Business
ANLCA Seeks GTB Probe Over Debt
The umbrella body of Freight practitioners in Nigeria, Association of Nigeria Licensed Customs Agents (ANLCA), has called on the Economic and Financial Crimes Commission (EFCC) to probe the activities of Guaranty Trust Holding Company (GTCO) PLC, formally known as Guaranty Trust Bank (GTBank), over alleged billions of naira owed importers and their agents.
According to ANLCA, “the accumulation of debt arising from demurrage follows the suspension of GTCO from Customs duty collection owing to the lenders’ inability to remit collected funds to the Federal Government coffers, which called for questioning”.
Addressing newsmen in Lagos recently, the Acting National President of ANLCA, Dr. Kayode Farinto, decried the consequences of the suspension of the bank, which has affected over 400,000 consignments.
He, therefore, urged the EFCC to investigate non-remittance of funds by the bank, which he described as a criminal act.
Dr. Farinto berated GTCO for failing to address the stakeholders, despite the loss incurred by importers and agents.
He stated that the amount Nigerian importers lose as a result of storages and demurrages is running high and the problem is not yet over.
“These consignments are still trapped in the ports and agents cannot clear them. Even some who have made assessments cannot pay duty. It is running to over N40 billion now and that is very unfortunate.
“We have a situation on ground where nobody is talking to Nigerians, nobody is talking to our stakeholders, freight forwarders or Customs brokers. That is why there is a need for us to make the world know what is happening in the maritime industry.
“We have a situation in which GTBank must have erred through the issue of reconciliation. We heard that the bank has not remitted some hundreds of billions to the Federation account and they have collected this money on behalf of the Federal Government and that was what led to their suspension.
“The Committee on Customs at the House of Representatives directed Customs to suspend GTBank from the portal. The bank has been suspended and some consignments have been trapped.
“As I talk to you, clearing of over 400,000 containers throughout the federation processed by agents who open their Form M through GTBank cannot proceed further despite their Pre Arrival Assessment Report (PAAR).
“This is because they must pay the duty through the Commercial or dealer Bank where they have opened Form ‘M’ which are now trapped and there are over 40% of vehicles that needs to be cleared from the seaport which has gotten assessments but cannot go ahead.
“There are about 10% of people who have actually paid duty and as a result of the suspension, the status has not changed in the portal of Customs and they cannot move forward in of clearance of the goods.
“This is why we are calling on freight forwarders to make sure that from today the 6th of September, 2022, they should not open their Form ‘M’ or make any assessment or transaction through GTBank again.
“This has become imperative in view of the fact that nobody is even talking to us. We sent a letter to GTBank on this particular issue for them to address us and let us know what is happening but everybody is avoiding us. That is why I want to challenge the EFCC to wade in”, he stated.
Recall that the Nigeria Customs Service (NCS), penultimate week, unannounced the suspension of GTCO from collection of import duty payments on cargoes, thereby leading to importers and clearing agents incurring huge demurrages at the ports.
The National Public Relations Officer of the NCS, Deputy Comptroller Timi Bomodi, in a statement explained that the suspension was on the directive of the National Assembly.
By: Nkpemenyie Mcdominic, Lagos
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter