Connect with us

Markets

Tin-can Island Customs Generates N266bn in One Year

Published

on

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.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Petrol

Three Oil Companies Ask Court To Stop NMDPRA From Seizing Their Petrol Import Licences, Accuse Dangote Refinery of Monopoly

Published

on

Aliko Dangote - Investors King

In response to Dangote Refinery N1 billion suit, three oil companies including Matrix Petroleum Services Limited, A.A. Rano Limited, and AYM Shafa Limited, have prayed the Federal High Court in Abuja to stop the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from reviewing or withdrawing their import licenses.

The oil companies also urged the court not to block them from importing petrol in the interest of energy security and promotion of healthy competition in the Nigerian oil and gas sector.

Dangote Refinery had approached the court and filed and a N100 billion suit in damages against NMDPRA for allegedly continuing to issue import licenses to NNPCL, Matrix, and other companies for importing petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (Aviation Turbine Fuel), despite that the refinery is producing the products in quantity that meets Nigerians’ needs.

The refinery also dragged NNPCL, AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited in the suit.

Counsel to Dangote Refinery, Ogwu James Onoja SAN, in the originating summons, dated September 6, 2024, claimed that NMDPRA contravened Sections 317(8) and (9) of the Petroleum Industry Act (PIA) by issuing import licenses for petroleum products.

Onoja stated that such licenses should only be granted in cases of petroleum product shortages and not when Dangote Refinery is meeting the needs of the populace.

According to Onoja, NMDPRA has been discouraging local refiners such as Dangote Refinery by its actions.

Responding to the suit through their written address and counter-affidavit, dated November 5, 2024, and filed by Ahmed Raji SAN, the three oil companies said their businesses do not in any way hamper, disrupt, or harm Dangote Refinery’s operations.

The three defendants claimed the plaintiff allegedly sought to monopolise the petroleum industry in Nigeria, where it alone would control supply, distribution, and pricing.

In the defendants’ affidavit, deposed by Ali Ibrahim Abiodun, Acting Managing Director of AYM Shafa (with the consent and authority of Matrix, A.A. Rano, and AYM), it was stated that the defendants are qualified and capable of being licensed as importers of refined petroleum products under Section 317(9) of the PIA and that their licenses to import such products were lawfully issued by the appropriate authority, NMDPRA.

The deponent claimed that it typically takes an average of two months for Dangote Refinery to fulfill orders and that it rarely meets demand, with trucks waiting for months to be loaded at the refinery.

In contrast, he claimed it takes about three weeks to import petroleum products from offshore refineries.

The affidavit revealed that A.A. Rano’s oil depot in Lagos has a storage capacity of 55,000,000 liters and can load about 200 trucks per 24 hours.

The deponent stated that the company also owns 220 filling stations and another 85 affiliates and leased filling stations.

According to the deponent, AA Rano was one of the first to take delivery of AGO from Dangote Refinery, loading 20,000 MT of AGO on or about April 16, 2024, and has since purchased and loaded additional cargoes totaling approximately 190,000,000 liters.

Despite this patronage, the affidavit claimed that Dangote Refinery has continued to place obstacles that make it difficult for A.A. Rano to purchase products solely from the refinery.

The oil companies called on the court to dismiss the suit.

Meanwhile, the court adjourned the matter till January 20, 2025, for a status report.

Continue Reading

Energy

Malaysia’s CNG Ban Sparks Debate in Nigeria as Tinubu Pushes for CNG Adoption

Published

on

Nigerians on and off social media have expressed concern following a recent decision by the Malaysian government to phase out Compressed Natural Gas (CNG) vehicles by July 2025.

While the Nigerian government continues to urge citizens to use CNG as a cleaner, cheaper fuel alternative to petrol, Anthony Loke, Malaysian Transport Minister, questioned the safety of CNG.

Announcing the ban, the Malaysian Minister highlighted the risk associated with CNG vehicles, especially after tanks exceeded their 15-year safe usage limit.

Minister Loke announced the ban while speaking at a press conference on Wednesday, November 6.

The Malaysian Minister disclosed that the ban will affect over 44,000 vehicles in Malaysia, including private cars, taxis, buses, and industrial machinery.

According to Loke, “These NGV tanks have a safe usage lifespan of approximately 15 years, and if they are not replaced, they become unsafe to use and may fail at any time.”

Loke announced that the phase-out will be in stages with the first being the halting of CNG sales by the state oil and gas corporation, Petroliam Nasional Berhad (Petronas) at its stations starting July 1, 2025.

The latest development has sparked numerous reactions as Nigerians criticized the Tinubu government for adopting CNG amid Malaysia’s phase-out.

Reacting to the development, @Gozie_mu wrote, “Nigeria to embrace it because we are the world’s dumping site.”

Another user, @iniekott, wrote: “Meanwhile, Nigerian rulers are putting CNG forward as a safe alternative to petrol.

“Note the clear-headed and tangible provisions made by the Malaysian government to help citizens with the transition.”

“Malaysia introduced CNG in the 1990s; now they are stopping it in 2024, while Bola and his supporters are asking Nigerians to change to CNG. APC is taking you 34 years backwards, but some of you’re defending it,” a user, PaschalNwosu5 wrote.

#SmartAtuadi criticized the government’s carelessness saying, “Nigeria seems determined to promote CNG without considering the safety implications that Malaysia has raised.”

Many others called on the government and government officials to lead by example by converting their vehicles to CNG before urging Nigerians to do so.

#Oserume1 commented, “If CNG was a good idea, Tinubu would have converted his official luxury Cadillac Escalade from petrol to CNG!”

@ekenezion said, “The president refused to convert his Escalade to CNG.”

@buzuzu7 opined, “I will only embrace this if all ministers and the presidency lead by example. I can’t be your guinea pig.”

The Nigerian government had since reacted to the CNG ban in Malaysia.

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, in his statement said the planned phase-out by the Malaysian government speaks more to the safety of LPG and not the safety of CNG.

Continue Reading

Energy

National Grid Collapses Twice in Two Days, Nigerians Express Frustration

Published

on

Electricity

The Nigerian National Grid has announced yet another collapse, marking the second occurrence in just two days. 

The collapse of the Grid was made known by the Nigeria National Grid via its official page on the X platform. 

Following the Grid collapse, the Jos Electricity Distribution PLC, released an apology statement through the Head of Corporate Communications, Friday Elijah, stating that the grid has collapsed and assuring Nigerians that the power will be restored to normal soon 

“The current outage being experienced within our franchise States is a result of loss of power supply from the national grid. The loss of power supply from the national grid occurred this morning at about 1128 hours of today, Thursday, 7th November 2024, hence the loss of power supply on all our feeders,” the statement read. 

In a similar vein, Ikeja Electric PLC apologised to its customers regarding the grid that collapsed. It said, “Please be informed that we experienced a system outage today 07 November, 2024 at 11:29Hrs affecting supply within our network.” Adding that “Restoration of supply is ongoing in collaboration with our critical stakeholders.” 

It should be noted that the grid collapsed on Tuesday and shortly after power was restored, the grid reportedly collapsed again on Thursday.

Moreover, the recent Grid collapse has garnered eyebrows from netizens showing discontent towards the constant collapse of the electricity grid. 

One netizen with the user name @Aumarsafana2917 tweeted “Enough of all these stories now, we’re tired. We’ve heard them enough.” 

Another X user, @ikbank tweeted “ This has become so absurd. Are we now living in a nation where things no longer work? For crying out loud, how many things are we going to continuously experience this collapse (outage). Why can’t things work effectively with minimal stress. So tiring!” 

Continue Reading

Trending