Economy

Customs Seize N1bn Contraband

Published

6 years ago

May 17, 2018

Customs Seize N1bn Contraband

The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, has announced the seizure of N1.01bn worth of contraband between April 10 and May 15.

Disclosing this to journalists in Lagos on Wednesday, the Controller, NCS FOU, Zone A, Ikeja, Mohammed Garuba, stated that in the same period, the command recovered N28.87m from underpayments bringing the amount generated in May to N1.039bn.

He listed the items seized as 30 exotic vehicles, nine trailers of foreign parboiled rice, 1,078 cartons of frozen poultry, 216 jerry cans of vegetable oil, 173 bales of used clothing, 683 pieces of used tyres and eight sacks of Indian hemp weighing 134 kg, among others.

A total of 14 suspects were arrested in connection with the seizures, according to the FOU controller.

Commending the officers of the command for living up to their responsibility in suppressing smuggling, Garuba advised members of the public to be patriotic and report any smuggling activities in their areas to the service.

He said, “After court processes and condemnation, the Presidential Committee on Internally Displaced Persons chaired by the Comptroller-General of Customs, Col. Hameed Ali (retd.), has approved the evacuation of 42 trailers of 50kg rice, 3,366 Jerry cans of 25 litres vegetable oil, 175 gallons of 5 litres vegetable oil, 1,564 bales and 122 sacks of used clothing, 196 sacks and 938 pairs of used shoes to the Borno State Government for distribution to the IDPs through the Nigerian Army Corps of Supply and Transport.”

Meanwhile, the Zonal Coordinator, Nigeria Customs Service, Zone A, Aminu Dahiru, has advised newly promoted officers of the service to see their promotion as a call to higher responsibility.

He gave this advice in Lagos while decorating the officers.

He charged them to redouble their commitment to revenue collection, be unrelenting in the suppression of smuggling and diligent facilitators of legitimate trade.

Dahiru also advised them to shun any act that would compromise national security and portray the service in bad light as they owed the nation more dedication and continuous contribution to national economic and social growth.

“This is not a time to wear new rank and feel you should relax. Always remember that Customs functions are knowledge-based and all promoted officers should rise up to the occasion of higher responsibility,” he said.

He directed all newly promoted comptrollers in the zone who were not heading any command in acting capacity to resume at the zonal headquarters.

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Samed Olukoya

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

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Economy

Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M

Published

16 hours ago

December 8, 2023

Investors King

The Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, Akin Akinrinade, has raised an alarm over the rising cost of petrol trucks in Nigeria.

According to Akinrinade, the cost of a petrol truck has surged from N7 million in May to an astonishing N25 million at present, attributed to inflation induced by poorly managed foreign exchange rates.

Akinrinade pointed out that the forex mismanagement has significantly impacted the landing cost of premium motor spirit (PMS), commonly known as petrol, consequently leading to a surge in pump prices.

The unstable business environment, coupled with the astronomical rise in expenses, has created challenges for marketers in the downstream oil sector.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), highlighted in October 2023 that foreign exchange challenges have hindered private companies from importing petroleum products.

As a result, the NNPCL has become the exclusive importer of petrol.

The decision to limit private entities from importing fuel comes after President Bola Tinubu’s initiatives aimed at deregulating the fuel market.

Initially, the plan was to allow private companies to import fuel starting June 2023, aligning with efforts to balance the market after removing petrol subsidies.

The ripple effects of the soaring petrol costs are already evident, with commercial transporters increasing fares, and private car owners seeking fuel-saving alternatives.

As Christmas approaches, the surge in demand for interstate travel is expected to further elevate costs, posing financial challenges for many Nigerians amidst stagnant income levels.

Economy

Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption

Published

2 days ago

December 7, 2023

Investors King

The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

Economy

Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion

Published

2 days ago

December 7, 2023

Investors King

The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.