• Wednesday, May 22, 2024
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BusinessDay

Customs slams N2bn penalty on Stallion Motors over alleged trade malpractices

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The Nigeria Customs Service (NCS) has slammed a N2-billion penalty or Debit Notes (DNs) on Stallion Motors Limited, one of the auto manufacturing firms in the country, over alleged trade malpractices.

Stallion was accused of fraudulent declaration in some of the containers the company brought into the country through the Tin-Can Island Port recently.

Confirming this, Jibrin Zakare, Customs controller of Tin-Can Island Port (TICP), said that the company allegedly brought in containers and declared them as Completely Knocked Down (CKD) parts.

“The trick was uncovered by the Customs during examination of the items, and the items were discovered to be tyres that do not entitle the company for concession or zero duty as an auto manufacturing company,” he said.

According to SHIPPING DAY, an online newspaper, Zakare said this was a trade crime, adding that the service after due assessment had to issue Debit Notes (DN) totalling about N2 billion to Stallion Limited.

SHIPPING DAY said authoritatively that the consignments would not be released to the company until the DNs which serve as penalty have been fully paid to the Customs Service as duties.

“I personally went down to the terminal to see the consignments, and warned that the items would not be released if the company failed to pay the DNs issued on the goods. I saw the items and took pictures of what I saw and reported back to Customs headquarters in Abuja,” he said.

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Zakare also expressed concern that his command, which houses the nation’s roll-in, roll out port, has been losing about N4 billion monthly that would have come as duties on imported vehicles due to the auto policy which has given concession to car manufacturers in the country. The command had recorded low duties since the auto policy took off, except last month, apparently because of the Christmas season.