LAGOS, FEBRUARY 13, 2018 – The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over indiscriminate valuation queries of the invoice of imported items by the Nigeria Customs Service (NCS).
A communique issued at the end of its Council meeting in Lagos called for a credible ground to dispute the value of invoice on imports.
The group added that most of the prices are global and are easily verifiable online. It regretted that in most cases, the actions of the NCS have no bearing with these global prices.
The communique endorsed its Director-General, Muda Yusuf, explained that prices vary across different regions of the world, lamenting that there is no dependable dispute resolution framework in place to ensure speedy resolution of such disputes.
He said: “There should be an independent dispute resolution mechanism in place that could resolve valuation disputes within 48 hours because of the cost implications to importers of the delays. These include demurrage, penalties, interest costs on loans etc. The current arrangement where appeals are made to the customs headquarters is not in consonance with the principle of natural justice. The Nigeria Customs should not be a judge in its own case.
“In many of the instances, the actions of the NCS have no bearing with these global prices. Prices vary across different regions of the world. Regrettably there is no dependable dispute resolution framework in place to ensure speedy resolution of such disputes,” the communique said.
The Council urged the Presidency, Minister of Finance and Customs Comptroller-General to look urgently into this issue. “There should be an independent dispute resolution mechanism in place that could resolve valuation disputes within 48 hours because of the cost implications to importers of the delays. These include demurrage, penalties, interest costs on loans etc. The current arrangement whereby appeals are made to the customs headquarters is not consonance with the principle of natural justice,” LCCI said.
The Council also noted that the board of some MDAs critical to the smooth functioning of the economy are yet to be constituted.
“For instance, the Central Bank of Nigeria (CBN), suspended its first Monetary Policy Committee (MPC) meeting in 2018 scheduled for 22 – 23rd January due to the bank’s inability to form a quorum as a result of non-confirmation of the newly appointed MPC members by the Senate. Also, the board of NAICOM and PENCOM are not in place. This situation is beginning to take its toll on the economy,” LCCI siad, urging the Presidency and the National Assembly to put the interest of the economy above their differences and constitute board for all the MDAs without further delay.
