The Adamawa State chapter of the Independent Petroleum Marketers Association of Nigeria has warned of a possible industrial clash with the Nigeria Customs Service.

This follows the recent seizure and sales of petrol products by customs personnel in the state.

IPMAN also threatened to cease operations completely, planning to down tools in protest against the ongoing confiscation of petroleum products by the Customs in Adamawa, which they argued was harmful to economic growth.

Last Thursday, the Customs announced the seizure of 199,495 litres of Premium Motor Spirit, known as petrol, with a Duty Paid Value worth N199.5m in the state.

The Comptroller General of the NCS, Bashir Adeniyi, at the press briefing explained that the seizure was made under Operation Whirlwind, in a joint effort with the Office of the National Security Adviser and the Nigeria Midstream and Downstream Petroleum Regulatory Authority to combat smuggling of petroleum products.

He noted that the seized products were intercepted through intelligence-driven operations and well-coordinated tactics to disrupt sophisticated smuggling attempts.

The seized petroleum products were auctioned to the residents of Adamawa State at the rate of N630 per litre in some designated filling stations, while those in 25 litres jerrycans will be disposed at N10,000 each.

Reacting to the incident, oil marketers in the state have strongly clarified that the seized and auctioned products were not smuggled, emphasising that the goods were legitimately sourced and were in full compliance with regulations.

The IPMAN National Publicity Secretary, Ukadike Chinedu, in an exclusive interview with Sunday PUNCH, expressed the grievances of its members, detailing the concerns of the association and highlighting the impact of recent actions on petroleum marketers in the region.

Chinedu stated that the Customs Service, contrary to its stated policy, did not hesitate to seize petrol products, even when presented with documents proving the legitimate purchase of the goods.

He said, “Customs recently auctioned petroleum products in Yola and our marketers were crying that some of these products were legitimately bought from refineries and were being transported to their filling stations which are not near the border. Also, who empowered customs to arrest such trucks and auction them?

“These marketers have invested their monies into the business and they are now threatening to go on strike if that kind of reckless seizure continues. The marketers said they have their receipts and other necessary documents but customs still seized and sold them.”

When reminded of the CGC comments that the tanker was seized at border areas, Ukadike quipped, “The claim that it was seized at border areas is a lie. There are communities and filling stations and they deserve to get products. Did the products even cross the border before they were seized?

“The Petroleum Industry Act stated clearly that there should be free movement of petroleum products within the country. They can only seize products when there are no filling stations where the tankers claim to be headed, then you know it’s a lie. If there is a filling station, Customs don’t have a right to stop them. They have threatened to go on strike and that will happen soon, if this issue persists.”

He further demanded an immediate resolution to the issue, warning that failure to address the matter could escalate into a full-blown industrial action.

The Naira further appreciated at the official market on Thursday trading at the N1,485.95 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira gained N24.77.

This represents a 1.6 per cent gain when compared to the previous day’s trading figure on Wednesday when Naira closed trading at N1,510.72 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Thursday recorded a high of N1,516.00 and a low of N1470.00.

The Naira has enjoyed relative stability against the US dollar since December 2024 when CBN introduced reforms ensuring transparency in the Foreign Exchange (FX) market.

The apex bank on Tuesday in Abuja introduced more measures, leading to additional health for the local currency.

CBN Governor, Olayemi Cardoso, on Wednesday also announced final verification process for the payment of remaining 2.4 billion Dollars FX backlog to their owners.

(NAN)

Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.

A statement said the conference scheduled for March 12 in Cape Town, South Africa, is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

Noting that with Africa’s trade finance gap estimated at $81 billion annually, the statement said the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms.

It also said by fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Group Managing Director/Chief Executive Officer, Access Bank PLC, Roosevelt Ogbonna, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy,” Ogbonna said.

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Director, African Subsidiaries, Access Bank, Seyi Kumapayi, Executive, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

According to the statement, this flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks. Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.