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Customs Realises Over N157b in 3 Months

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Nigeria Customs Service
  • Customs Realises Over N157b in 3 Months

The Nigeria Customs Service (NCS) raked in over N157 billion in three months at Lagos ports, it was learnt.

The amount, findings revealed, was generated by the Apapa and Tin-Can Island Customs commands between January and last month.

At Apapa Port, the Service collected over N81 billion; the Tin-Can Island Command generated over N76 billion.

This is an increase of about N4 billion by the Apapa Command compared to the same period last year, and N14 billion by the Tin-Can Command.

NCS Public Relations Officer (PRO), Apapa Command, Mrs. Nkeiru Nwala, said with the introduction of the Nigeria Integrated Customs Information System II (NICIS II) in Apapa, expected to block revenue leakages as well as the repair of Apapa access roads, the Command would boost its revenue profile.

She said on the command’s anti-smuggling fight in the first quarter, four 4×40 ft containers of controlled drugs, including tramadol in excess of approved milligrammes with Duty Paid Value (DPV) of N110,016,524.00, were seized.

She also said the Command in the first quarter of the year recorded about 280,000 metric tons of exports with a FOB value of $115,093,562.

Mrs Nwala said the Customs Area Controller in charge of Apapa Command, Comptroller Jibril Musa, has continued to renew strategies and mechanisms for the effective implementation of the ease of doing business.

“The Customs Area Controller, Jibril Musa has continued to reinvigorate all strategies and mechanisms put in place for the effective and efficient implementation of the Federal Government’s Executive order on the Ease of Doing Business. It is worthy of note that the NCS is the lead agency in the implementation of the presidential mandate and Apapa Area Command selected as the pilot command had since created the Central Examination Centre (CEC) where all stakeholders involved in cargo clearance conduct examination at an agreed time with reports imputed almost immediately. This synergy/interfacing had paid off remarkably as consignments with no record of infractions are released within 24 hours while those with infractions are referred to dispute resolutions committee for further interventions/investigations.’’

She said Musa pledged to strengthen the relationship with relevant agencies in Apapa.

“The CAC has pledged his resolve to keep strengthening the already robust working relationship/collaboration among all agencies of government for enhanced international trade facilitation. Within the period under review, he played host to different high-level government delegations from within and outside the country with a view of promoting efficiency and facilitation of trade in the country,” she said

Tin-Can Island Command Public Relations Officer Uche Ejesieme said the Command had put in place measures that would enable the it to carry out its statutory mandate.

Apart from Stakeholder Engagement, he said the service had embarked on training and re-training of its officers in line with the Federal Government’s trade facilitations policy.

The image maker said efforts were being made to ensure the policies and programmes of the Command were tailored towards achieving efficiency and competitiveness in the trade value chain.

“The command is at the vanguard of implementation of the Presidential Directive on Ease of Doing Business as the lead agency and have strengthened the relationship with other security/regulatory agencies for actualisation of the Presidential Directive on creating Enabling Business Environment at the Ports.

“In the narrative of Revenue Collection for 2017 and 2018, the Command in the First Quarter of 2017 (January – March) generated a total of N61,839,825,487.91, whereas in the corresponding period of 2017, the command generated N76,789,721,107.34.

“Signifying a positive difference of N14,949,895,619.43. Though the first quarter of each year is usually synonymous with low volume of trade, the migration to NICIS II platform by the Command, also contributed to some hiccups that affected declarations, but which we have surmounted,” he said.

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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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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Geregu Power Plc Announces N14.46bn Profit in Q1 2024

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Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

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Guaranty Trust Holding Company Plc Records N609.3bn Profit Before Tax in 2023

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GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company Plc (GTCO) has announced a strong profit before tax (PBT) of N609.3 billion for the 2023 financial year.

This represents an increase of 184.5 percent when compared to the previous year.

The audited consolidated and separate financial statements filed with the Nigerian Exchange Group and London Stock Exchange on Monday revealed market capitalization exceeded N1 trillion on the NGX to further solidify GTCO’s position as one of the top financial holding companies in Nigeria.

During the period under review, the group’s post-tax profit rose by 218.99 percent to N539.65 billion from N169.17 billion in 2022.

Key indicators such as loans and advances increased by 31.5 percent to N2.48 trillion, while deposits grew by 63.7 percent to N7.55 trillion.

The group’s total assets and shareholders’ funds closed at N9.7 trillion and N1.5 trillion, respectively.

Despite the challenging economic environment, GTCO maintained a strong capital adequacy ratio of 21.9 percent.

Also, the group sustained asset quality, with IFRS 9 Stage 3 loans improving to 4.2 percent in December 2023 from 5.2 percent in the same period of the prior year.

However, the cost of risk experienced an uptick, rising to 4.5 percent from 0.6 percent in December 2022, largely due to worsening macroeconomic factors.

Despite these challenges, GTCO’s pre-tax return on equity stood at 50.6 percent, while pre-tax return on assets was 7.6 percent. The cost-to-income ratio remained favorable at 29.1 percent.

Commenting on the financial results, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, expressed satisfaction with the company’s performance amidst a challenging operating environment.

He attributed the strong performance to the successful implementation of the group’s business model across banking and non-banking business verticals.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld,” he stated.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

In line with its commitment to shareholders, GTCO announced a final dividend of N2.70k, bringing the total dividend for 2023 to N3.20k.

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