Business

Customs Probe Military Wares Importation

Published

6 years ago

August 30, 2018

Customs Probe Military Wares Importation

The Comptroller-General of Customs, Col. Hameed Ali (retd), on Wednesday inaugurated a high-powered investigative panel to fish out all those connected with the illegal importation of military wares.

The committee headed by Assistant Comptroller-General, Sanusi Umar, is to conduct a thorough investigation into the recent importation of military camouflage outfits into the country.

Other members of the probe panel are Bukar Amajam, Olomu B.O, Okonmah S, Oloworaran J.O, and Wudapba T.K.

Officers and men of the NCS Federal operations Unit, Zone ‘C’ and operatives of the Onne Area II Command Port-Harcourt had intercepted two containers in the last one month.

The containers with reference number MRSU 3040288 and MRKU 4909151 were found to contain military camouflage jackets and other items. They were intercepted on July 27, 2018 and August 16, 2018.

The first container was found to contain 11 bales; each containing 400 pairs of new set of military camouflage uniform totalling 4,400 sets.

The second container was found to contain 620 sets of completely sewn military camouflage outfits and caps.

It also contained 10,100 pieces of inner military T-shirts, and 512 pairs of military jungle boots.

The importation of the items was said to be contrary to Schedule 4(13) of the ECOWAS Common External Tariff which fell under the Absolute Prohibition and Section 46(b) of Customs and Excise Management Act.

A statement from the Public Relations Officer, NCS, Mr Joseph Attah, quoted the CG as saying that preliminary investigations had led to the arrest of five persons including the importer.

He said despite the arrest of the five people, there was a need for the service to conduct a thorough investigation into the matter to expose others who might be connected with the importation of the illegal items.

He said, “Even though preliminary investigations have led to the arrest of five persons including the importer of both consignments, it is imperative that a painstaking investigation is conducted to unravel all those who are remotely connected to the criminal importation with a view to punishing offenders and preventing a recurrence.”

One of the terms of reference of the committee, according to the statement, is to investigate all alleged breaches of the Customs Import Clearance Procedure as set out in its extant law and statute books.

The panel is also to investigate and establish the full facts of the case in relation to the importation of both containers (MRSU 3040288 and MRKU 4909151).

The committee is also saddled with the task of identifying all parties involved in the illegal importation and establish their degree of culpability and to profile all importation previously made by the sole importer or his cronies with the intent of discovering if this had been a trend.

The panel is also to make recommendation to the NCS management on the way forward as well as liaise with other security agencies, should the need arise in the course of the investigation.

Responding on behalf of the committee members, the chairman of the panel told the CG that it would do a thorough job.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

How Public-Private Partnership Projects Attracted $500m Investment – FG

Published

2 days ago

September 19, 2024

Bassey Marshall

Public-private partnership (PPP) projects appear to be of great benefit to Nigeria, particularly within the last year.

Within this period, these projects have attracted over $500 million worth of investment, according to the Infrastructure Concession Regulatory Commission (ICRC).

The Director-General of the ICRC, Dr. Jobson Ewalefoh made this known during his courtesy visit to the Minister of Interior, Hon. Olubunmi Tunji-Ojo.

During the visit, Ewalefoh felicitated with Dr. Tunu-Ojo as the latter was honoured with the PPP Icon Award.

According to him, the $500 million in investments through various PPP projects wouldn’t have been possible without Dr. Tunji-Ojo.

To ensure compliance with statutory requirements, Ewalefoh detailed that the commission will carry out a performance audit of all PPP projects

To him: “We have mechanisms in place to begin auditing PPP agreements, not to terminate them but to optimize them for national benefit. Compliance with the insurance policy is key to protecting our national assets under these partnerships.”

Minister Ojo received praise from Dr. Ewalefoh for his efforts in revenue generation and the continuation of abandoned projects.

Ewalefoh revealed that the past year has the highest number of PPP projects presented to the Federal Executive Council (FEC), a development he attributed to the efforts of the Ministry of Interior.

On the other hand, Minister Tunji-Ojo said the government is more focused on fostering private-sector participation.

To him, this will help bridge resource gaps and create a conducive environment for investments.

Key PPP initiatives within the Ministry include the e-gate system, the Advanced Passenger Information System, and the upcoming Gap Management System, as detailed by the minister.

Minister Ojo signifies that the $500 million investment recorded in the past year is just the beginning of the many benefits of the PPP initiative.

Business

Makinde Moves to Make Ibadan South-West Business Hub With N41bn Ibadan Airport Upgrade

Published

2 days ago

September 19, 2024

Ugwoke Ogbodo

With a view to making Ibadan, the Oyo State capital the business hub of South West region, Governor Seyi Makinde has officially flagged off the N41bn upgrade of the Ibadan airport, renamed Samuel Ladoke Akintola Airport.

Speaking at the the ground-breaking ceremony for the project held at the airport premises in Ibadan, Makinde said his administration is focused on eradicating poverty in the state saying tye airport is an investment in the future.

Disclosing that the project is expected to be completed within a year, the governor noted that the project has been prioritised by his government since 2019, emphasising his commitment to transforming Ibadan into a regional business hub in the Yoruba region.

The governor stressed that the vision of his administration is fighting poverty and not the poor, admitting that there is hardship in the country of which the project, when completed, would partly contribute in tackling.

Governor Makinde posited that the airline initiative would enhance transportation and attract businesses, tourists, and investors to the region.

For the governor, the upgrade would facilitate modern touch to the airport, of which is essential for connecting the state to the global economy and drawing economic activities to Oyo.

According to him, the airport upgrade will cost N41 billion and that it is expected to enhance air travel operations and provide a reliable transportation network for both business and leisure travelers, positioning the state for economic growth and development.

Meanwhile, the Osun State Governor, Ademola Adeleke, who was the special guest at the event, described Makinde as one who actualises development projects.

He expressed willingness to collaborate with the state to explore mutually beneficial opportunities for both states.

Governor Adeleke reiterated his assurance to completing the 12 years Osun Airport project which his administration inherited, saying it would soon become a reality.

Business

Nigerians Lost ₦42 Billion To POS, Mobile Phone Frauds In 3 Month – Report

Published

3 days ago

September 19, 2024

Bassey Marshall

The Financial Institutions Training Centre (FITC) has expressed concerns over the increasing cases of fraud in Nigeria.

This is as the institution reveals that it recorded a total of 11,532 fraud cases only in the second quarter of 2024.

In a latest report, FITC revealed that many of these frauds were linked to computers, mobile devices, and point-of-sale (POS) systems.

Also, the report revealed that these frauds did not start now.

It started in 2023 and now, like a deadly plague, it has crawled into the first quarter of 2024.

In the second quarter, the total value of fraud stood at ₦56.3 billion, a significant increase from the ₦34.8 billion reported in the first quarter of the year.

Despite efforts by financial institutions to recover the stolen funds, only ₦13.7 billion was salvaged leaving fraudsters smiling home with a whooping ₦42.6 billion.

When we talk about Mobile fraud, we mean fraud carried out via mobile apps and internet banking.

This fraud scheme accounted for 33.4% of the total cases in the report, making it the largest category.

Fraudsters who operate via POS did not disappoint.

They contributed 24.6% of the cases.

Web-based fraudsters were well represented, holding 16.9% of the total fraud incidents.

Meanwhile, via the report, FITC decried the increase in computer-based fraud as a growing concern.

The report reveals how bank branches counted their losses, with 95% of the total fraud value occurring at the branch level.

Of a truth, there have been many advancements and upgrades in technology.

Yet, fraudsters continue to excel.

We cannot help but blame this on the insiders who betrayed their organizations.

During the quarter in question, 49 employees were dismissed for their involvement in fraudulent activities.

The report also brought to light a new kind of fraud.

It is called fraud by magnitude.

Fraud by magnitude caused bank branches to lose approximately ₦54 billion.

That amount signifies a staggering 95.63% of the overall fraud amount.

Web-based fraud followed closely with losses of ₦1.2 billion (2%).

POS and mobile fraud each contributed around 1%, resulting in ₦651 million and ₦547 million losses, respectively.

On the bright side, there was a 31.8% decline in card-related fraud, but cheque and cash fraud surged significantly.

This rise in cash-related fraud reaffirms that criminals are also updating their skills as the days go by.

The big question is, what is the way forward?

For FITC the use of advanced technology, including artificial intelligence may be worth a shot.

Also, attention must be paid to proactive measures, such as bolstered security systems and continuous training of staff, as critical to reducing fraud.

As detailed in the report, fraudsters have stolen a total of ₦42.6 billion from commercial banks between April and June 2024.