Business A.M
No Result
View All Result
Saturday, March 7, 2026
  • Login
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
Subscribe
Business A.M
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
No Result
View All Result
Business A.M
No Result
View All Result
Home Frontpage

Nigeria loses N20bn to sharp practices by importers

by Admin
July 29, 2025
in Frontpage, Maritime
By Samson Echenim 
Sharp practices by importers to beat products standards regulations have led to a loss of no less than N20 billion in the last one decade.
According to Tony Nwabunike, leader of Nigeria’s largest association of customs brokers, ANLCA, in the last 10 years, members of the association have been losing approximately N2 billion annually to clearing substandard goods imported into the country, but later seized and destroyed  by the Standards Organisation of Nigeria (SON), the country’s quality regulator.
Recently, the Association of Nigerian Licensed Customs Agents (ANLCA) raised the alarm that it was having difficulties accessing Son’s online application portal for the operation of the offshore Conformity Assessment Program (SONCAP) for processing imports into Nigeria.
At a meeting of the trading community in Lagos, where SON clarified that its platform was in stable condition, Nwabunike said over the years, customs brokers have been victims of certain logistics losses incurred on importation of substandard goods by importers who, in some cases, failed to disclose to the agents the actual content or degree of compliance with extant rules such as the SON Confornmity Assessment Programme (SONCAP).
He said the association had begun to sensitised importers on standards regulations to curtail the losses.
He said, “This task is daunting, but we are not relenting because customs brokers have suffered an estimated cumulative losses amounting to over N20 billion in the last 10 years for undertaking to clear goods discovered to be substandards.
“Let me put it clearly, that upon seizure of suspected fake or substandard goods after payment of duty, it will be easier for a camel to go through the eye of a needle than for an importer, whose consignments were seized to pay you the balance of the agreed sum even after the broker has spent his money on the logistics.
“This is just a mild analogy of the costly price we as professionals are paying to achieve standards and build an enduring economy that will be beneficial to all.
“Earlier this month, SON destroyed N480 million worth of substandard mobile phones, late last year, the organisation also destroyed 5,000 fake gas cylinders valued at N51.3 million. These are just two examples of a routine activity that promotes quality in our country.
“Destroying investment channeled wrongly towards fake and substandard goods may look harsh, but preventing death, injuries and pains of buying poor standard imported items is a great humanitarian task.”
Nwabunike noted that the influx of these  illicit products, in addition to being injurious to national economy, also spelled doom for citizens.
“In view of copious challenges faced in our line of business, we have taken it upon ourselves to educate importers on the need for their compliance to safeguard lives and avoid losses emanating from seizures and destruction of fake and substandard goods,” he disclosed.
Admin
Admin
Previous Post

ANLCA urges Customs to integrate SON into Nigeria’s trade digital platform as AfCFTA beckons

Next Post

Nigeria consumes 38.2m litres of petrol daily — DPR

Next Post

Nigeria consumes 38.2m litres of petrol daily — DPR

  • Trending
  • Comments
  • Latest
Igbobi alumni raise over N1bn in one week as private capital fills education gap

Igbobi alumni raise over N1bn in one week as private capital fills education gap

February 11, 2026

Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

November 20, 2017

How UNESCO got it wrong in Africa

May 30, 2017

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

Security experts seek Tinubu’s probe into network behind seized Skipper oil tanker 

Security experts seek Tinubu’s probe into network behind seized Skipper oil tanker 

March 7, 2026
Global food prices higher in July on stronger meat, vegetable oil costs

Global food prices rise for first time in five months on cereal, oil gains

March 6, 2026
inDrive retains top download ranking amid expansion into African mobility markets

inDrive rolls out Ramadan Shukran driver appreciation campaign in Abuja

March 6, 2026
Gold hits fresh record above $3,640 as Fed rate cut bets intensify

Gold extends rally to $5,222 as weaker dollar, Asian demand lift prices

March 5, 2026

Popular News

  • Igbobi alumni raise over N1bn in one week as private capital fills education gap

    Igbobi alumni raise over N1bn in one week as private capital fills education gap

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
  • How UNESCO got it wrong in Africa

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • Elumelu leads corporate mourning after UBA staff die in Afriland Towers fire

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

Security experts seek Tinubu’s probe into network behind seized Skipper oil tanker 

Security experts seek Tinubu’s probe into network behind seized Skipper oil tanker 

March 7, 2026
Global food prices higher in July on stronger meat, vegetable oil costs

Global food prices rise for first time in five months on cereal, oil gains

March 6, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us

© 2026 Business A.M