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JUST IN : Customs increases import duty rate

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The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent.

Recall that the exchange rate for duty collection is usually determined by the CBN.

Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set at N951.842 per $1 as of December 2024, taken up to N1356.42.

Reacting to the development, Chief Executive Officer of the Center for the Promotion of Private Enterprises, CPPE, Dr. Muda Yusuf, expressed shock at the development, saying that the increase will further worsen the already bad economic situation.

Yusuf wondered if anybody was advising the Governor of the CBN on the implications of these actions.

He said, “I am shocked at the development, I mean with all these suffering, with all these costs, we have not recovered from the unification of the exchange rate they just did, now another increase in duty.

 

“This increase will definitely affect every area of our economic life, already; we recorded a drop in the volume of import last year, so you imagine what will happen with this increment.

 

 

“The sharp depreciation and the increment of import duty will no doubt affect the volume of trade because the cost of import is going to increase significantly and this will affect practically all the key components of cost.

 

 

“That is the cost of transportation, the cost of shipment, the cost of clearing and this will slow down the velocity and the tempo of activities in the maritime sector. And that tempo has already reduced anyway and it further reduces.”

 

 

He warned against the upward review of the exchange rate for the computation of import duty, adding that it would be devastating for both the economy and the citizens.

 

Speaking in a similar vein, former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, said that the velocity of the exchange rate is affecting every sector of the economy, adding that the country needs to export more than import.

 

He said, “As the Naira further depreciates against the Dollar, we will have less importation.”

 

 

 

 

 

 

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NIBAD 2026: Abike Dabiri To Take Centre Stage As Bunmi Ebony, DJ X-One Host Baltimore Event

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The Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM), Hon. Dr Abike Dabiri-Erewa ( OON) has been scheduled for honour, among other awardees, at the 2026 and the 6th edition of the annual Nigerian Independence Ball, Awards, and Dinner (NIBAD),billed to hold in Baltimore, Maryland, on the 18th of October .

 

At the instance of Naija Times USA and Raindrop Group led by Olaniyi Thompson Tabi, activities marking the 6th edition of NIBAD commenced on the 3rd of October with Independence carnival in Maryland.

As part of the expanded 6th edition, the Annual Independence stage play titled ‘Your Excellency Sir!’ …The saga of a nation, written and directed by Olaniyi Thompson Tabi, was showcased at a very colorful event on the 9th of October.

Designed to be an unforgettable celebration of Nigeria’s 66th Independence celebration, the grand finale of the celebration is billed for Sunday, the 18th of October, 4.00pm, at Gabriel Community Centre, 6948, Dogwood Road, Windsor Mill, MD 21244.

The evening will not only commemorate Nigeria’s rich history and vibrant culture but will also spotlight the exceptional contributions of Nigerians at home and abroad in various fields such as business, healthcare, education, community service, and more.

The evening will feature a grand awards ceremony to honor those who have demonstrated leadership, innovation, and dedication in their respective industries. Among them, Dr Dabiri- Erewa

Hon. Dr. Abike Kafayat Oluwatoyin Dabiri-Erewa (OON) is a prominent Nigerian politician, public administrator, and former broadcast journalist who has been able to show leadership since her appointment as the Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM).

To add colour to the event also, is

Dj X-One, reputed as the best Disc Jockey in the DMV area. Bunmi Ebony, a fast rising Juju Artiste in Atlanta will also be on the bandstand to thrill guests at the event to celebrate Nigeria.

 

****About NIBAD: The Nigerian Independence Ball, Awards, and Dinner (NIBAD) is an annual event that celebrates Nigeria’s Independence while recognizing the achievements of Nigerians in the diaspora. NIBAD aims to highlight the cultural pride, resilience, and accomplishments of Nigerians globally, bringing together community leaders, professionals, and influencers for an evening of celebration, inspiration, and unity.

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DPO Sacked Over Renovation Of Police Post By Suspected Cultist

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The Rivers State Police Command under CP Olugbenga A. Adepoju has condemned the purported renovation of the Abuloma Police Outpost by suspected cultists and ordered a full investigation into the incident.

 

Police Public Relations Officer (PPRO) of the command, ASP Blessing Agabe disclosed this in a Friday statement.

She said the command’s action follows a trending social media report and circulating video alleging that suspected cultists renovated the outpost and visited the facility on Thursday, October 15, to celebrate completion of the renovation.

The command said it “strongly condemns any action or association capable of compromising the integrity, discipline and professional standards of the Nigeria Police Force or conferring legitimacy, recognition or acceptance on suspected cult groups or other unlawful organisations.”

It added, “Police facilities are public institutions established for the protection of citizens and the enforcement of law and must not become platforms through which criminal groups seek public validation or influence.”

The command said CP Adepoju maintains zero tolerance for criminality and any conduct that undermines public confidence in the police.

Consequently, he has queried and relieved the Divisional Police Officer in charge of Abuloma Division and the Divisional Officer overseeing the affected outpost of their duties pending investigation.

The CP has also ordered a full investigation to establish the circumstances surrounding the incident and the veracity of the allegations, including the identities and backgrounds of the individuals or groups who financed or facilitated the renovation; the police officers who authorised or approved the project; whether due procedures were followed; whether any officer breached professional standards or compromised the integrity of the force; and the extent of any involvement by police personnel.

The command said while it welcomes legitimate community support for improving police facilities, consistent with Section 26(1)(d) of the Nigeria Police Act 2020, which provides for gifts and contributions to the Police General Fund, such support must not compromise police independence, professional standards or security.

“No donation or assistance confers immunity from investigation or prosecution,” the command stated, adding that the investigation will establish whether necessary approvals were obtained and appropriate checks conducted on those who financed the renovation.

It reiterated that it would not condone unprofessional conduct or any form of improper association with criminal elements and that appropriate disciplinary and legal action would be taken against anyone found culpable.

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Police Confirm Kidnap Of Catholic Priest In Benue

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The Police Command in Benue State has confirmed the abduction of Rev. Fr. John Otache, Parish Priest of St. Margaret’s Parish, Ajegbe-Awume, in Ohimini Local Government Area of the state.

 

The Police Public Relations Officer, DSP Aondogu Orchia confirmed the incident on Friday in Makurdi.

Orchia said the command had commenced full investigation into the incident and efforts were ongoing to rescue the priest.

Meanwhile, the Catholic Diocese of Otukpo, in a statement signed by the Diocesan Chancellor, Rev. Fr. Joseph Itodo, said the priest was abducted on October 13.

According to Itodo, Otache was returning home from Otukpo when he encountered the abductors along the Otobi Amejo-Ajegbe Road in Ohimini Local Government Area.

He expressed sadness over the incident, saying the Bishop of Otukpo, Most Rev. Michael Apochi, was deeply pained by the development.

He called on priests, religious members, the laity and other well-meaning individuals to pray for the priest’s safe and speedy release.

He also urged prayers for other persons held by kidnappers across the country, expressing hope for their safe return.

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