Business

Tinubu Flags Off N73bn Customs Project in Ogun

Published

3 days ago

April 5, 2026

President Bola Ahmed Tinubu has commissioned a N73 billion Nigeria Customs Service (NCS) operational complex in Iperu, Ogun State, in a move aimed at strengthening trade facilitation, enforcement, and revenue generation.

The facility, located in Ijebu North Local Government Area, will serve as the new base for the Federal Operations Unit (FOU) Zone ‘A’. It spans 142 buildings across a 100-hectare site and is designed to deliver international-standard capacity for customs operations, particularly within Lagos and the wider South-West corridor.

Speaking at the inauguration, Comptroller-General of Customs, Bashir Adeniyi said the complex would significantly enhance operational efficiency, improve officers’ welfare, and strengthen enforcement capabilities. He noted that the expansion is expected to support growing trade volumes while improving compliance and monitoring systems.

Adeniyi disclosed that the project is currently about 45 per cent complete and appealed for a review of aspects of the initial approval to ensure full completion within the current administration’s tenure.

He explained that all FOU operations in Lagos would eventually relocate to Iperu, citing the limitations of the long-standing Ikeja command and the need for a more strategic and spacious operational environment.

The new complex is expected to centralise enforcement and logistics operations across land, sea, and air channels. It will also house a customs training college, warehouse facilities, and other supporting infrastructure to strengthen institutional capacity.

According to Adeniyi, customs officers have already been deployed to the Ogun airport to manage cargo operations following recent federal approvals.

He commended Ogun State Governor, Dapo Abiodun, for providing land for the project, and acknowledged former Comptroller-General Ahmed Alli for initiating the development.

Background

The commissioning comes amid rising revenue performance by the Nigeria Customs Service. Data shows that the Ogun II Area Command generated over N15 billion between January and April 2025, marking a 40 per cent increase from the N9 billion recorded in the same period of 2024.

At the national level, the NCS recorded N1.75 trillion in revenue in the first quarter of 2025, exceeding its target of N1.645 trillion by N106.5 billion. This represents a 29.96 per cent increase compared to N1.35 trillion recorded in Q1 2024.

A breakdown of the figures shows that January 2025 revenue stood at N647.88 billion, surpassing its target by 18.12 per cent and posting a 65.77 per cent year-on-year increase. February collections reached N540.11 billion, exceeding projections and recording a 19.97 per cent increase compared to the same period in 2024.

The development underscores ongoing efforts by the Federal Government to decentralise key operations and strengthen trade infrastructure outside congested urban centres.

Related Topics:Customs Nigeria Customs Service (NCS)Ogun Project in Ogun Tinubu Tinubu Flags Off N73bn Customs Project in Ogun

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Coronation Insurance Redefines Motor Insurance in Nigeria with Launch of MotorMax

Published

3 hours ago

April 8, 2026

Preport

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Coronation Insurance Plc has announced the launch of MotorMax, an innovative motor insurance policy designed to transform the Nigerian motor insurance landscape by moving motorists beyond basic third-party compliance to affordable, comprehensive vehicle protection.

For decades, motor insurance adoption in Nigeria has largely been limited to mandatory third-party coverage. MotorMaxaddresses this gap by offering motorists robust, accessible protection for their own vehicles, with plans starting from as low as ₦25,000.

MotorMax introduces a flexible, tiered structure—Bronze, Silver, and Gold—tailored to meet the diverse needs and budgets of Nigerian drivers, from urban commuters to long-distance travellers and owners of high-value vehicles.

The MotorMax Bronze plan serves as an entry-level upgrade from basic third-party insurance. Priced at ₦25,000 annually, it offers vehicle repair coverage of up to ₦500,000; third-party vehicle damage coverage of up to ₦3,000,000; unlimited (but reasonable) compensation for third-party injury or death; towing services up to ₦5,000; emergency medical expense coverage up to ₦10,000; and a 10% policy excess.

The MotorMax Silver plan, available at ₦45,000 annually, enhances protection with vehicle repair coverage up to ₦750,000, increased towing benefits of up to ₦15,000 (intra-state) and ₦25,000 (inter-state), and emergency medical coverage up to ₦15,000.

At the premium tier, MotorMax Gold offers motorists near-comprehensive benefits at a significantly lower cost than traditional comprehensive insurance. Priced at ₦50,000 annually, it includes vehicle repair coverage up to ₦1,000,000; third-party vehicle damage coverage up to ₦3,000,000; unlimited liability for third-party injury or death; towing services up to ₦15,000 (intra-state) and ₦25,000 (inter-state); emergency medical coverage up to ₦20,000; and a 10% policy excess.

MotorMax is specifically designed for motorists currently on third-party policies who seek enhanced protection without the financial burden of full comprehensive insurance. By bridging the gap between compliance and comprehensive cover, the product empowers drivers with greater peace of mind on every journey.

Speaking on the launch, Olamide Olajolo, MD/CEO of Coronation Insurance Plc, said:

“MotorMax represents our commitment to reimagining insurance for the everyday Nigerian. We understand that many motorists want more protection than third-party cover but are constrained by cost. With MotorMax, we are providing a practical, affordable solution that delivers meaningful coverage and peace of mind. This is a significant step in deepening insurance penetration and ensuring more Nigerians are truly protected on the road.”

The launch of MotorMax underscores Coronation Group’s broader mission to deliver transformational solutions that address real-life challenges across Africa. By raising the standard for motor insurance offerings, Coronation Insurance continues to position itself as a customer-focused innovator in the industry.

Motorists can purchase MotorMax by emailing digitalsales@coronationinsurance.com.ng or calling 02-012275475 or 02-012275476.

The post Coronation Insurance Redefines Motor Insurance in Nigeria with Launch of MotorMax appeared first on Business Today NG.

Business

Naira Slides to ₦1,389/$ as External Reserves Fall to $49.18bn

Published

6 hours ago

April 8, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The Naira weakened to ₦1,389 per dollar, down from ₦1,382.75/$ recorded before the Easter break, amid continued pressure in Nigeria’s foreign exchange market.

This contained in a notice posted on the official website of Central Bank of Nigeria,( CBN), that intraday trading saw the local currency fluctuate between ₦1,381/$ and ₦1,390/$, with an average rate of ₦1,386.3/$.

Meanwhile, the country’s external reserves fell by about $850 million over three weeks, declining to $49.18 billion between March 11 and April 2, 2026, highlighting tightening liquidity in the forex market.

Activity in the Non-Deliverable Forward (NFEM) interbank market recorded a turnover of ₦48.66 billion across 71 deals.

The post Naira Slides to ₦1,389/$ as External Reserves Fall to $49.18bn appeared first on Business Today NG.