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Customs Recover N229.9m Unpaid Duties in One Month

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Nigeria Customs Service
  • Customs Recover N229.9m Unpaid Duties in One Month

The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, said that it recovered unpaid duties amounting to N229.9m between June 13 and July 10.

The announcement was made by the command’s controller, Mohammed Garba, during a media briefing in his office on Wednesday.

Garba, who was posted to the FOU in May, also said that the command recorded a total seizure of smuggled items worth N200.10m between June and July, following its anti-smuggling campaign.

He said, “I am happy to mention some of our achievements in the fight against smuggling. After a series of meetings with my field officers, reviewing our operational strategies to meet up with the current trend of smuggling, we have intercepted contraband with a duty paid value of N200.99m from June 13 to July 10.

“In the same vein, the unit through our interventions recovered N28.95m from duty payments and demand notices on general goods that tried to outsmart our officers at seaports, airport and border stations through wrong classification, transfer of value, and short-change in duty payment.

“The cumulative total of this recovery is N229.95 making it another spectacular breakthrough in anti-smuggling operation under my watch.”

According to the FOU controller, 15 suspects were arrested in connection with 40 different seizures within the period comprising vegetable oil, foreign parboiled rice, frozen poultry, smuggled vehicles, medicaments, used tyres, and other goods.

Garba said that the command intercepted 1,442 cartons of Tramadol 225/120mg in a container along Apapa-Oshodi and Ijebu Ode expressways, adding that the drugs would be handed over to the National Agency for Food and Drug Administration and Control for further investigation.

He added that seven containers whose owners had contravened Customs law by means of false declaration and breach of import prohibition list by trade were also intercepted.

He disclosed that three of the containers carried 5,014 pieces of used tyres, used fridges and used double electric burners, while the remaining ones carried 499 cartons of Eva soap as against poultry incubator allegedly declared in the Single Goods Declaration form by the importer.

On Tuesday, the FOU boss said the command intercepted one DAF Truck with Registration No DAL 543 ZX, carrying 1,200 cartoons of smuggled poultry along Lagos-Ibadan Expressway as well as a container conveying 400 bales of second-hand clothes.

Garba sought for the cooperation of everyone in the fight against smuggling, adding that it could only be won with all hands on deck.

“You will agree with me that the fight against smuggling can only be won if all hands are on deck. The commitment, doggedness, resilience and diligence of the officers and men of the FOU A for foiling the antics of smugglers who used different methods for concealment cannot be over emphasised,” he stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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