Members of the National Council of Managing Directors of Licensed Customs Agents have opposed the newly introduced price verification system in the country’s ports by the Central Bank of Nigeria.
The new system, they said, contravened the Customs and Excise Management (Amendment) Act 20 of 2003/ Nigeria Customs Service Act 2023 on the valuation of import.
In a letter on Wednesday, signed by the founder of the NCMDLCA, Mr Lucky Amiwero, sent to the President; Secretary to the Government of the Federation; Chairman of the Senate Committee on Customs and Excise; Chairman of House Committee on Finance; acting Governor of CBN, Ministry of Justice and Attorney General of the Federation, etc., the group urged President Bola Tinubu to disregard the circular from the apex bank on the introduction of the price verification system.
NCMDLCA explained that the valuation of goods in Nigeria was prescribed under the CEMA Act 20 0f 2003, Nigeria Customs Service Act 35 of 2023, which gave the power of treatment, process, procedures and determination of valuation of imported goods under the Act, based on transaction value method.
The letter read in part, “We hereby bring to the attention of the Federal Government of Nigeria that the Central Bank circular TED/FEM/PUB/FPC/001/008 of 17 of August 2023 Go-Live of the Central Bank of Nigeria Verification System Portal contravenes the following laws of valuation of imported goods: Customs and Excise Management (Amendment) Act 20 of 2003/ on valuation of goods, Nigeria Service Act 2023.”
Amiwero said that CEMA was the only legal law for the determination of the value of imported goods.
“The determination of valuation of imported goods, as contained in the hierarchical principle of application on the treatment of valuation of imported goods is based on the domestication of the agreement on World Trade Organisation under GATT Articles IIV as an Act under Section 12 of Nigerian Constitution as CEMA Act 20 of 2003/ Nigeria Customs Service Act 35 of 2023.”
He added that such additional requirement of price verification by CBN on imported goods would duplicate the function of the Customs.
Amiwero emphasised that the requirement would cause a bottleneck and lead to conflicts when determining the value of imported goods.
According to him, this valuation process is clearly outlined in the law that governs the valuation of imported goods.
“We noticed that such implementation, if allowed, will bring about duplication, lengthy and cumbersome procedures in our import and export system, especially to those who are not experts on valuation and import and export procedure. We await an urgent reply to redress the situation in the economy,” Amiwero noted.
