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Customs Intercepts 14 Containers in Lagos

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  • Customs Intercepts 14 Containers in Lagos

The Nigerian Customs Service (NCS), Federal Operations Unit (FOU), Zone A, has seized 14 containers for false declaration and breach of customs law. The consignment according to the Comptroller, Mohammed Uba Garba, has a duty paid value of N104.6 million.

Garba said two of the containers were carrying Made in Nigeria cables but imported from China, which was declared as electric distribution board and ballast.

The comptroller, in his operational assessment between August 29th to 3rd of October 2017 said the FOU arrested eight suspects in connection with 128 seizures within the period.

He said its anti-smuggling operations has intensified its operational modalities to meet up with the current smuggling tactics, and has intercepted various contraband with a duty paid value of N356.2 million only.

The seized items were given as; 11 used vehicles; 4,227 bags of foreign parboiled rice; frozen poultry products; vegetable oil; Indian Hemp; medicaments; used tyres; scrap metals; wet blue; electric cables; unprocessed wood; bales of used clothing and shoes.

Also, he said his officers trailed and evacuated 3000 bags of smuggled rice from 10 houses along waterside in Ere Village of Ado-Odo Local Government of Ogun State.

“Each of these houses has three exits doors for their nefarious activities. As we were evacuating the rice from one house to the other, the villagers were also busy packing the rice to the bush through other exit. That is to tell you the extent some people take risk while indulging in smuggling. They see smuggling as a way of life and an inherited business. We were able to achieve this with the support of the military from 9 Brigade Nigerian Army Ikeja,” he said.

Garba gave the breakdown of the 11seized vehicles as: two Lexus Jeep GX460 and RX330, one Toyota Rav4, two Toyota Camry, 5 Mercedes Benz and one IVECO Truck (Tanker), ranging from 2007 to 2013 models respectively with duty paid value of N125.4 million.

“Also, we have 17 assorted vehicles in detention of various models. The vehicles were evacuated from car marts due to infractions noticed in their documents. As I speak with you, they have not been able to provide relevant customs papers on some yet but we have given them enough room to provide them.

“In the spirit of inter-agency collaboration; the seized Indian hemp, the Medicaments and the cables will be handed over to NDLEA, NAFDAC, and SON for thorough investigation. Eight suspects have been arrested in connection with these 128 seizures. For record purpose, so far we have 12 trials at Supreme Court, court of Appeal and Federal High Court respectively. While three are criminal cases, nine are civil cases and one is convicted and sentenced to seven years imprisonment,” he said.

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.

Economy

Nigeria Receives £4.2 Million Looted By James Ibori

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James Ibori

The government of the United Kingdom has repatriated the sum of £4.2million that was looted by associates and family members of the convicted former governor of Delta State, James Ibori.

The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, on Tuesday confirmed the receipt of the looted fund in a statement he made available to newsmen in Abuja.

In the statement signed by Malami Special Assistant on Media and Public Relations, Dr. Umar Gwandu, the Minister of Justice disclosed that the naira equivalent of the amount was credited into the designated Federal Government account on May 10, 2021.

The AGF had earlier signed a Memorandum of Understanding for the repatriation of the loot fund on behalf of the Federal Government of Nigeria.

According to him, “the development was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian stolen in the execution of public oriented projects”.

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Economy

AfDB, European Bank To Bridge $2.5tn Africa’s Financing Gap

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AfDB

The African Development Bank Group and the European Bank for Reconstruction and Development signed a Memorandum of Understanding on Monday to promote sustainable private sector development in Africa.

In a statement issued by its Communication and External Relations Department, the AfDB said, “The MoU will help catalyse new sources of financing to help bridge the $2.5tn annual financing gap for development in Africa.

“This gap requires that development finance institutions work in partnership.”

The bank stated that under this partnership, the AfDB and the EBRD would capitalise on their respective

expertise and experience, with a particular focus on climate change, green and resilient infrastructure and capital markets development.

“They will also work on improving business environments, bolstering the real economy and mobilising private sector investment,” the AfDB stated.

It observed that COVID-19 was threatening progress made towards the United Nations Sustainable Development Goals and was exacerbating the debt vulnerability of many African countries.

The bank stated that sustainable private sector development would be key to recovery and prosperity across the continent.

AfDB’s President, Akinwumi Adesina, after signing the memorandum with his counterpart, EBRD President,

Odile Renaud-Basso, was quoted as saying, “The new partnership agreement between our two institutions will pave the way for us to do more together, especially in supporting the growth of Africa’s private sector.

“The impact of COVID-19 on government resources is huge and we need to mobilise more private resources to help African countries build back stronger.”

On his part, Renaud-Basso, said, “The COVID-19 crisis has made the need for better and ever closer collective action even more urgent.

“Collaboration between the EBRD and the African Development Bank has grown from strength to strength over the years in the region.”

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Economy

Despite Rising Debt Profile, President Buhari Seeks New N2.342T External Loan

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Muhammadu Buhari

President Muhammadu Buhari, on Tuesday, urged the Senate to approve a new external loan of N2,343,387,942,848.00, about $6.183billion, for the Federal Government to finance the 2021 budget deficit.

Senate President Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary.

Last Month, Investorsking recalled that there was a controversy when Edo State Governor, Godwin Obaseki had raised concerns over the financial trouble Nigeria might find herself due to the continuous rising debt profile.

In a recent report carried out by PWC, it was reported that:

“Actual debt servicing cost in 2020 stood at N3.27 trillion and represented about 10 percent over the budgeted amount of N2.95 trillion. This puts the debt-to-revenue ratio at approximately 83 percent, nearly double the 46 percent that was budgeted.

“This implies that about N83 out of every N100 the FG earned was used to settle interest payments for outstanding domestic and foreign debts within the reference period. In 2021, the FG plans to spend N3.32 trillion to service its outstanding debt. This is slightly higher than the N2.95 trillion budgeted in 2020”.

According to DMO Nigeria’s total public debt as at December 31, 2020, was N32.915 Trillion.

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