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Customs 2017 Revenue Rises to N1.37tn

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Nigeria Customs Service
  • Customs 2017 Revenue Rises to N1.37tn

The Nigeria Customs Service has announced that five days to the end of 2017, it generated additional N25bn to bring its total revenue generated for the year to N1.37tn.

The service had announced earlier that it generated a total of N1.12tn between January and December 26.

While briefing journalists in Lagos on Thursday about the activities of the service in 2017, the Public Relations Officer, NCS, Mr. Joseph Attah, stated that the revenue was made possible through the strict deployment of the digital identification method, which enabled officers to identify consignments such as vehicles, using the mandatory Vehicle Identification Number.

He said that declarations on vessels increased significantly in 2017 due to the use of digital application to locate vessels on Nigerian waters and request for payment of appropriate duties as data of the vessels were available on the digital platform.

According to him, the service generated this revenue against the backdrop of several challenges, including the ban on 41 items of import from access to foreign exchange.

“For instance, rice which raked in N56.8bn in 2014, contributed only N265m to the Customs revenue in 2017,” he said.

Attah pointed out that the enforcement of fiscal policies in 2017 led to a decrease in the average duty rate from 12.54 to 11.1 in line with the lowering of duty rates for national projects in the agriculture and the automotive sectors.

The service, according to him, also battled paucity of funds, as the National Assembly reportedly refused to pass the NCS budget for the past owing to the faceoff between the Comptroller General of Customs, Col. Hameed Ali (retd.) and the Senate over his refusal to wear the Customs uniform.

Attah said the service had been operating with intervention funds from the government.

Another challenge faced by officers was attacks and sabotage from smugglers which led to the death of six officers, according to the Customs PRO.

Giving further details of the activities of the NCS in the year under review, Attah said the service recorded 4,492 seizures amounting to N12.7bn.

He stated that the seizures included 2,671 pump action riffles, dangerous/illicit drugs, vehicles, rice and others, adding that 207 suspects were arrested in connection with the seizures and were currently undergoing trial in court.

Five officers of the NCS were also dismissed in connection with the 661 pump action rifles intercepted in January 2017.

The five Customs officers, he noted, were handed over to the authorities and were undergoing prosecution.

On what happened to the seized items, the NCS PRO said the food items had been distributed to the Internally Displaced Persons camps in Edo, Borno, Adamawa and Yobe in line with a 2016 presidential directive.

He gave the breakdown of the items distributed to the IDP camps as 421 trailers of rice (252,666 bags) worth N3.8bn; and 82,140 of 25-litre gallons of vegetable oil worth N985.6m, among others.

Attah stated, “Despite tonnes of rice and other relief items already transferred to the IDP camps, NCS warehouses across the country are still filled with rice. This only shows that the sustained onslaught against unrepentant rice smugglers continues to yield positive results.

“The ones in the warehouses now are either awaiting court condemnation/forfeiture to the Federal Government or have been already allocated to governments of the affected states who pay the Army Corps of Transport and Logistics for their transportation to the IDP camps.”

He added that the service also auctioned 646 cars and generated N272.1m in revenue from the use of the e-auction portal.

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.

Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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Banking Sector

CIT Microfinance Bank Disburses Over N16bn Loans

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micro-finance-bank

CIT Microfinance Bank Disburses Over N16bn Loans

CIT Microfinance Bank Limited says it has disbursed about N16bn loans since it commenced operations as part of its contributions to the financial sector and empowerment of businesses.

The Managing Director of the microfinance bank, Mr Kingsley Eremionkhale, disclosed this during the company’s 10th anniversary in Lagos recently.

He reiterated that the bank was committed to supporting the growth of small and medium-scale enterprises in the country.

“Since inception, we have disbursed loans worth about N16bn. Our operation is not just about profit-making, but we have impacted many lives, empowered many businesses, and done a lot in terms of our core mandate as a microfinance bank.”

While appreciating its customers who had been loyal to it for years, he said it was concerned about their business success.

The managing director said, “We are part of our customers’ businesses. We provide services beyond lending and savings products and we also give financial advisory services.”

He appreciated the customers who had stayed with the financial institution for many years.

The managing director noted that the MfB is a state-licensed bank operating in Lagos, and a subsidiary of Capitalfield Investment Group.

He also attributed the success of the MfB to the board of directors which it said had been supportive, the management team and its workforce in the past 10 years.

While saying that the bank could lay claims to exponential growth, he said the public should expect more from it.

He also said that it was driving its operations through its digital offerings and our e-channels, to improve its services to our customers.

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