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Tin-can Island Customs Generates N266bn in One Year

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Nigeria Customs Services
  • Tin-can Island Customs Generates N266bn in One Year

The Nigerian Custom Service (NCS), Tin Can Island Port command has announced that it generated a total N256.41 billion from January to December 31, 2016.

This is against the N266.18 billion it recorded in 2015, representing a marginal difference of less than N10 billion.

Area Controller of the command, Comptroller Bashar Yusuf in a statement said the revenue shortfall is attributable to some factors beyond the control of the command.

The Tincan Island Command of the NCS, he said, is statutorily charged with the responsibilities of collecting/generating revenue from all dutiable imports, accounting for same as well as facilitation of legitimate trade.

“The command, during the year under review bagged the sobriquet of a “benchmark command” in view of the various remarkable achievements recorded by our command despite the various challenges of global recession.The operational architecture of the command is structured in a way that allows for checks & balances, especially the close monitoring of all declarations with a view to ensuring that all infractions are detected and necessary actions taken, to serve as deterrent.

Consequently, the operational paradigm and dynamics received a major boost as a veritable tool for facilitation of legitimate trade and adherence to due diligence in the discharge of our functions, “he said.

He added that the command’s remarkable performance during the period under review attracted eulogies and encomiums especially from the customs hierarchy.

“These commendations which were communicated in four different letters at the instance of the CGC bore testimony to the appreciation of the Service. It is remarkable to state that at no time in the history of the Service has any Command received four letters of commendation in a space of two months. That to us is a milestone which the command will sustain in the New Year and beyond.

“First, I would like to thank Almighty God for his grace and of course the Comptroller General of Customs Col. Hamed Ali (rtd) and his management team for providing effective leadership to the Service. The issue of integrity, transparency and due diligence which is encapsulated in the change mantra of the CGC has provided the needed impetus for the Service to thrive. In fact, no Command or officer would like to be a weak link in the value chain.

It therefore suffices to say that we are on our toes to ensure efficiency and effectiveness. At the Tincan Island Command we have resolved to consolidate on the gains/achievement of the past year and to do even more. We are operationally ready to cope with whatever challenge that we might encounter in the new year and beyond. As a benchmark Command, we are not leaving anything to chance in ensuring operational efficiency, “he said.

He added, “The command is determined and poised to forge a better synergy and collaboration with the critical stakeholders and other Sister Agencies for the implementation of the fiscal policies of the federal government.

However, we wish to reiterate our zero tolerance for false declaration or other deliberate infractions. In this regard, all areas of Revenue leakages will be identified and blocked, and any attempt by an importer/and or his agent to circumvent the process will be viewed seriously. We want to assure all honest declarants of our readiness to facilitate trade in line with global best practices.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

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Crude Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

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Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.

Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.

While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.

On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”

“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.

Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.

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Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Oil 1

Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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