The Federal High Court Abuja Division, has vacated the interim order that has for the past few weeks, stalled the $3.2billion Nigeria Customs Service Modernisation project, following a suit instituted by Bionica Technologies (West Africa) Limited.
Justice I.E. Ekwo who presided over the court ruled that while the interim order, which he granted to the plaintiffs on June 17, 2022, had expired, it was necessary for the court to formally make a pronouncement to vacate the order. Justice Ekwo said it was important to discontinue the order, as it was affecting the revenue collection of the Federal Government.
The annulment of the order means that the very important project, as part of the Federal Government’s effort to diversify the Economy can now proceed without further hindrance. The $3.2 billion e-Customs project to be financed by the Africa Finance Corporation (AFC) and managed by Huawei Technologies Limited under a 20-year concession window. When fully implemented, it is expected that it would quadruple Customs’ current N210 billion monthly revenue collection.
Recall, that a Nigerian Company, Trade Modernization Project Limited signed a 20-year concession agreement with the Federal Government of Nigeria on May 30, 2022, with the aim of improving the business processes of the Service. The Company, which is a special purpose Vehicle, is working with Huawei Technologies Limited as the Lead Technical Partner and the Africa Finance Cooperation as the lead financier for the project.
