Business News
VREG 1st Phase Begins at NCS Kirikiri Light Terminal – Finance Minister
By Tony Obiechina, Abuja
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has disclosed that the pilot phase of VREG has commenced at the Nigeria Customs Service Kirikiri Light Terminal.
The Minister disclosed this in a keynote address at the nation-wide seminar on the VREG in Abuja, which she said was meant to enlightened the public on vehicle transfer and processing.
According to her, VREG is powered by interconnected interactions of key agencies, parties, and stakeholders.
“These communication and connection channels facilitate the robust functionalities of the national vehicle registry. The stakeholder relationships that will facilitate the achievement of the goals of VREG include: Interchange of information with Federal Road Safety Corps (FRSC) and state revenue systems on nationwide vehicle registration, ownership, history, and for proper road traffic regulation and violation enforcement.
The stakeholder relationships also include providing the Nigerian Customs with guidance in all clearing, duties, registration and redistribution of vehicle, targeted at ensuring that all vehicles are trackable and taxable. This is also to generate more revenues; aggregation and regularisation of vehicle insurance across the country when the National Insurance Commission (NAICOM) is integrated into VREG.
The stakeholder relationships also include “communication between Central Bank of Nigeria’s moveable asset registry and VREG, to provide dynamic records of vehicular assets thus boosting lendability to Nigerians; integration with Nigerian Police Force and security agencies such as Office of the National Security Adviser, to facilitate robust nationwide vehicular tracking, and comprehensive theft and other vehicle-related crimes reporting.
The national vehicle registry policy of the federal government “will, among others, serve as a single source of validation at the point of vehicle registration while capturing and storing all vehicular information over the life cycle of every vehicle for the purpose of effective motor vehicle administration, ensuring the enforceability of penalties placed on vehicles by regulators across board and ensuring accurate monitoring, documentation and tracking of vehicular activities across the nation to enhance national security.
Since the Federal Ministry of Finance, Budget, and National Planning is saddled with the responsibility of managing the nation’s finances and revenue streams, Mrs. Ahmed stated: “In the midst of dwindling revenue orchestrated by falling oil prices, mono economy and further worsened by revenue leakages from unplugged loopholes such as customs duty payment evasion, it became imperative that the government be responsive to these issues”.
She further stated that in line with the strategic revenue growth initiative, the Ministry conceived and launched the VREG automated gateway portal, as a means to leveraging technology infrastructure to maximise revenue generation for Nigeria as well as to enhance national security such as curtailing kidnapping, utilisation of vehicles in crime perpetration and terrorism.
“For the records, the National Bureau of Statistics (NBS) confirmed that between 2015 to 2019, Nigeria imported an average of 300,000 vehicles with an average of 48 percent increase in import annually.
Meanwhile, an additional 45 percent of vehicles are smuggled into the country annually, thus evading duty payment of which 40 percent of these vehicles are stolen. A case study also revealed that between October, 2018 to September, 2019 the country recorded over N1.8 trillion value of used vehicle importation.
According to her, it was further revealed that Nigeria was the hub of stolen vehicles as vehicle identification number (VIM) of vehicles in the country were usually unregistered. Consequently, vehicles within the shores of the country cannot be traced.
In a bid to address these challenges, the ministry launched VREG, which is a national repository of vehicular information that seeks to provide a singular platform through which all relevant agencies shall reference vehicular data with a view to ascertaining ownership and value information, capturing vehicular exchanges and utilising the VIN of all vehicles in Nigeria.
Additional value is also accruable to the federal government, state governments and related agencies via this policy. Mrs. Ahmed assured participants of the unwavering commitment of the administration to the economic development and security of the country through deployment and implementation of such platforms.
“We are, therefore, counting on your support and cooperation towards the successful implementation of this laudable, about- time technology-driven initiative”, she added.
Business News
Customs CG Tasks Officers on Discipline, Integrity
By Tambaya Julius, Abuja
The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has called on officers and men of the Customs Police Unit (CPU) to uphold discipline, professionalism and integrity, stressing that accountability must begin within the Service.
Adeniyi made the call while delivering the keynote address at the inaugural Customs Police Summit 2026, held at the NAF Conference Centre and Suites, Abuja.
The summit, with the theme, “Reimagining Customs Policing: Learning From the Past, Responding to the Present, and Preparing for the Future,” brought together customs personnel and representatives of security and law enforcement agencies to discuss ways of strengthening the unit and preparing it for emerging enforcement challenges.
The Customs boss, who is also the Chairperson of the World Customs Organization (WCO) Council, said the Service must first demonstrate the discipline and integrity it expects from traders and members of the public.
He described the Customs Police Unit as a critical part of the Service’s internal control system, noting that its responsibility goes beyond investigating misconduct to ensuring that officers exercise their powers within the confines of the law.
According to him, the unit, formally inaugurated in July 2019, was established to investigate erring personnel, prevent crime and promote compliance, guided by the principle that no officer is above the law.
He said the experience of the Service over the years had reinforced three important lessons: integrity must begin at home, enforcement powers must be exercised responsibly, and effective policing requires cooperation among relevant institutions.
The Comptroller-General expressed concern over the growing sophistication of criminal networks, which he said were increasingly exploiting legitimate trade routes and digital platforms to move illicit goods, including firearm components, narcotics, counterfeit medicines, protected wildlife and proceeds of illegal activities.
He maintained that tackling these threats required more than aggressive enforcement, calling instead for smarter, intelligence-driven operations supported by technology and international best practices.
Adeniyi pointed to several World Customs Organization instruments, including the SAFE Framework, Authorised Economic Operator (AEO) Programme, advance rulings, Time Release Study and Revised Kyoto Convention, as important tools for promoting compliance, facilitating legitimate trade and reducing opportunities for corruption.
He also highlighted the role of technology and data management in strengthening customs operations, citing the B’Odogwu platform, which integrates declarations, valuation, risk management and AEO processes.
He added that the INTERPOL Data Centre at Customs Headquarters had provided the Service with access to global criminal databases, while the Nigeria Customs Service Act 2023 had strengthened the legal foundation for intelligence-led operations, joint border activities and mutual administrative assistance.
The CGC identified Consolidation, Collaboration and Innovation as the three pillars that must shape the future of customs policing.
He explained that consolidation would require stronger operational procedures, improved investigations, properly documented cases for prosecution and continuous professional development of personnel.
He called for closer working relationships with the Nigeria Police Force, Armed Forces, National Drug Law Enforcement Agency (NDLEA), National Agency for Food and Drug Administration and Control (NAFDAC), Department of State Services (DSS), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Agricultural Quarantine Service (NAQS), neighbouring countries and border communities.
He also encouraged the Service to take advantage of emerging technologies, including artificial intelligence, advanced scanners, geospatial tools and electronic cargo tracking, to improve investigations and strengthen enforcement operations.
Adeniyi urged participants to use the summit to develop practical recommendations, including a Customs Police doctrine based on the NCS Act 2023 and Revised Arusha Declaration, improved protocols for joint operations and evidence management, guidelines for the responsible use of artificial intelligence in investigations, and better training and welfare for CPU personnel.
Addressing officers of the unit, he reminded them that their red berets represented the confidence Nigerians placed in the Service and must therefore be worn with discipline, restraint and pride.
He stressed that integrity remained the greatest badge of honour for every customs officer.
The Acting Provost Marshal of the NCS, Deputy Comptroller TS Sanusi, described the summit as an important step towards strengthening the institutional capacity and repositioning the Customs Police Unit.
Sanusi said the unit was established to provide a dedicated structure for maintaining discipline, investigating misconduct and ensuring compliance with professional standards among personnel and stakeholders.
He observed that the Service could not effectively enforce laws and regulate international trade without having strong mechanisms to promote discipline and accountability within its own ranks.
He added that the increasing challenges of transnational organised crime, illicit financial flows, corruption and emerging security threats had made the work of the Customs Police Unit more important.
The Acting Provost Marshal expressed appreciation to the Comptroller-General for his leadership, support and approval of funds for the inaugural summit, noting that the gesture reflected management’s commitment to strengthening the unit.
He also recognised the contributions of former Provost Marshals and personnel who helped establish the unit’s operational structures and professional standards.
Sanusi urged serving personnel to lead by example, insisting that discipline must begin with them if they were to earn the respect and confidence required to enforce it among others.
In his remarks, Assistant Comptroller-General of Customs at Headquarters, MS Shuaibu, called for a renewed approach to customs policing, with greater emphasis on professionalism, intelligence gathering and institutional accountability.
Shuaibu said the summit provided an opportunity to reflect on the unit’s achievements, address existing challenges and develop strategies to respond to changing global trade patterns and security threats.
He acknowledged the unit’s contributions to internal discipline, investigation of infractions and the protection of the Service’s interests, but stressed the need to continually improve its operational capacity.
He identified intelligence gathering, surveillance, risk analysis, inter-agency cooperation and modern investigative techniques as key areas requiring attention.
The ACG further emphasised that the exercise of police powers must be guided by respect for human rights and due process, warning that enforcement must never become an excuse for unjust treatment.
He urged officers to remain firm but lawful, courageous but responsible, and impartial in carrying out their responsibilities.
Business News
NELFUND Loan Improves Graduate’s GPA to 3.50
A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.
Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.
She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.
The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.
According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.
“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.
“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.
Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.
She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.
The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.
She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.
Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.
She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)
Business News
FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery
The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.
Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).
The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.
The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.
“The players within the industry, all of us, operate in silos.
“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.
According to him, the various institutions must work together towards a common goal rather than operate independently.
“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.
The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.
He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.
Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.
He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.
“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.
He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.
The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.
He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.
The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.
Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.
He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.
“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.
He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.
“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.
He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.
Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.
He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.


