Markets

Why NCS Exceeded Its Revenue Target in Q1

Published

7 years ago

July 1, 2017

Why NCS Exceeded Its Revenue Target in Q1

Lagos base veteran licensed customs agent, Prince Olusegun Ologbese has given an insight into the reasons why the Nigeria Customs Service (NCS) exceeded its revenue target in the first quarter of the year.

NCS which has Colonel Ibrahim Hameed Ali (retired) as the Comptroller General had in a public statement said it had not only met its revenue target for the first quarter of the year but also exceeded it.

While commending the NCS for the feat, Ologbese who is also the Chief Executive Officer of Ogbese Maritime Services Limited attributed it to the blocking of the numerous revenue leakages in the system.

According to the veteran licensed customs agent who is popularly called “Alaye” for his rich experience and vast knowledge of the freight forwarding business said the measures put in place by NCS management team has started yielding results. On assumption of office over a year ago, the Comptroller General of Customs (CGC) put this revenue blocking mechanism in place but it is only now they have started manifesting the desired results.

He stated that the feat was no surprise to those who have been following developments in the NCS High Command since President Mohammadu Buhari appointed the retired military officer as the NCS boss.

“The steadfastness of the CGC and his officers, particularly the Customs Area Controllers (CAC) who oversee NCS formations across the country also contributed immensely to these achievements”, he said.

Speaking in Lagos, Ologbese who is also the Life Patron of the Nigerian Union of Journalists (NUJ), Ondo and Ekiti Councils said: “As far as I am concerned, it is not a surprise that Customs did not only meet its revenue target in the first quarter of 2017 but also exceeded it. Since last year, the service has put in place a lot of mechanisms in place to block the loopholes where revenue often leak in the system.

“I strongly believed that it is now these measures put in place by the CGC and his management team have started yielding the results we are witnessing now. There is no doubt that we are going to witness more good results in terms of higher revenue generation by the service in the months ahead. Again, this increase in revenue can be attributed to the fact that officers and men have doubled up their efforts in three core functions of the NCS in line with the charge of the CGC. These include revenue generation, anti-smuggling campaign, and trade facilitation”.

Ologbese expressed delight that the increase in the revenue collected by the NCS is coming at a time that there was not much expectations due to the downturn in the economy.

He also noted that the NCS was achieving the feat at a time the initiatives of the service was biting harder on port users, especially importers and licensed customs agents.

The maritime expert enjoined the NCS, especially Ali and his management team not to rest on their oars as there was still room for improvement in the service delivery in the months ahead.

“They can only do this if they continue to maintain the hard work as well as ensure trade facilitation for port users, especially genuine importers and licensed customs agents”, he added.

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Samed Olukoya

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.

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Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months

Published

5 hours ago

November 5, 2024

Ugwoke Ogbodo

The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

Energy

Darkness Falls Again: TCN Explains Latest National Grid Collapse

Published

5 hours ago

November 5, 2024

Bassey Marshall

The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

Energy

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

Published

12 hours ago

November 5, 2024

Bassey Marshall

The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”