Ozoemena





‎ In a strong determination to deepen her unwavering commitment to combat financial crimes, taking full advantage of the existing synergy between the Nigeria Customs Service and sister-agencies especially in the fight against financial crimes, the Murtala Muhammed International Airport (MMIA) Command, Tuesday, handed over seized undeclared foreign currencies to the Economic and Financial Crimes Commission (EFCC). These are €651,505 and $800,575 in Euro and USD denominations respectively.

‎Speaking while handing over the seized foreign currencies, the MMIA Customs Area Controller (CAC), Comptroller Chidi Nwokorie disclosed that the interception was made at about 1445 hrs on Saturday, December 13, 2025, at Departure Terminal-1, when one Mr KAVLAK OENAL, an Austrian national with Passport No. AP0084116 was scheduled to travel on Emirate Airline to Dubai and was asked if he had any currency to declare but he said he had none.

‎As part of ongoing efforts by the Customs to enforce customs regulations in  collaboration with law enforcement agencies, a search was conducted.



‎”However, after conducting a search, the amount mentioned above was found in his travelling bag. This contravenes the extant laws that mandate all travellers (Inbound and Outbound) to declare foreign currencies or negotiable instruments above $10,000 threshold or its equivalent,” Comptroller Nwokorie said.

‎”It’s worthy of note here that this interception aligns with the Laws and Acts which empower and confer on the Nigeria Customs Service the right to prevent illicit financial flows and ensure strict implementation of anti money laundering obligations at all borders, particularly, Section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provision) Act, 1995; Section 3 (3-5) of Money Laundering (Prevention and Prohibition) Act, 2022 and Section 55 (1) of the NCS Act 2023″

‎Talking about currencies on transit, he advised the general public to note that
‎ failure to declare, false declaration or under-declaration of the prescribed amount constitutes an offence under the law.

‎”Therefore, I urge you, if you don’t have anything to hide and you’re into legitimate business and trade, make an honest and full declaration of your currency and other negotiable instruments that are above the threshold of $10,000 at the Currency Declaration Desks in the Arrival and Departure Halls of the Airport or risk being prosecuted and losing the money to the Federal Government.”

‎”So, on behalf of the Nigeria Customs Service and with the kind permission of the Comptroller General of Customs, Bashir Adewale Adeniyi, MFR, the said Passenger, Mr Kavlak OENAL, his International Passport and the undeclared currencies (€651,505 & $800, 575) found on him are hereby duly handed over to the Operatives of the Economic Financial Crime Commission for further necessary actions.”

‎Comptroller Nwokorie offered special thanks to the CGC, Bashir  Adewale Adeniyi, MFR, for his strong motivation.

‎”My vigilant and gallant officers, especially those in AML/CFT Unit who resisted every temptation of compromise to intercept this money and make this press conference a reality today, you showed discipline! You showed professionalism! You showed integrity! The Command is proud of you! The CGC is proud of you! The Service is proud of you and Nigeria is indeed proud of you!”

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Maritime Agencies

WIKE AT 62: TSSL Celebrates Courage, Conviction and Unwavering Sense of Duty.

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‎By Izuchukwu Ozoemena





‎Minister of the Federal Capital Territory, Barrister Nyesom Ezenwo Wike has been  described as a leader whose public life has continued to demonstrate courage, conviction and an unwavering sense of duty.

‎The Chairman of Tantita Security Services Limited (TSSL), High Chief (Dr.) Government Oweizide Ekpemuopolo stated this in a message to celebrate and honour the Minister who recently clocked 62. Tantita is the local security services outfit charged with the protection of oil and gas pipelines and other critical installations in Nigeria’s Niger Delta region.

‎In a congratulatory message on behalf of  the leadership and entire staff of Tantita Security Services Nigeria Limited (TSSNL), Ekpemuopulo recalled that Wike’s journey through public service marked by legal brilliance, political audacity and firm decision-making has consistently demonstrated that true leadership is defined by impact not rhetoric.

‎ Wike’s formative years in public administration, he recalled, began when he became a local government chairman, Minister of State (Education) through to his tenure as Governor of Rivers State. Now he is the FCT Minister,Tompolo stated, his performance has remained sterling, anchored on results, resilience and a relentless commitment to public good.

‎“In the Federal Capital Territory, your presence is already being massively felt. The renewed focus on infrastructure, order, and accountability speaks to a hands-on leadership style that understands Abuja’s symbolic and practical importance to Nigeria’s unity and governance,” Tompolo said.

‎The TSSNL founder commended Wike for recognising the intrinsic connection between security, development and national stability, stressing that the minister’s insistence on law, order and institutional discipline aligns strongly with Tantita’s mission of protecting critical assets and fostering a safe environment for sustainable growth.

‎He added that Wike’s reputation as “Mr. Project” was well-earned, given his consistent record of performance and the courage to take difficult decisions when duty demanded it.

‎“In moments that demand firmness, you have chosen responsibility over convenience, standing by your convictions even when the path was difficult,” he said.

‎Tompolo prayed for renewed strength, sharper vision and continued success for the minister as he marks another year, expressing confidence that Wike’s service would continue to leave a lasting imprint on national development.

‎Tompolo added: “Please accept my sincere best wishes for good health, wisdom, and continued success. May the years ahead bring fulfilment and further contributions to the progress and unity of Nigeria.”

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