Finance

Customs to resume Vehicle Identification Number (VIN) valuation policy today


Today, the Nigeria Customs Service (NCS) reintroduced the Vehicle Identification Number (VIN) valuation policy for imported automobiles, which had been suspended since March 2022.

Comptroller Anthony Udenze, the Comptroller Valuation of NCS headquarters, announced this at a sensitization workshop.

NCS further stated that the VIN is here to stay, emphasizing that it cannot be reversed.

What they are saying

When implemented, Comptroller Anthony Udenze believes the VIN valuation regulation will make commerce easier.

He added that customs had given the system’s ideals a human face and that accidented and salvaged automobiles were taken into account.

What we are presenting today is uniformity and unification of values from all the area commands.

“The committee looked at various issues and at the end of one month, we called stakeholders to a meeting in Abuja and showed them what we have done, they pointed out some areas which we have put in place,” he said.

Udenze noted that House of Representatives members were invited to look at what was done and they were happy with the concept.

He said, “And today, we are here to showcase and sensitise all stakeholders that VIN- valuation has come to stay and after this, we are rolling out VIN valuation over the weekend. By Monday, if you are capturing on Saturday, you are going to apply the VIN- Valuation

“I assure you that you will be surprised and happy to see what you will get. We have considered all the variants, all series of vehicles have been considered. What you get today will be more favourable to what you have been getting before.

Back story

  • The Nigeria Customs Service (NCS) implemented a VIN-valuation policy on imported vehicles in February, but customs agents rejected it.
  • Following over two weeks of protest, NCS gave freight forwarders a one-month waiver to allow them to clear their backlog of stranded vehicles.
  • However, at the conclusion of the sensitization workshop, clearing agents, automobile importers, and the NCS agreed that the suspended VIN valuation policy would be implemented on Friday.
  • The policy was suspended to give room for adjustments in the values imputed in the system.



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