A trade expert has sounded the alarm on a practice that has cost the Federal Government hundreds of millions in unpaid duties, VAT, and levies while foreign shipping lines pocket the proceeds.

Nigeria may have lost more than $600 million in customs duties, VAT, and other applicable levies over the last three decades due to the illegal sale of empty shipping containers by foreign shipping lines operating in Nigerian ports, a trade expert has alleged.

Mr Okey Ibeke, Principal Consultant at International Trade Advisory Services, disclosed while addressing maritime journalists in Lagos on Monday. He called on the Comptroller-General of the Nigeria Customs Service (NCS) to immediately suspend all container sales by Grimaldi Agency Nigeria and other shipping lines pending a full audit.

What ?

Ibeke’s intervention followed media reports that Grimaldi Agency Nigeria plans to sell over 2,500 empty containers to the Nigerian public — with terms that raise serious red flags:

• $2,000 for a 40ft container
• $1,600 for a 20ft container
• Invoices issued in USD only
• Payment is required through domiciliary accounts before release

“This is happening while the Federal Government, through the CBN and Ministry of Finance, is intensifying efforts to stabilise the Naira and stop the dollarisation of domestic transactions,” Ibeke noted.

The Core Problem: Temporary Import Being Sold as Private Property

The central issue isn’t pricing — it’s legality. These containers entered Nigeria under Temporary Import status, meaning they were brought in to carry cargo and must be re-exported. Selling them locally without converting them to permanent import through the NCS is a direct violation of the law.

Under the Nigeria Customs Service Act 2023 and Temporary Import Guidelines, the proper process requires:

1. Application to the NCS
2. Customs valuation of the containers
3. Payment of duties, VAT, and levies into government accounts
4. Issuance of a release order

Only after completing these steps can a container be sold legally in Nigeria — and the transaction must be in Naira unless the CBN grants an express exemption.

“With Grimaldi, Step 5 is happening without Steps 1–4. That is illegal,” Ibeke stated bluntly.

The Numbers Are Staggering

Using the 2026 customs tariff for HS Code 86.09 — which carries a 5% import duty, 7.5% VAT, 0.5% ECOWAS ETLS levy, and 4% FOB levy — Ibeke calculated that the government loses $350 to $400 in duties and taxes per $2,000 container sold without conversion.

For Grimaldi’s 2,500 units alone, that amounts to 875,000 to \1 million in lost revenue from a single transaction by one company.

But the picture gets much worse. Industry estimates suggest hundreds of thousands of containers have been sold locally over 30 years — repurposed as shops, cold rooms, storage units, and even building materials. If 250,000 containers were sold at an average of $1,500 without duty payment:

• $375 million+ in lost duties and VAT
• Over ₦600 billion at current exchange rates

“That is money that should fund roads, schools, hospitals, and debt service,” he said.

A Systemic Problem, Not an Isolated Case

Grimaldi is not acting in a vacuum. For 30 years, major global shipping lines — including Maersk, MSC, CMA CGM, Hapag-Lloyd, COSCO, ONE, Evergreen, and PIL — have operated in Nigerian ports under similar conditions.

The root cause lies in Nigeria’s structural trade imbalance. Imports account for 75% of dry cargo while exports make up just 15%. With oil and minerals constituting 70% of exports — none of which are containerised — ships arrive full but leave 97% empty. The cost of repatriating empty containers ($2,000 to $4,000 per 20ft container) creates a strong financial incentive for shipping lines to abandon or sell them locally instead.

The press conference also highlighted 10 recurring complaints from importers and clearing agents against shipping lines:

• Arbitrary demurrage and detention charges billed in USD
• No breakdown of invoices provided
• Delayed refund of container deposits
• Forced use of nominated transporters
• Rejection