Customs expects over N7bn from 3,190 vehicles auctioning seized in 2 years
Considering that within the last two year, the Nigerian Customs Service (NCS) has made car seizure worth N7.75bn, it is likely to rake in about N7bn form vehicles auction as it is not expected to auction bellow market value of seized items including cars.
Otherwise, a total of 3,190 vehicles were seized by the Service in 2015 and 2016 as part of its anti-smuggling activities, figures obtained from the agency showed. The seizures it could be recalled were made during the period when there was a ban on any form of auctioning of seized good.
The 3,190 vehicles for the two-year period, according to the NCS, have a total duty paid value of N7.75bn
The figures are contained in a report prepared by the Enforcement, Investigation and Inspection Department of the NCS for the 2015 and 2016 fiscal periods.
On the spot analysis of the report indicated that 1,724 vehicles with duty paid value of N3.95bn were impounded in 2015.
In 2016, the service, according to the report, recorded 1,466 vehicle seizures with duty paid value of N3.79bn.
The NCS had in recent times taken steps to check the high level of smuggled vehicles coming into the country.
The development made the agency to come up with the controversial policy on the payment of import duty on old vehicles.
The NCS later suspended the implementation of the policy following an earlier directive by the Senate that the policy, which had generated controversies, be suspended.