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Nigeria Customs Imposes 4% Charge On FOB Imports

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A 4% charge has been placed on Free On-Board (FOB) value of imports by the Nigeria Customs Service (NCS).

This was announced by the NCS spokesman, Abdullahi Maiwada in a statement on Wednesday in Abuja.

Maiwada noted that the directive was in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023.

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“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 per cent charge on the Free On-Board (FOB) value of imports.

“The FOB charge, which is calculated based on the value of imported goods, including cost of goods and transportation expenses incurred up to the port of loading, is essential to driving the effective operation of the service.

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the sustained collection of 1 per cent Comprehensive Import Supervision Scheme (CISS) fee.

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 per cent FOB charge.

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As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the Federal Ministry of Finance to address all agitations raised by our esteemed stakeholders, “ he said.

He urged all stakeholders to comply with the directive, which was conceived after extensive consultation with relevant stakeholders and organisations.

“All stakeholders are urged to support this legally binding initiative.

“As the measures introduced in alignment with the NCSA 2023 reflects a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies,” he said.

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INEC accommodates SDP in Osun guber poll ballot

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The Independent National Electoral Commission INEC said it has began the reproduction of ballot papers for the Osun State Governorship Election to accommodate the candidate of the Social Democratic Party SDP, Dr Francis Olugbenga Ajala, and his running mate, Faseke Babajimi Oladipo, who have now been added to the ballot.

In a statement signed by the National Commissioner and Chairman, Information and Voter Education Committee at INEC, Mohammed Kudu Haruna, the Commission said the action was taken in compliance with the judgment of the Federal High Court, Abuja, delivered on 22nd July 2026 in Suit No.

FHC/ABJ/CS/344/2026, in a matter between the Social Democratic Party and Dr Francis Olugbenga Ajala on one hand, and INEC on the other.

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According to the statement, the court had ordered the Commission to forthwith recognise, accept, upload, process and publish the name and particulars of Dr Ajala as the candidate of the SDP for the election.

“The Commission wishes to inform the public that the reproduced ballot papers will arrive in Osun State on Thursday, 13th August 2026, and will, same day, be moved to Local Government Area offices across the State, in line with its standard distribution procedure ahead of the election,” the statement read.

With the addition of the SDP candidate, the total number of political parties contesting the governorship election, scheduled for Saturday, 15th August 2026, now stands at 15.

INEC noted that the result sheets for the election are also being reproduced alongside the ballot papers to reflect the inclusion of the SDP candidate.

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Police stop Amotekun, vigilantes from Osun guber poll

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The Nigeria Police Force has stopped the Western Nigeria Security Network, popularly known as Amotekun, vigilante groups and other non-state security outfits from participating in security operations for Saturday’s Osun State governorship election.

The Force warned political parties, candidates and their supporters against engaging, arming or deploying such groups for election-related activities.

The directive was communicated through a statement from the Force Public Relations Officer, CSP Ani Iniedu, speaking on behalf of the Inspector-General of Police, Olatunji Rilwan Disu.

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According to the police, these community and quasi-security formations will have no involvement whatsoever in election-related security functions. This includes activities such as escorting electoral materials to polling locations, providing security at polling units, setting up checkpoints, or carrying weapons in connection with the election.

The police also issued a broader warning to political parties, their candidates, supporters and the general public, cautioning against violence, intimidation tactics and thuggery in the lead-up to and during voting. The Force stated plainly that persistent election-related crimes, among them snatching ballot boxes, intimidating voters, buying votes and confrontations between opposing camps of supporters would not be permitted to occur unchecked, as individuals implicated in these offences, whether as the ones physically committing the acts or as those funding and organising them, will face arrest and prosecution regardless of their political connections or standing in society.

The Force named the agencies authorised to handle election security: the police itself, the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Immigration Service, the Nigeria Correctional Service, and the Federal Road Safety Corps (FRSC). They are expected to cover all polling units, collation centres, election materials, officials, observers, journalists and voters alike in the 30 Local Government Areas in Osun State.

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CBN Opens Applications for Second Cohort Of Regulatory Sandbox Programme

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The Central Bank of Nigeria has commenced applications for the second cohort of its regulatory sandbox programme, inviting innovators, financial institutions, virtual asset service providers, fintechs and technology companies to submit proposals for supervised testing of new financial products and services.

The application window opened on August 12, 2026, and will close on August 31, 2026, according to a statement signed by the acting Director of Corporate Communications and Investor Relations Department, Hakama Sidi-Ali.

The CBN said the second cohort builds on its efforts to promote responsible innovation within Nigeria’s financial system while maintaining consumer protection, financial stability and market integrity.

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Under Cohort 2, the programme will operate through two dedicated testing tracks.

The first is the virtual asset service provider track, which is designed to support innovative solutions involving virtual assets, stablecoins, payments, settlement, custody, wallets and related financial infrastructure that require supervised live testing.

The second is the data-enabled financial services track, which will support innovations that use secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency and consumer outcomes.

The CBN explained that its regulatory sandbox provides a controlled environment where eligible participants can test innovative financial products, services, business models and enabling technologies under the supervision of the apex bank.

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According to the bank, the arrangement allows regulators and innovators to engage throughout the testing process, enabling the CBN to better understand emerging technologies while allowing companies to test their solutions within clearly defined regulatory parameters.

The apex bank said the launch of the second cohort reflects its commitment to developing a transparent, proportionate and risk-based regulatory framework capable of encouraging innovation without compromising monetary and financial stability.

It added that lessons gathered from supervised testing would contribute to the development of regulatory and supervisory frameworks for Nigeria’s evolving digital financial ecosystem.

Eligible applicants will be assessed based on several criteria, including the level of innovation, readiness for controlled live testing, potential benefits to consumers or the market, governance structures, risk management capacity and the suitability of their proposed testing plans.

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Successful participants will conduct supervised testing within parameters agreed with the CBN.

The bank said the testing process would include safeguards covering consumer protection, operational resilience, cybersecurity and regulatory reporting.

However, the CBN stressed that participation in the regulatory sandbox should not be interpreted as a licence or approval to operate outside the specific testing parameters approved by the bank.

It said the programme is intended to facilitate responsible experimentation, strengthen engagement between regulators and innovators, and support evidence-based policymaking in accordance with the CBN’s statutory mandate.

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Interested organisations are required to submit their applications through the CBN regulatory sandbox portal before the August 31 deadline.

The latest initiative comes as Nigeria’s financial sector continues to see rapid development in digital payments, fintech services, virtual assets and data-driven financial products, increasing the need for regulatory frameworks that can accommodate emerging technologies while managing associated risks.

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