Posted by Chinenye on Tue 02nd Jun, 2026 - tori.ng
A fresh controversy is rocking Nigeria’s maritime sector after claims emerged that the country may have lost hundreds of billions of naira through questionable container sales spanning decades.
(Cargo containers. Photo by Punch News)
According to reports, Nigeria may have lost almost N600 billion over the past 30 years as a result of some shipping businesses selling empty containers.
This was revealed on Monday during a chat with members of the Shipping Correspondents Association of Nigeria in Apapa, Lagos, by Mr. Okey Ibeke, Principal Consultant, International Trade Advisory Service.
Ibeke emphasized that for years, Nigerian importers and clearing agents have voiced concerns about foreign shipping companies' exploitative activities in the ports. He added that these practices boost operating costs and go against government policy.
The African Association of Professional Freight Forwarders and Logistics of Nigeria denounced Grimaldi Agency Nigeria's advertisement offering empty containers for sale in US dollars in April.
They described the action as a direct insult to Nigeria's economic stability and a conflict with the Federal Government's Renewed Hope Agenda.
"Our principals have released another batch of high-quality empty containers at an unbeatable price," according to a message from Grimaldi Shipping Company, one of the shipping lines involved in the country's maritime industry, according to the article.
The notice indicated that the corporation would charge $2,000 for a 40-foot empty container and $1,600 for a 20-foot container.
This is a unique opportunity that you shouldn't pass up, whether you're reselling, growing your storage space, or scaling your logistical operations.
When you purchase in bulk in one transaction, you will receive an additional discount. In the notice, Grimaldi said, "Bigger volume, better savings."
In response to the advertisement, Ogunojemite emphasized that "it is deeply concerning that a company operating within Nigeria would choose to denominate local transactions in a foreign currency" at a crucial moment when the Federal Government is stepping up efforts to stabilize the Nigerian economy and strengthen the naira.
Ibeke clarified, nevertheless, that there are other shipping firms in Nigeria that offer empty containers than Grimaldi.
“Grimaldi is not alone. For 30 years, Maersk, MSC, CMA CGM, Hapag-Lloyd, COSCO, ONE, Evergreen, PIL and others have operated here. Industry estimates show hundreds of thousands of containers sold into Nigeria for shops, security posts, cold rooms, farm storage and building materials.
“If 250,000 containers were sold without duty payment at an average value of $1,500, Nigeria lost over $375m in duties and value-added tax, over N600bn at today’s rate, in 30 years. Money that should fund roads, schools, hospitals and debt service,” Ibeke said.
He added that the act by shipping companies is a serious violation that threatens the naira, fiscal policy, the Nigeria Customs Service guidelines, government revenue and economic sovereignty.
Ibeke highlighted that empty containers fall under temporary imports, which, he said, allow goods into Nigeria for a specific purpose and limited period without full duty payment, on condition that they will be re-exported.
They are brought in by shipping companies to transport cargo, and they are supposed to leave empty. He said that unless they are changed to permanent import, they cannot be sold in Nigeria.
The NCS Act of 2023 provides legal procedures for conversion to permanent import, he noted, adding that the conversion necessitates "that the shipping line apply to NCS for conversion approval." NCS calculates duties, VAT, and levies and evaluates value.
The NCS grants SGD and a release order, allowing the container to be used at home, once the duties and taxes have been paid into the Federal Government account through authorized banks.
The marine expert stated that the container may only be lawfully sold in Nigeria following discharge, and the transaction must be made in naira.
According to him, using Customs Tariff HS Code 86.09 for empty containers in the 2026 duty regime, import duty is 5 per cent, VAT 7.5 per cent, Economic Community of West African States Trade Liberalisation Scheme levy 0.5 per cent, 4 per cent free-on-board levy, and other applicable charges.
“On a $2,000 container, the government loses approximately $350-$400 in duties and taxes per unit if sold without conversion. For 2,500 units that Grimaldi Shipping Line plans to sell to the Nigerian public, $875,000-$1m is lost from one company in one transaction,” he said.
Highlighting some of the laws violated by shipping lines through the sale of empty containers, Ibeke stated that the move contravenes Section 36 of the NCS Act 2023, which states that temporary goods must be re-exported or converted with duty paid; failure, he said, is an offence.
“On the Central Bank of Nigeria exchange regulations, FX Manual 2018, Paragraph 9.01 states that all domestic transactions must be in naira except with CBN exemption. Circular TED/FEM/FPC/GEN/01/010, 2016: Domiciliary accounts are for foreign inflows, not domestic payments,” he said.
Ibeke stated that containers under temporary import must be reconciled with Customs on exit or conversion, maintaining that terminal operators must keep records for audit.
He called on the Comptroller-General of the NCS, Adewale Adeniyi, to immediately suspend all sales of empty containers by Grimaldi and other shipping lines pending investigation.
Ibeke advised the NCS to carry out a system-wide audit of all shipping lines and agents that handled temporary import containers at Nigerian ports from 2006 to date.
"To identify containers that have not been re-exported or converted, reconcile NPA gate records with NCS import manifests. Assess and recover all unpaid duties, taxes, levies, and penalties on each illegally converted container." Sections 36 and 245 of the NCS Act 2023 impose sanctions for violators, including the suspension of operating licenses when appropriate.
"Deterring investors is not the goal here. He said, "It is about upholding the law and safeguarding Nigeria's revenue at a time when the government is in dire need of funds to stabilize the economy and pursue President Bola Tinubu's Renewed Hope Economic Agenda."