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    Sunday, September 3, 2023

    Customs Clarifies Misleading Report on VIN Valuation Process

    The Nigeria Customs Service (NCS) has denounced a recent media report which led to confusion surrounding the Vehicle Identification Number (VIN) Valuation process.

    Addressing the report, Chief Superintendent of Customs Abdullahi Maiwada, the National Public Relations Officer, emphasized that the report has distorted the truth and seeks to misinform the public.

    While acknowledging the circular concerning the “examination and release of used vehicles,” Maiwada lamented that the accurate context of the circular had been overlooked.

    He further clarified that the VIN Valuation Process remains fully operational and effective.

    He said the specific focus of the circular is on imported used vehicles that come equipped with trim numbers. He explained that these trim numbers are pivotal in distinguishing various versions or tiers within a particular car model and signify diverse configurations, features, and equipment levels associated with the model adding that these differences extend to technological advancements, interior and exterior features, and even distinct engine options in some cases.

    For illustrative purposes, Maiwada provided an example of a car model featuring trim levels like “Base,” “Sport,” “Luxury,” and “Premium.” Each of these trim levels encompasses unique combinations of attributes, ranging from premium leather seats and advanced infotainment systems to upgraded wheels and enhanced safety features. Consequently, the value of the vehicle is elevated compared to the base model due to these added enhancements.

    To ensure transparency and accuracy in valuation, the NCS stipulates that imported used vehicles with trim numbers undergo thorough examination and valuation at the Valuation Seat.

    He said this meticulous process is intended to determine the precise Customs value of the vehicle, thereby upholding fairness in the assessment.

    In light of these clarifications, Maiwada urges the general public to dismiss the misleading report and encourages individuals to engage directly with the various Customs Formations across the nation for any further clarification or information they may require.

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