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CBN to sanction shipping firms violating export procedures

Non-compliance to Federal Government’s directive by shipping lines on Nigerian Export Proceeds (NXP) numbers would attract sanctions. The Central Bank of Nigeria (CBN) said that, henceforth, all export goods leaving the country must carry NXP, otherwise the cargo would not be allowed to leave the country. CBN Governor, Mr. Godwin Emefiele, at a virtual meeting, explained that following a directive by the Federal Government to audit shipping companies to ensure that the all shipping documents carry the NXP number, the apex bank discovered that several shipping companies were found wanting.

Emefiele said: “We are going to set up an auto system, where if someone wants to send cargo, copies of the NXP form will be sent directly to you. So, if you don’t have it in your system that the NXP has been registered, turn back that cargo. You cannot accept any number and use it as a basis for shipping. We are not going to allow that. That is not acceptable.

If you don’t see NXP Forms, that cargo should be turned back.” He said that a circular outlining this procedure would be sent out to shipping lines and relevant agencies like the Nigerian Shippers’ Council, Ministry of Finance, Nigerian Customs Services and security agencies, among others. Already, Executive Sec-retary/CEO of Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, had said that the council, in partnership with the CBN, had carried out three sensitisation meetings in Lagos and Port Harcourt to educate shipping companies and exporters on the need to implement the directive on the NXP.

The council’s Head, Public Relations, Rakiya Zubairu, said that NSC would work with other agencies of government to ensure full compliance, so that export without the NXP is discontinued.

Responding, Managing Director, MSC Nigeria Limited, Andrew Lynch, stated that his company receives NXP forms on all major agro commodities such as cashew, cocoa and sesame, but not for commodities like charcoal and timber. According to him, the company discovered that these items had no NXP forms after they had already arrived at the port and once cargo gets to the port and had gotten clearance from the Nigerian Customs Services (NCS), there would be pressure due to space constraints at the port to ship immediately. He added that one of their challenges also lies in their inability to verify the authenticity of an NXP form.

Managing Director of Grimaldi Nigeria Limited, Ascanio Russo, stated that in addition to not being able to verify the authenticity of the NXP Form, his company was unable to access the CBN portal.

 

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