Latest news with #Tope
GMA Network
11-08-2025
- GMA Network
NBI arrests man for P320K extortion try in Albay
The National Bureau of Investigation (NBI) on Monday announced the arrest of a person accused of attempting to extort P320,000 in exchange for the issuance of a permit in Albay. According to the NBI, agents arrested 'Julbie' during an entrapment operation on August 8 for alleged involvement in an extortion scheme for the issuance of an ore transport permit (OTP) from the Provincial Environmental and Natural Resources Office. The NBI said Julbie demanded P320,000 as standard operating procedure for the release of seven OTPs. He also claimed that failure to pay the amount would delay the processing of the OTP. The operation stemmed from a complaint against a certain 'Tope' for alleged violation of the Anti-Graft and Corrupt Practices Act and robbery or extortion, according to the bureau. Similarly, Tope claimed that he can help in the issuance of an OTP from the Provincial Environmental and Natural Resources Office and that the processing of the OTP will be delayed if he is not paid. However, Tope did not make any further contact. Following this, the NBI said Julbie, who is associated with Tope, told the complainant that he will be the one to collect the payment. The NBI said tJulbie has been presented for inquest proceedings for robbery or extortion. — Joahna Lei Casilao/RF, GMA Integrated News
Voice of America
01-03-2025
- Automotive
- Voice of America
US tariff hike on vehicle imports could impact Nigeria's auto market
For longtime automotive importer David Tope, Nigeria's auto market has become increasingly difficult. He used to import up to five vehicles per week from the United States and Canada. But since 2023, import costs have surged dramatically, driven by currency depreciation and increased duties. By early 2025, Tope paused his import business. "It's not just the country that's the thing, but our inflation rate is so high on duties and the naira devaluation — so it's affecting importing from any country at all," said Tope. "It's not just for the car to be cheap, but also for our custom duties to be reconsidered so that the normal man can at least survive this business of car dealership." While Tope mulls his next move, the U.S. announced an impending 25% tariff on vehicle imports, starting in April. Though the policy targets cars entering the U.S., the decision could impact Nigeria's auto market, which depends on American used car exports. "U.S. is the main market of importation that we do, so if inflation rate of 25% is being put on their cars, it's going to affect Nigeria market," Tope said. "If the cars are being produced in U.S., it is going to be cheaper for us. But if the cars are being imported to U.S, then exported to us, the inflation rate will be unbearable for car dealers like me." Importers aren't the only ones affected. Vehicle prices in Nigeria have jumped nearly 400% over the past two years, putting car ownership out of reach for many consumers. Nigerians such as Emmanuel Aaron and Akintunde Akinmolaye worry the U.S. tariff will exacerbate price woes. "Honestly, the cost has gone so, so high that my interest in buying cars has to be suspended," Aaron said. "We know that U.S. cars are built with quality, care and comfort compared to other places," said Akinmolaye, "but in terms of cost now, cost may make one jettison all those preferences." Economist Hauwa Mustapha believes a 25% U.S. tariff could reshape Nigeria's auto market. If the U.S. prioritizes local vehicle production, fewer used cars could be available for export, pushing up prices in Nigeria. Beyond affordability, she said the import business itself is at risk. Thousands of Nigerians depend on vehicle imports for their livelihoods — from importers to mechanics, parts dealers and transport workers. Currently, Nigeria produces about 14,000 vehicles annually, a small fraction of what its market demands. Experts say strengthening local manufacturing is the only long-term solution. Mustapha said more needs to be done to revive and strengthen the country's steel industry. Shoring up Nigeria's supportive infrastructure, she said, "will enable more production of some of these already locally assembled vehicles." For now, Nigerian importers like Tope are in wait-and-see mode.
