CBN reads riot act to shippers, shipping coys in Nigeria

Henceforth, any cargo leaving Nigerian ports without the Nigerian Export Proceeds (NXP) numbers will be turned back.

The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has insisted that all export goods leaving the country should carry Nigerian Export Proceeds (NXP) numbers as this was the focus of discussions during a meeting recently convened by the apex bank.

Emefiele who chaired the virtual meeting, stated that the CBN, following a directive by the federal government to audit shipping companies to ensure that the all shipping documents carry the NXP number, discovered that several shipping companies were found “wanting and this non-compliance would attract strict sanctions.”

Speaking on the issue, the Executive Secretary/CEO of Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, said Shipper’s Council in partnership with the Central Bank has carried out three sensitization meetings in Lagos and Port Harcourt to educate shipping companies and exporters on the need to implement the directive on the NXP.

The ES /CEO added that the NSC would work with other agencies of government to ensure full compliance, so that export without the NXP is discontinued.

Addressing the shipping lines, Mr. Emefiele said, “We are going to set up an auto system, where if someone wants to send cargo, copies of the NXP form will be sent directly to you. So that if you don’t have it on line on your system that the NXP has been registered, you turn back that cargo.

You cannot accept any number and use it as a basis for shipping. We are not going to allow that. That is not acceptable. If you don’t see NXP Forms, that cargo should be turned back”.

The virtual meeting which was attended by some representatives of shipping lines in the country, was also an opportunity for the governor to enquire as to why these companies were not complying by the federal government directive and some of their challenges regarding the NXP.

Responding, the Managing Director, MSC Nigeria Limited, Andrew Lynch, stated that his company receives NXP forms on all major agro commodities like cashew, cocoa and sesame, but not for commodities like charcoal and timber.

The Managing Director, Grimaldi Nigeria Ltd, Ascanio Russo, stated that in addition to not being able to verify the authenticity of the NXP Form, his company is unable to access CBN’s online portal.

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