By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS) and the Customs administrations of Benin and Cameroon are working with the African Export-Import Bank (Afreximbank) to modernise key border corridors and improve cross-border trade across the region.

The initiative is expected to strengthen customs operations, ease the movement of goods and support the African Continental Free Trade Area (AfCFTA).

In a statement issued in Abuja yesterday, NCS spokesperson, Abdullahi Maiwada, said the latest discussions were held at Afreximbank’s headquarters in Cairo, Egypt, on October 12.

He said the meeting followed a joint benchmarking visit to Beitbridge Border Post in Zimbabwe and technical assessments of the Mfum–Ekok and Sèmè–Kraké border corridors linking Nigeria with Cameroon and Benin.

The engagement, led by Comptroller-General of Customs Bashir Adeniyi, brought together representatives of the three Customs administrations, Afreximbank and technical partners to review the findings and identify priority areas for improvement.

According to Maiwada, the discussions focused on digital infrastructure, harmonised customs procedures, secure information exchange and capacity building to support a more coordinated approach to border management.

Participants also considered Afreximbank’s possible involvement in the next Customs Partnership for African Cooperation in Trade (C-PACT) and efforts to establish regional and continental transit-guarantee arrangements.

A key issue was the proposed Customs Declarations Exchange System (CDES), which is designed to facilitate secure information sharing among Nigeria’s B’Odogwu platform, Benin’s Customs Webb and Cameroon’s Customs Information System (CAMCIS).

Maiwada explained that the system would allow export information from one country to support the advance preparation of import-manifest information in the receiving country.

However, the receiving Customs administration would retain responsibility for validating the information, applying its national requirements, conducting risk assessments and authorising cargo clearance.

He said that while the system had undergone development and technical testing, further configuration, system integration, security checks and pilot acceptance were needed before deployment.

The assessments also revealed infrastructure and operational challenges at the two border corridors.

At Mfum–Ekok, the identified gaps included unreliable electricity, poor connectivity, inadequate information technology equipment, cybersecurity concerns, limited technical support, incomplete scanner commissioning and challenges with coordinated single-stop border processing.

At Sèmè–Kraké, the challenges included incomplete joint procedures, limited live data exchange, non-functional cargo scanners and weighing facilities, unreliable power supply, traffic congestion and inconsistent operating hours.

The assessment also found that responsibilities for maintaining shared infrastructure at the Nigeria–Benin border remained unresolved.

Maiwada said the findings highlighted the need to fix immediate operational problems while developing a properly assessed and cost long-term modernisation plan.

To advance the programme, Afreximbank proposed a two-stage process beginning with independent engineering assessments and investment-cost studies at both border posts.

This would be followed by the preparation of separate bankable project proposals for the Nigeria–Benin and Nigeria–Cameroon corridors.

The proposed process would include transaction advisory services, legal due diligence, financial modelling and the identification of suitable financing and implementation arrangements.

Afreximbank also indicated that its Project Preparation Facility could support the process, while technical partners, TMP and Bergmans Security Consultants and Supplies Limited, expressed willingness in principle to consider financing the preparatory work themselves.

Maiwada stressed that no final project cost, lending commitment, borrower designation, financing arrangement or implementation contract had been agreed upon.

He said participants nevertheless agreed on the need for direct inspections of the sites, the appointment of designated technical focal points and a clear implementation roadmap covering one, three and six months, supported by a dated action plan.

The NCS reaffirmed its commitment to working with the Customs administrations of Benin and Cameroon, Afreximbank and other partners to strengthen regional cooperation, modernise border operations and facilitate legitimate trade.

Maiwada said further engagements would focus on completing the necessary assessments, clarifying project-preparation arrangements and developing sustainable solutions for the two corridors.

He added that the initiative was expected to improve cargo visibility, streamline cross-border procedures and strengthen coordinated border management, paving the way for more efficient trade and deeper economic integration across Africa.

The Court on Friday ruled in the Bank’s favour on all issues and granted all its prayers.

United Bank for Africa (UBA) Plc has secured a significant legal victory in its debt recovery proceedings against Stallion Group, following a court judgment which upheld the Bank’s position on all issues submitted for determination.

In a sweeping decision, delivered by by Justice Daniel Osiagor  of the Federal High Court sitting in Ikoyi, Lagos on Friday,  the Court granted all the reliefs sought by UBA, affirming the validity of the appointment of a Receiver/Manager, the enforceability of the mortgage security and the liability of the guarantors.

The Court observed that the Defendants did not dispute the existence of their indebtedness to the Bank but challenged the amount claimed. It further held that the reconciliation of accounts between the parties did not extinguish or negate the underlying indebtedness.

In a major affirmation of UBA’s enforcement rights, the Court upheld the appointment of the Receiver/Manager and confirmed his entitlement to take possession of the mortgaged property and seek appropriate protective orders.

The Court also dismissed objections raised by the 12th Defendant, holding that it had failed to establish any proprietary rights over the mortgaged property. Consequently, its consent was not required for the creation of the mortgage, and its objections were rejected.

Significantly, the Court restrained the Defendants from diverting receivables due to them from government agencies, thereby reinforcing the Bank’s ability to protect its recovery interests.

The judgment also affirmed the liability of the guarantors, strengthening UBA’s legal position in pursuing recovery of the outstanding obligations.

The decision represents a comprehensive victory for UBA, with the Court resolving all issues in the Bank’s favour and granting all the reliefs sought.

The ruling is particularly significant for the enforcement of creditors’ rights in Nigeria, underscoring the legal validity of properly constituted security arrangements and the authority of duly appointed receivers to enforce creditors’ interests.

It also reinforces the principle that disputes over the precise amount of an outstanding debt do not, by themselves, invalidate the underlying indebtedness or prevent creditors from exercising their lawful recovery rights.

The judgment marks a major milestone in UBA’s efforts to recover its exposure to Stallion Group and safeguard the interests of the Bank and its stakeholders.

By Tony Obiechina Abuja

Nigeria’s foreign exchange reserves rose to $58.81 billion on October 12, 2026, their highest level since November 19, 2008, when reserves stood at approximately $58.91 billion.

Data from the Central Bank of Nigeria (CBN) showed that the reserves increased from $55.

The latest figure extends the upward trend recorded in September and early October, strengthening Nigeria’s external reserve position amid efforts to stabilise the foreign exchange market.

Nigeria’s foreign reserves had been increasing steadily through September, moving from approximately $53.90 billion on September 1 to $54.93 billion by September 30.

The increase continued in October, with reserves reaching $54.95 billion on October 2 and $55.08 billion on October 9 before climbing to $58.81 billion on October 12.

The reserves rose from $53.90 billion on September 1 to $54.93 billion on September 30, representing an increase of $1.03 billion during the month. The reserves climbed further to $54.95 billion on October 2 and $55.08 billion on October 9 before surging to $58.81 billion on October 12.

The latest figure represents an increase of $3.73 billion between October 9 and October 12, bringing the cumulative gain since September 1 to $4.91 billion, or approximately 9.1 percent.

The latest reserve level marks a significant milestone in the country’s external reserve position, although the supplied data do not establish the specific factors behind the sharp increase between October 9 and October 12.

Nigeria’s reserves had risen by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, reflecting an improvement in the country’s external liquidity position.

Nigeria’s net foreign reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has said that stability in the foreign exchange market is helping to strengthen investor confidence.

Gross foreign reserves and net foreign reserves measure different aspects of the country’s external position, so the figures should not be treated as interchangeable.

The reserve increase comes amid changes in monetary policy and an improving economic outlook.

At its September 2026 Monetary Policy Committee meeting, the CBN reduced the Monetary Policy Rate (MPR) by 350 basis points, from 26.5 percent to 23 percent.

The committee also recalibrated the asymmetric corridor around the policy rate to +50/-300 basis points.

Meanwhile, the World Bank raised its forecast for Nigeria’s economic growth in 2026 to 4.3 percent, from 4.0 percent in 2025, and projected growth of 4.4 percent in both 2027 and 2028.