Nigeria Enhances Trade Processes with Full Bank Integration for Form ‘M’ Applications In a significant move to boost Nigeria’s trade facilitation, the Comptroller-General of the Nigeria Customs Service (NCS), Mr. Adewale Adeniyi, has announced the complete integration of all commercial banks for seamless Form ‘M’ openings. This advancement aligns with the deployment of the indigenous B’Odogwu trade facilitation tool at Apapa and Tin Can Island ports in Lagos, following a successful pilot phase at the PTML Command earlier in 2024. B’Odogwu System Revolutionizing Trade Documentation The integration of commercial banks into the B’Odogwu trade system marks a transformative step in modernizing Nigeria’s customs operations. This initiative aims to enhance trade documentation, improve revenue collection, and increase efficiency in cross-border transactions. Mr. Adeniyi emphasized that the Central Bank of Nigeria (CBN) has directed all authorized dealer banks to comply with the B’Odogwu platform, ensuring a smooth and efficient process for traders seeking Form ‘M’ approvals. The B’Odogwu trade facilitation system, designed to replace the Nigerian Integrated Customs Information System (NICIS) II, is part of the government’s broader effort to modernize customs operations and eliminate inefficiencies in trade documentation. Expanding Digital Customs Operations for Greater Efficiency The Nigeria Customs Service (NCS) has also expanded the B’Odogwu system to Apapa and Tin Can Island ports, reinforcing the success of its initial implementation at PTML Command. Mr. Adeniyi highlighted the strategic importance of this deployment, stating that it aligns with the customs modernization agenda and will help in blocking revenue loopholes. “This initiative is a crucial step forward, as it ensures better transparency and efficiency in customs operations,” Adeniyi noted. He further explained that the termination of an outdated contract with a former service provider led to the adoption of TMP Limited, a local technology company, to develop this new, homegrown system. “The challenges we faced with NICIS prompted us to start fresh. We created B’Odogwu to eliminate previous delays and frustrations,” Adeniyi added. Strengthening Nigeria’s Trade Position Globally The term B’Odogwu, derived from a Nigerian phrase, represents “Border Strength” and signifies leadership in trade facilitation. Apapa Area Controller, Comptroller Babatunde Olomu, reaffirmed the command’s preparedness for the next phase of customs digitalization. He highlighted the comprehensive training programs conducted for officers and stakeholders, which have already received positive feedback. “Nigeria Customs, under Adeniyi’s leadership, is currently the fastest-growing customs administration in Africa,” Olomu added. For further details on Nigeria’s trade facilitation efforts, visit the official Nigeria Customs Service website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
The House of Representatives Public Accounts Committee (PAC) has directed the Accountant General of the Federation, Mrs. Shakirat Madein, to submit the Federal Government’s 2022 Consolidated Financial Statement to the Auditor General, as mandated by the 1999 Constitution. During a recent session in Abuja, the committee, led by Rep. Bamidele Salam, voiced concerns over the poor execution of the capital portion of the 2024 budget, which the Accountant General reported at a mere 25%. The committee noted that this limited implementation could hinder Nigeria’s economic growth objectives. Rep. Salam highlighted Nigeria’s lag in the timely submission and review of audit reports compared to countries like Kenya, Ghana, and Rwanda. He attributed this setback to the consistent delay in the submission of financial statements by the Accountant General’s office. Addressing the issue of low revenue remittances from government-owned enterprises, the PAC chairman stressed the need for more rigorous steps to prevent financial leakages. He recommended automating revenue collection processes and conducting regular audits to ensure accountability. The committee further instructed the Accountant General, the Ministry of Foreign Affairs, and the Ministry of Interior to urgently resolve outstanding issues regarding the non-automation of revenue collection from foreign missions. This measure aims to improve transparency and efficiency in public financial management. Rep. Salam also revealed that the 2021 Auditor General’s report, recently submitted to the National Assembly, would be reviewed promptly after the passage of the 2024 Appropriation Bill. In her defense, Mrs. Madein cited the delay in submitting the 2022 financial statement as a result of insufficient data on government revenue from the Central Bank of Nigeria (CBN). However, she assured the committee that significant progress had been made and committed to completing the process within two months. She also briefed the committee on various initiatives aimed at improving financial accountability, including a review of the 2009 Financial Regulations, which is awaiting the Federal Executive Council’s approval for implementation. READ ALSO Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
