Customs to Reinstate VIN Valuation from May 2022 After Reaching Agreement With Stakeholders

The Nigeria Customs Service said the VIN Valuation process is set to be fully reinstated in the month of May 2022 assuring that stakeholders will be satisfied with the incorporated ideas and suggestions from their end. The Nigeria Customs Service made this known in a stakeholders’ meeting held at Customs headquarters in Abuja.
Stakeholders from ANLCA, NAGAFF, Association of Auto Dealers of Nigeria and others were invited to get a first-hand look at the reviewed version of the VIN VALUATION process which incorporates all their observations and reflects discounted values consistent with the make and models of all vehicles in the system.

Recall, at the launch of VIN Valuation in February, a good number of stakeholders voiced their displeasure about its objectivity while pointing out that the values used did not accurately factor in annual depreciation as required for used vehicles. Following their complaints, and in line with Article 2 of the WTO Trade Facilitation Agreement, the Comptroller General of Customs, Col. Hameed Ali (RTD) deemed it necessary to send a delegation comprising two members of management, Assistant Comptroller General of Customs, Hamza Gumi and, Saidu Galadima to engage stakeholders in a town hall meeting in Lagos. This occasion provided stakeholders with the opportunity for airing their grievances and the articulate of possible solutions that will meet the expectations of all parties.

The outcome of the town hall meeting held in Lagos led to an approval for a 30-day moratorium by the Comptroller General of Customs. This gave room for a review of the VIN VALUATION protocol, aimed at incorporating all their observations while allowing for the manual release of vehicles in the interim.
During the meeting at the Customs Headquarters, Comptrollers Import/Export Musa MBA and Valuation Anthony Udenze stressed the importance of transparency and honesty in declarations made by agents and importers. They appreciated the efforts of the associations in articulating the concerns of their members and stressed the need to inform them of the progress made so far.

Meanwhile, Customs National Public Relations Officer, Deputy Comptroller Timi Bomodi also stated that the Service is interested in the enhancement of the user experiences of all its stakeholders and the improvements in the VIN Valuation protocol serve as a testament to that claim.
While responding to Bomodi, a representative of one of the associations Mr Kayode Farinto expressed delight as to the final result of the review. He appealed for constant engagement between NCS and stakeholders to reduce the likelihood of conflicts in future.