Politics
Tinubu Breaks Record On Heels Of Historic Closing Bell Ring At NASDAQ
PRESIDENT TINUBU BECOMES FIRST EVER AFRICAN LEADER TO RING CLOSING BELL AT NASDAQ; WOOS LARGE SCALE INVESTMENT AT THE NIGERIA-U.S. EXECUTIVE BUSINESS ROUNDTABLE
In honour of President Bola Tinubu’s determined global push to aggressively attract foreign direct investment into Nigeria, the world’s second largest stock exchange, the National Association of Securities Dealers Automatic Quotation System (NASDAQ), on Wednesday in the world’s financial capital, invited President Tinubu to ring the closing bell, making him the first African President to ever receive the honour.
The President, surrounded by Nigerian business leaders and officials of the Nigerian Stock Exchange, in trademark fashion, did not fail to seize the opportunity presented by the historic moment to boldly advance his foreign investment push as he stood, live, in front of financial markets at the famous stock exchange.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
The President noted that his government continues to address longstanding problems and impediments, such as his work to restore and unify the foreign exchange rate market to a stable and trustworthy level, allowing new investors to seamlessly bring their money into the country, free of worries about whether or not they can take their money out at any point in time.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President exclaimed under the lights.
At the Nigeria-U.S. Executive Business Roundtable held just after the closing bell, President Tinubu assured prospective investors that while he recognizes that investment capital is cowardly in nature, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans respectively, in addition to all that he has already done to boost the confidence of the global investment community in Nigeria’s presently reforming fiscal, monetary, regulatory and tax policy environment.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary, Wally Adeyemo, told U.S. business leaders that he was just a few hours removed from arriving in New York from Lagos, Nigeria, where he was on an official visit that later became a fact-finding mission.
“In Lagos, I saw first hand some of the major reforms you implemented as the Governor of Lagos and the transformative effect it has had on Nigeria’s commercial capital. People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence. American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Mr. Adeyemo said.
The American Business Council President, Mr. Sops Ideriah, said that the extensive turnout at the roundtable by American Business Chief Executives served as a testament to the degree to which confidence is rising in response to the actions and words of President Bola Tinubu’s administration with respect to ease of business, investment promotion, and his willingness to personally intervene where required to ease the historical concerns of American business people about doing business in Nigeria.
“Having all the stakeholders in the room, His Excellency the President of Nigeria being here, from government actors at the federal and state level to ministers and tax authorities present, as well as private sector industrialists in Nigeria. We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Mr. Ideriah said.
Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, assured the American Captains of Industry that under the leadership of President Bola Tinubu, the nation’s apex tax authority will be focusing its efforts not on taxing the seed, but only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper. Everything we do will be geared toward making your tax assessment and payment processes as digitally efficient and transparent as possible. We are not after the seed, but the fruit and we will keep to this commitment,” Nigeria’s new tax boss affirmed.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 21, 2023
Customs at the Crossroads: When Lawmakers Look Away and the Executive Looks Aside
By Dr. Bolaji O. Akinyemi
In a democracy, legislative oversight is the scalpel that cuts through deceit, inefficiency, and corruption in public institutions. It is the people’s last institutional shield against abuse of power. But what happens when that shield becomes a shelter for the very rot it is meant to expose? And what happens when the Executive arm, whose duty is to supervise its agencies, pretends not to see?
The unfolding drama between the National Assembly and the Nigeria Customs Service (NCS) reveals more than a policy dispute. It exposes a dangerous triangle of confusion, complicity, and economic sabotage. At stake is not only the rule of law but the survival of an economy already gasping under inflation, a weak naira, and suffocating costs of living.
The House Talks Tough
In June 2025, Nigerians saw a glimpse of legislative courage when the House of Representatives Committee thundered at Customs:
> “Nigerian Customs Service, by June 30, must not collect CISS again. You are to collect only your 4% FOB assigned by the President. Even the 7% cost of collection you currently take is illegal—it was an executive fiat of the military, not democratic law. Any attempt to continue these illegal collections will be challenged in court. The ‘I’s have it.”
The voice was firm, the ruling decisive. Nigerians expected a turning point.
But the righteous thunder of the House was quickly muffled by the Senate’s softer tone, which suggested not the enforcement of the law but a readiness to bend it.
Senate: Oversight or Escape Route?
At a Senate Customs Committee session, Senator Ade Fadahunsi admitted openly that Customs has been operating illegally since June 2023. Yet rather than demand an end to illegality, he extended a lifeline to Comptroller-General Bashir Adeniyi:
> “If we come back to the same source… the two houses will sit together and see to your amendment so you will not be walking on a tight rope.”
But should Adeniyi be handed a loose rope while Nigeria’s economy hangs by a thread?
Instead of accountability, the Senate Customs Committee floated adjustments that would make life easier for Customs. The nation was given hints about fraudulent insurance and freight data, but instead of sanctions, what we saw was a search for escape routes. This is not oversight—it is overlook.
Smuggling and Excuses
The Senate Committee also lamented cross-border smuggling—Nigerian goods like cement flooding Cotonou, Togo, and Ghana at cheaper prices than in Nigeria. Senator Fadahunsi blamed the Central Bank’s 2% value deposit for encouraging the practice.
But where are the Senate’s enforcement actions—compliance checks, stiffer sanctions, cross-border coordination? None. The result is predictable: smugglers prosper, reserves bleed, and ordinary Nigerians pay more for less.
A Bloated Customs Budget
The Service’s 2024 capital allocation ballooned to ₦1.1 trillion from ₦706 billion. Instead of channeling these resources into modern trade systems, Customs is expanding empires of frivolity—such as proposing a new university despite already having training facilities in Gwagwalada and Ikeja that could easily be upgraded.
Oversight is not an afterthought; it is the legislature’s constitutional duty. To see waste and illegality and yet propose amendments that would legalise them is to turn oversight into overlook.
Customs has about 16,000 staff, yet many remain poorly trained. Rather than prioritise capacity building, the Service is busy building staff estates in odd locations. How does Modakeke—an inland town with no border post—end up with massive Customs housing projects, while strategic border towns like Badagry, Idiroko, and Saki remain neglected? Is Bashir Adeniyi Comptroller-General of Customs—or Minister of Housing?
The 4% FOB Levy: A Policy Blunder
The central controversy is the Federal Government’s plan to replace existing port charges with a new 4% Free-On-Board (FOB) levy on imports.
Nigeria is an import-dependent nation. This levy will instantly hike the costs of cars, spare parts, machinery, and raw materials—crippling industries and punishing consumers.
Already, the consequences are biting:
A 2006 Toyota Corolla now costs between ₦6–9 million.
Clearing agents who once paid ₦215,000 for license renewal must now cough out ₦4 million.
New freight forwarder licenses have jumped from ₦600,000 to ₦10 million.
Customs claims the revenue is needed for its modernisation programme, anchored on a software platform called B’Odogwu. But stakeholders describe this so-called “Odogwu” as epileptic—if not comatose. Why commit trillions to a ghost programme that will be obsolete by January 2026, when the Nigerian Revenue Service is set to take over Customs collections?
Industry Raises the Alarm
The Manufacturers Association of Nigeria (MAN) has warned that the levy will worsen inflation, disrupt supply chains, and hurt productivity.
Lucky Amiwero, President of the National Council of Managing Directors of Licensed Customs Agents, calls the levy “economically dangerous.” His reasoning is straightforward:
The 4% FOB levy is much higher than the 1% CISS it replaces.
Peer countries like Ghana maintain just 1%.
The new levy will fuel inflation, raise the landed costs of goods, and destabilise the naira.
He also revealed that the Customs Modernisation Act, which introduced the levy, was passed without Senate scrutiny or meaningful stakeholder consultation. He estimates that the levy could add ₦3–4 trillion annually to freight costs—burdens that will be transferred directly to consumers.
Who Is Behind the “Odogwu” Masquerade?
The haste to enforce this levy, despite its looming redundancy, raises disturbing questions. Who benefits from the “Odogwu” project draining trillions? Why the rush, when NRS will take over collections in a few months?
This masquerade must be unmasked.
The Price Nigerians Pay
For ordinary Nigerians, this policy translates into one thing: higher prices. Cars, manufactured goods, and spare parts are spiraling beyond reach. A nation struggling with inflation, unemployment, and a weak currency cannot afford such reckless experiments.
So, while the Senate looks away, the Executive cannot look aside.
The Executive Cannot Escape Blame.
It is easy to focus on the failings of the legislature. But we must not forget: the Customs Service is an agency of the Federal Ministry of Finance, under the direct supervision of the Honourable Minister of Finance, Mr. Wale Edun.
If Customs is breaking the law, wasting resources, or implementing anti-people policies, the buck stops at the Executive’s table. The Minister of Finance is Chairman of the Customs Board. To fold his hands while the Service operates in illegality is to abdicate responsibility.
History gives us a model. In 1999, the Minister of State for Finance, Nenadi Usman, was specifically assigned to supervise Customs and report directly to the President. Meanwhile, Ngozi Okonjo-Iweala focused on broader fiscal and economic policies. That division of responsibility improved accountability. Today, the absence of such an arrangement is feeding impunity.
President Tinubu and his Finance Minister must act decisively. Oversight without executive will is a dead letter.
A Call to Accountability
The truth is stark:
Customs has been operating illegally since June 2023 to the Senate’s own confession.
The 4% FOB levy will deepen inflation and worsen economic hardship.
The Ministry of Finance bears ultimate responsibility for Customs’ conduct.
Until importing and consuming, Nigerians demand accountability—of the Comptroller-General, the Senate, and above all, the Finance Ministry—this bleeding will continue.
Nigerians deserve better. They deserve a Customs Service that serves the nation, not a privileged few. They deserve a House that enforces its resolutions, not one that grandstands. They deserve a Senate that upholds the law, not one that bends it. And above all, they deserve an Executive that does not look aside while illegality thrives under its ministry.
Only public pressure can end this indulgence. If Nigerians keep silent, we will keep paying the price—in higher costs, weaker currency, and a sabotaged economy.
Citizens’ Charge: Silence is Not an Option
Fellow Nigerians, the Customs crisis is not a drama for the pages of newspapers—it is a burden on our pockets, our businesses, and our children’s future. Every illegal levy is a tax on the poor. Every abandoned oversight is an open invitation to corruption. Every silence from the Executive is an approval of impunity.
We cannot afford to fold our arms. Democracy gives us the power of voice, the duty of vigilance, and the right to demand accountability. Let us demand that:
The Senate and House of Representatives stop playing good cop, bad cop, and enforce the law without compromise.
The Ministry of Finance takes full responsibility for the Customs Service, supervising it in the interest of Nigerians, not vested interests.
The President intervenes now, before the Service crosses the dangerous line of turning illegality into policy.
History will not forgive a people who suffered in silence when their economy was bled by recklessness. Silence is complicity. The time to speak, to write, to petition, to protest, and to demand is now.
Customs must serve Nigeria—not sabotage it.
Dr. Bolaji O. Akinyemi is an Apostle and Nation Builder. He’s also the President of Voice of His Word Ministries and Convener Apostolic Round Table. BoT Chairman, Project Victory Call Initiative, AKA PVC Naija. He is a strategic Communicator and the CEO, Masterbuilder Communications.
Email:[email protected]
Facebook:Bolaji Akinyemi.
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Instagram:bolajioakinyem
Aare Adetola Emmanuel King Congratulates Hon. Adesola Ayoola-Elegbeji on Election Victory
The Chairman/CEO of Adron Group, Sir Aare Adetola Emmanuel King KOF, has congratulated Hon. Adesola Ayoola-Elegbeji on her resounding victory in the just-concluded by-election for the Remo Federal Constituency seat in the House of Representatives.
In a goodwill message issued by him, he described the victory as “a historic moment for the Remo people, coming at a time when the constituency yearns for a leader with vision, courage, and genuine commitment to service.”
He noted that the outcome of the election was an attestation to the trust and confidence reposed in Hon. Ayoola-Elegbeji by the people, adding that her sterling qualities, integrity, accessibility, and compassion for the grassroots had endeared her to the electorate.
“The overwhelming support you garnered at the polls is proof that you are the right voice at the right time to carry the aspirations of Remo to the national stage,” he stated.
While acknowledging that the by-election followed the painful demise of the late Hon. Adewunmi Oriyomi Onanuga (Ijaya), Aare Adetola Emmanuel King said Hon. Ayoola-Elegbeji’s emergence symbolizes the continuity of purposeful representation. He expressed confidence that she would not only sustain the legacy of her predecessor but also surpass it with new energy, innovative ideas, and progressive leadership.
The Adron Group Chairman further prayed for divine wisdom, strength, and compassion for the Member-Elect as she assumes office, expressing confidence that her tenure will usher in meaningful development, economic empowerment, and greater opportunities for the people of Remo Federal Constituency.
ADC Condemns Intimidation Campaign Against Ogbeni Rauf Aregbesola
The African Democratic Congress (ADC), Ogun State Chapter, strongly condemns the ongoing intimidation and smear campaign targeted at our party leader and Interim National Secretary, *Ogbeni Rauf Aregbesola*, by opposition forces in the South West region.
It is unacceptable and undemocratic that as he exercises his constitutional and political right to campaign across the region, elements of the opposition resort to harassment and attacks instead of engaging in issue based politics. Such actions are a direct assault on democracy, free expression, and the spirit of fair political competition.
The ADC calls on security agencies and all relevant authorities to guarantee the safety and freedom of movement for Ogbeni Rauf Aregbesola and all our party leaders nationwide. Democracy thrives on inclusivity, tolerance, and fairness not intimidation.
We urge our members and supporters to remain steadfast and law-abiding, as the ADC will continue to pursue its vision of a just, democratic, and prosperous Nigeria.
*Signed:*
Honourable Muhammed MJG GKAF
*Publicity Secretary, ADC National Media Frontiers, Ogun State*
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