Nigeria may have lost about N600bn within the last 30 years due to the sale of empty containers by some shipping companies, media reports.
The Principal Consultant, International Trade Advisory Service, Mr Okey Ibeke, disclosed this in a chat with members of the Shipping Correspondents Association of Nigeria in Apapa, Lagos, on Monday.
Ibeke stressed that for years, Nigerian importers and clearing agents have raised concerns about exploitative practices by foreign shipping companies operating in the ports, adding that these practices increase the cost of doing business and undermine government policy.
In April, media reported that the African Association of Professional Freight Forwarders and Logistics of Nigeria had condemned the advertisement by Grimaldi Agency Nigeria offering empty containers for sale in United States dollars, describing the move as a direct affront to Nigeria’s economic stability and a contradiction of the Federal Government’s Renewed Hope Agenda.
The report also stated that, in a notice, Grimaldi Shipping Company, one of the shipping lines operating in the nation’s maritime sector, stated, “Our principals have released another batch of high-quality empty containers at an unbeatable price.”
According to the notice, the company stated that a 40-foot empty container would be sold for $2,000, while a 20-foot container is priced at $1,600.
“Whether you are expanding your storage capacity, scaling logistics operations, or reselling, this is a limited-time opportunity you don’t want to miss. Enjoy an extra discount when bulk buying in a single transaction. Bigger volume, better savings,” Grimaldi stated in the notice.
Reacting to the advertisement, Ogunojemite emphasised that at a critical time when the Federal Government is intensifying efforts to stabilise the Nigerian economy and strengthen the naira, “it is deeply concerning that a company operating within Nigeria would choose to denominate local transactions in a foreign currency.”
However, Ibeke explained that Grimaldi is not the only shipping company selling empty containers in Nigeria.
“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.
“Shipping lines bring them in to carry cargo and are expected to take them out empty. They cannot be sold in Nigeria unless converted to permanent import,” he stated.
He pointed out that there are legal processes for conversion to permanent import under the NCS Act 2023, adding that the conversion requires “that the shipping line apply to NCS for conversion approval. NCS assesses value and computes duty, VAT and levies. When the duties and taxes are paid into the Federal Government account via approved banks, the NCS issues SGD and a release order, converting the container to home use.”
The maritime expert mentioned that only after release can the container be sold legally in Nigeria, and the transaction must be in naira unless the CBN grants an exemption.
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.
“Reconcile NPA gate records with NCS import manifests to identify containers not re-exported or converted, assess and recover all outstanding duties, taxes, levies and penalties on every illegally converted container. Sanction violators under Sections 36 and 245 of the NCS Act 2023, including suspension of operating licences where necessary.
“This is not about driving away investors. It is about enforcing the law and protecting Nigeria’s revenue at a time when the government desperately needs funds to stabilise the economy and pursue the Renewed Hope Economic Agenda of President Bola Tinubu,” he concluded.
