CBN, NSC join forces to curb capital flight

By Godfrey Bivbere

Management of the Central Bank of Nigeria (CBN) and the Nigerian Shippers’ Council (NSC) have joined forces in a bid to curb the huge some of funds leaving the country as capital flight. This was disclosed by a Director in NSC, Dabrey Shall-Holma, in Abeokuta while speaking at a one-day workshop on Shipping and Trade Facilitation.

Shall-Holma explained that a lot of funds have been leaving the country in the name of shipping transactions in the past, a situation which resulted in the Council and the CBN working independently to verify such expenditures.

The Shippers Council Director, who spoke at the workshop organised by the Maritime Association of Nigeria in conjunction with the NSC, also noted that government’s desire to effectively check the capital flight led to the joint efforts that began last month.

According to her, banks are now required to go to either of the government agencies to verify all requests for foreign exchange made by businessmen for the purpose of shipping. Apart from that, Shall-Holma continued, they have also put in place measures to embark on post-audit of all approvals given for foreign exchange for the same purpose after the transaction has been completed.

She further disclosed that as a means of facilitating trade in the country, the Council has applied to the Nigerian Customs Service (NSC) to enable it get linked to the e-transaction process.

Shall-Holma pointed out that the linkage of the Council to the Customs e-transaction would afford it oopportunity to get e-manifest of all ships going into the country.

She, however, regretted the implementation method of the e-transaction process presently being operated by the Customs because all the relevant stakeholders involved in the sector were not involved from the initial stage.

She explained that the best way to go would have been the involvement of all stakeholders and harnessing expertise from all of them to make for a wholistic and efficient implementation.