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Customs Moves to Reform Import, Export Processes

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Nigeria Customs Service
  • Customs Moves to Reform Import, Export Processes

In a bid to ensure trade facilitation at the nation’s ports and all entry points in line with the federal government’s ease of doing business in Nigeria agenda, the Nigeria Customs Service (NCS) has taken steps to modify import and export processes.

As part of the reform, the customs command has ameliorated cargo examination stress for importers by reducing announced cargo placement notice for examination given to terminal operators from 24hours to 12 hours.

This means that after customs agrees with all parties on a suitable time for physical examination, terminal operators now require only a 12-hour notice to place the cargo for examination.

Also, the NCS command said it would now schedule and coordinate the mandatory joint examinations and sign-off form to ensure that there is only one point of contact between importers and officials.

This move, top industry players believe, is expected to contribute in eradicating various delays associated with importation and export in Nigeria.

The NCS spokesman, Joseph Attah, in a statement, expressed the service resolve to reform import and export processes in Nigeria.

Attah, who listed some African countries where significant progresses have been made in the processes and duration for export said various causes of hitches, which he called bottlenecks in the trade process are being removed to achieve seamless transactions.

Customs have taken the burden of reaching out to agencies from importers as this has been identified as part of the challenges confronting the system.

”Before this intervention, the burden was on importers to reach out to all relevant agencies and the Terminal Operator to schedule a suitable time for the joint examination of cargo. We have however decided to take this tedious process off the backs of the importers and coordinate same,”Attah said.

He said Nigeria ranked 14th out of 15 Economic Community of West African States( ECOWAS) economies and 182nd out of 190 economies worldwide in the ‘Trade Across Borders’ indicator on the most recent World Bank “Doing Business” Rankings.

“Factors responsible for this low ranking, according to some port users, includes delay in export processes in Nigeria which takes up to two weeks, compared to some other countries like Kenya, it takes four days to complete same process. While Nigeria hitherto required up to 14 documents for imports compared to just five in Rwanda, government reduced the documentation recently to eight,” he said.

Attah said Nigeria will stay on the path of this reduction until it achieves a standard comparable with its peers on the continent.

He added: ”Nigeria’s desire to restore growth through economic diversification, as enunciated in the recently released Economic Growth and Recovery Plan (EGRP) of the Federal Government requires a holistic reformist approach. Reforming procedures is required to stimulate important sectors of the Nigerian economy like agriculture and manufacturing, which contribute 23.1 and 13.3 per cent respectively to its Gross Domestic Product (GDP).”

Attah said: ”As a key stakeholder in the FG’s quest to make businesses work, the NCS joined other MDAs in making commitments towards delivering reforms that would progressively make it easier for businesses in Nigeria to start and thrive. Our commitments at the NCS are focused on “Trade Across Borders,” where a target was set to reduce import and export time by up to 50 percent, and ensure that import procedures adhere to international standards.”

Under a newly released revised guideline from the Federal Ministry of Finance, Shipping Lines are required to electronically transmit advanced manifest of their cargoes to the NSC and the Nigerian Ports Authority (NPA) as soon as the vessel departs the last port of call. This is to ensure enough time for risk assessment, profiling and optimised placement of cargo.

Attah said Customs Officers will circulate the cargo manifests to other examination agencies and the Terminal Operators as soon as they are received from the Shipping Line.

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.

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Business

MultiChoice Nigeria Expands Product Offerings, Unveils 3 New DStv Business Packages

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Leading Pay-TV service provider, MultiChoice Nigeria has rolled out new features and expanded the product offerings on its DStv Business packages for businesses and corporate organizations in Nigeria.

The new DStv Business packages are DStv Work, DStv Play and DStv Stay.

Chief Executive Officer, MultiChoice Nigeria, John Ugbe said: “We always ask ourselves how we can make our customers experience better for businesses. We have revamped our DStv Business packages, offering business owners the right mixture of entertainment to enhance the experience of guests and staff. At the end of the day, your guests will always remember how you made them feel.”

The DStv Work, tiered into 2 categories, DStv Work Ultra with 48 channels and DStv Work Essential with 75 channels, has been tailored to suit the businDStv Work, DStv Play and DStv Stay.ess environment including banks, offices, and other corporate organizations with specific offerings such as the latest news headlines from across the world, sports, weather updates and other work-related entertainment which sets the tone and keeps everyone well informed.

Commenting on the revamped DStv packages, Head of DStv Business, Abayomi Famakinwa said: “For the Work category, we have taken into consideration all our offices and different organizations. For Stay, we have considered all organizations across accommodation offerings such as hotels, B&Bs, Guesthouses and the likes; for Play, we are taking into consideration the Pubs, Clubs, lounges, restaurants, bars and the likes.”

The DStv Play package, tiered into 3 categories, DStv Play Ultra with 86 channels, DStv Play Essential with 61 channels, and DStv Play Basic with 40 channels aims to enhance guest experiences and ensure that they are always entertained with their favourite sports programmes and other first-class entertainment.

Famakinwa stated further: “A lot of our customers used to complain to us that there is only one package across the different bouquets so they couldn’t move from one package to the other, and we have listened as we always do and we have now tiered our packages into different categories for each of the segments. Secondly, we have factored in all the add-ons into our different packages; and from the decoder perspective we have bundled our decoders, which means, for each and every decoder that you have you can talk to MultiChoice and tell us what channels you would like to have on the decoder.”

The DStv Stay package, tiered into 3 categories, DStv Stay Basic with 77 channels, DStv Stay Essential with 99 channels, and DStv Stay Ultra with 139 channels are best suitable for hotels, motels, lodges, resorts, B&B and serviced apartments as it gives each guest – whether a kid, adult or elder – a memorable in-room experience due to the vast array of channels available to them during their stay.

Meanwhile, Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho said: “At the centre of what we do and the key characteristics that we live by day in day out is innovation. And a company that prides itself in innovation, not only from the point of view of what we do with our hard work, or the point of view of content ideas that are groundbreaking, but clearly also from the point of view of all we have seen in the communities and economies that we operate in, and how different businesses can also become our partners.”

Speaking on what informed the Pay TV’s decision to expand its offerings, Martin noted: “As content is consumed on different platforms, mobile devices, phones, tablets, and computers, the people that own those contents have started to tighten around usage rights; the people that regulate us as pay-TV service providers also start to expect that we hit the right notes when it comes to the issue of morality, political correctness, and religion amongst others. It is for that reason that we saw it fit that we sit down and categorise our packages of big chop of contents and say, those that use DStv in offices what is the content that we have, that firstly we have the rights to, and secondly, would be deemed appropriate.”

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Company News

Total Nigeria Rebounds from 2020 COVID-19 Damages, Grows Profit by 1,601 Percent to N8.1 Billion in H1 2021

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Total Exploration - Investors King

Total Nigeria Plc, a subsidiary of Total, grew revenue by 42 percent from N106.705 billion recorded in the first half (H1) of 2020 to N151.333 billion in the first half of 2021.

In the company’s unaudited financial statements for the period, the cost of sales inched higher by 33.4 percent from N94.305 billion filed in the first half of 2020 to N124.83 billion in the period under review.

Total Nigeria’s gross profit appreciated by 105.7 percent to N25.504 billion in the first half of 2021, up from N12.400 billion in the corresponding period of 2020.

The company grew operating profit to N12.526 billion in the first half from -N716.812 million achieved in the first half of 2020 during the peak of COVID-19.

Profit before minimum tax jumped by 2,358 percent from -N523.898 million in H1 2020 to N11.779 billion in the period under review.

Total Nigeria paid N3.713 billion as income tax in the first half of 2021 to take the total profit after tax to N8.1 billion, a 1,601 percent increase from -N537.188 million posted in the corresponding period.

Shareholders’ funds expanded by 17 percent to N32.821 billion from N28.151 billion in H1 2020.

Total Nigeria’s share price grew by 49 percent during the period under review to N145.00 a share, up from N97.50 a unit in the first half of 2020.

Earnings per share jumped from -N1.58 in H1 2020 to N23 in H1 2021.

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Appointments

Wema Bank Announces Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors

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Wema Bank- Investorsking

Wema Bank Plc has announced the appointments of Prince Olusegun Adesegun and Mr. Adeyemi Adefarakan as Non-Executive Directors of the Bank, effective July 19, 2021.

The announcement was after the Central Bank of Nigeria had approved both appointments, the lender disclosed in a statement signed by Johnson lebile, Company Secretary and Legal Adviser, Wema Bank Plc.

Prince Olusegun Adesegun Background

Prince Olusegun Adesegun is a Psychologist with a Masters’ Degree in Industrial Psychology from the University of Ibadan. He served and worked in Pyramid Products Limited as Manager in Training and rose to become the General Manager of the then Eastern Zone in 1988.

He retired and engaged in private business and has overtime garnered experience in marketing administration, management, and supply chain logistics solutions. He eventually became the CEO of Pecol Ventures Limited – a cash crop export and paper products company where he transformed the company from a small producer to a large, world-class Agric-Export firm.

He combined his private business with public service to become Commissioner for Works and Housing in Ogun State twice, and later served as the Deputy Governor of Ogun State between 2011-2015.

He currently serves as a Career Counsellor and Consultant for high quality investment decisions.

Adeyemi Adefarakan Profile

Adeyemi Adefarakan is a seasoned executive with strong global investment banking, portfolio risk, asset and financial management exposure.

He graduated with a BSc (Hons) in Economics & Accountancy from the prestigious City University, London, and holds a Masters degree in International Securities, Investment & Banking from the acclaimed ICMA Centre at the University of Reading, U.K. He is also an alumnus of the Emerging CFO: Strategic Financial Leadership Programme at Stanford Graduate School of Business, USA, and currently pursuing a Global CEO Africa Programme in the triumvirate of business schools comprising of Lagos Business School, Strathmore Business School (Nairobi, Kenya) and Yale School of Management (Connecticut, USA).

Yemi currently serves as the Group Chief Financial Officer and an Executive Director on the board of CBSL (Continental Broadcasting Service Limited). He holds other boards positions where he continues to create and extract shareholder value through active board engagement.

Prior to joining CBSL, Yemi forged his career on the trading floors of some of London’s financial powerhouses, to wit; State Street Global Markets, DRW Investments, JP Morgan Chase, Deutsche Bank and HSBC Global Asset Management, where he traded both vanilla and complex instruments and riskmanaged multi-billion-dollar multiasset portfolios.

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