Farinto Warns of Looming Xenophobic Attack as Foreigners Hijack Clearing Business at Nigerian Ports; Sector Losing N3Trillion Annually

By DAPO OLAWUNI

Foreigners are steadily taking over Nigeria’s freight forwarding and clearing business at the nation’s ports, and the consequences are devastating, with the country losing an estimated N3 trillion annually as a result of the federal government’s failure to protect and harness its maritime and aquatic resources.

This alarm was raised by Dr. Farinto Kayode, Former Acting President of Association of Nigerian Licensed Customs Agents (ANLCA) and Chairman/CEO of Wealthy Honey Investments Nigeria Limited, who warned on Wednesday that if urgent action is not taken, Nigeria risks descending into the kind of xenophobic violence that rocked South Africa in recent years.

Dr. Farinto spoke at a forum to mark his birthday, themed “Raising National Awareness on the Significance and Economic Potential of the Blue Economy,” organized by the Nigerian Economic Growth Forum (NEGF) in Apapa, Lagos, where he said that the foreign takeover of key sectors of the Nigerian economy has reached a critical tipping point.

He recalled that while serving on the governing council of Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), he had developed and submitted a proposal on the “indigenisation of freight forwarding” a document he said cost him about one million naira to produce, only for it to be ignored.

“I saw it coming. The way we were going, these foreigners would take over the economy of this country — not just in aquatic life, but in freight forwarding too,” he said.

He noted that the Customs Service remains one of the few sectors yet to be significantly infiltrated, but warned that even this may not last. He cited the growing practice of Chinese nationals obtaining Nigerian citizenship as a sign of deeper economic entrenchment, and linked foreign activity in Nigeria’s mineral-rich northern regions to the instability plaguing those areas.

“When you see a crisis in the far north, it is because of the mineral resources that people are plundering, without government oversight, without protection, and they are making billions from it.
Chinese nationals are the most prominent among those operating there, and they have the capacity to cause chaos in those areas,” he said.

Drawing a direct parallel to South Africa, he cautioned that Nigeria is on a similar trajectory. “The government must do something urgently so that we do not go the way of South Africa. If nothing is done in the next two years, there will be xenophobic attacks on foreigners exploiting our natural resources, on the maritime industry, on aquatic life,” he warned.

On the staggering financial losses, Dr. Farinto was emphatic. “I spoke about aquatic culture, capacity building, and the educational system. There is no reason the federal government should not generate a minimum of N3 trillion on a yearly basis — I stand to be corrected. I know what I’m saying; I’m an expert in this industry,” he said, adding that a well-developed blue economy could rival the revenue-generating capacity of the Nigerian Customs Service.

He described witnessing foreign vessels operating as far as 10 nautical miles into Nigerian waterways, harvesting marine resources largely unchecked, and lamented the collapse of Nigeria’s indigenous shipping and shrimping industries. He cited the near-extinction of local vessel ownership and the mismanagement of the Cabotage Vessel Financing Fund (CVFF) as critical failures compounding the nation’s losses.

“We don’t even have indigenous shippers anymore, they are going into extinction. On that issue alone, the government could generate more than N1 trillion. That is why I say we are losing a minimum of N3 trillion when you look at the blue economy holistically. It has not been well thought out. It’s very unfortunate,” he said.

Otunba Babatunde Mukaila, a former National Secretary of ANLCA, used the occasion to pay tribute to Dr. Farinto, describing him as a man of “uncommon passion” whose commitment to the maritime profession has never wavered.

“God should continue to keep him alive, healthy, and blessed with abundance so he can fulfil the destiny expected of him in this sector,” Mukaila said.

He praised Dr. Farinto as a leader who listens, encourages debate, and leads with humility and endorsed him as not merely a capable vice president, but someone “ready and qualified to step into the role of National President,” a responsibility he said Farinto has already demonstrated he can execute admirably.