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Customs Record Highest Monthly Revenue of N140.4bn

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Nigeria Customs Service
  • Customs Record Highest Monthly Revenue of N140.4bn

The Nigeria Customs Service on Tuesday said it recorded its highest-ever monthly revenue collection of N140.41bn in August.

The Public Relations Officer, NCS, Mr Joseph Attah, confirmed the revenue collection figure in a statement issued in Abuja.

The statement explained that the Comptroller-General of Customs, Col Hameed Ali (retd), described the huge revenue collection as a confirmation of the success of the reforms being implemented under his leadership.

Some of the reforms, according to him, are the strategic deployment of manpower; upgrade of the electronic systems from Nigeria Integrated Customs Information System to NICIS II, which has blocked leakages; and strict enforcement of extant guidelines by the Tariff and Trade Department.

Other reforms, which led to the improved revenue generation, he noted, were robust stakeholder engagements resulting in higher compliance; and increased disposition of officers and men to change the way of doing things for the better.

The statement read in part, “Ali’s implementation of the three-pronged presidential mandate of restructuring, reform and raising of revenue in the NCS has continued to strengthen the Service as a crucial contributor to the national economy and security.”

In the area of seizure, the statement said in the last eight months, the NCS had confiscated 156,090 bags of smuggled rice; 15,632 sets of military wears; 489,000 ammunition and other items.

It added, “These positive harvests in the areas of anti-smuggling and revenue generation is a clear testimony to what can be achieved under a selflessly focused leadership.

“The NCS therefore calls on Nigerians to support the Service by providing credible information that will help nip smuggling in the bud and generate the needed revenue for national development.”

Ali had last week 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 thorough investigation into the recent importation of military camouflages into the country.

The CG had said that preliminary investigations had led to the arrest of five persons, including the importer.

He noted that despite the arrest of the five people, there was a need for the NCS to conduct thorough investigation to unravel others who might be connected with the importation of the illegal items.

“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 reoccurrence,” Ali had stated.

The committee 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 the imported military wares.

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 has been a trend.

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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Banking Sector

UBA, Access Holdings, and FBN Holdings Lead Nigerian Banks in Electronic Banking Revenue

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UBA House Marina

United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc have emerged as frontrunners in electronic banking revenue among the country’s top financial institutions.

Data revealed that these banks led the pack in income from electronic banking services throughout the 2023 fiscal year.

UBA reported the highest electronic banking income of  N125.5 billion in 2023, up from N78.9 billion recorded in the previous year.

Similarly, Access Holdings grew electronic banking revenue from N59.6 billion in the previous year to N101.6 billion in the year under review.

FBN Holdings also experienced an increase in electronic banking revenue from N55 billion in 2022 to N66 billion.

The rise in electronic banking revenue underscores the pivotal role played by these banks in facilitating digital financial transactions across Nigeria.

As the nation embraces digitalization and transitions towards cashless transactions, these banks have capitalized on the growing demand for electronic banking services.

Tesleemah Lateef, a bank analyst at Cordros Securities Limited, attributed the increase in electronic banking income to the surge in online transactions driven by the cashless policy implemented in the first quarter of 2023.

The policy incentivized individuals and businesses to conduct more transactions through digital channels, resulting in a substantial uptick in electronic banking revenue.

Furthermore, the combined revenue from electronic banking among the top 10 Nigerian banks surged to N427 billion from N309 billion, reflecting the industry’s robust growth trajectory in digital financial services.

The impressive performance of UBA, Access Holdings, and FBN Holdings underscores their strategic focus on leveraging technology to enhance customer experience and drive financial inclusion.

By investing in digital payment infrastructure and promoting digital payments among their customers, these banks have cemented their position as industry leaders in the rapidly evolving landscape of electronic banking in Nigeria.

As the Central Bank of Nigeria continues to promote digital payments and reduce the country’s dependence on cash, banks are poised to further capitalize on the opportunities presented by the digital economy.

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Loans

Nigeria’s $2.25 Billion Loan Request to Receive Final Approval from World Bank in June

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IMF - Investors King

Nigeria’s $2.25 billion loan request is expected to receive final approval from the World Bank in June.

The loan, consisting of $1.5 billion in Development Policy Financing and $750 million in Programme-for-Results Financing, aims to bolster Nigeria’s developmental efforts.

Finance Minister Wale Edun hailed the loan as a “free lunch,” highlighting its favorable terms, including a 40-year term, 10 years of moratorium, and a 1% interest rate.

Edun highlighted the loan’s quasi-grant nature, providing substantial financial support to Nigeria’s economic endeavors.

While the loan request awaits formal approval in June, Edun revealed that the World Bank’s board of directors had already greenlit the credit, currently undergoing processing.

The loan signifies a vote of confidence in Nigeria’s economic resilience and strategic response to global challenges, as showcased during the recent Spring Meetings.

Nigeria’s delegation, led by Edun, underscored the nation’s commitment to addressing economic obstacles and leveraging international partnerships for sustainable development.

With the impending approval of the $2.25 billion loan, Nigeria looks poised to embark on transformative initiatives, buoyed by crucial financial backing from the World Bank.

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Banking Sector

FMBN Set for Commercialization to Improve Affordable Mortgage Financing

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FMBN

In a bid to bolster housing delivery efficiency and enhance affordable mortgage financing for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) is gearing up for commercialization.

This move comes as part of the Nigerian government’s efforts to address the housing deficit and ensure adequate shelter for its citizens.

The Managing Director of FMBN, Shehu Osidi, made this announcement during a courtesy visit by the Federal Housing Delivery Reforms Task Team at the bank’s headquarters in Abuja.

Led by Mr. Adedeji Adesemoye and Brig. Gen. Tunde Reis, the task team discussed strategies to revitalize the housing sector, with a focus on FMBN’s pivotal role in providing affordable mortgage financing.

Osidi explained the bank’s commitment to supporting the government’s agenda of reforming and improving the housing sector, which is vital for sustainable development and enhancing citizens’ quality of life.

He underscored FMBN’s significant journey in the history of mortgage and housing finance in Nigeria and expressed optimism about the forthcoming commercialization process.

The commercialization plan involves repositioning and recapitalization efforts, following extensive engagements with the Bureau of Public Enterprise (BPE).

Osidi stressed the importance of aligning the bank’s operations with its mandate of affordable mortgage financing, ensuring that it remains a reliable partner in the quest for accessible housing solutions.

As part of its strategic blueprint, FMBN has prioritized various initiatives to enhance service delivery and operational efficiency.

Of note is the ICT project aimed at upgrading core banking applications that is almost complete and promised to revolutionize customers’ experience.

Also, amendments to the FMBN and NFH Acts are underway in the National Assembly, addressing key areas to facilitate the bank’s transformation.

Despite challenges, including performance issues with estate development loans, FMBN is determined to overcome obstacles and achieve its objectives.

The commercialization plan aligns with broader efforts to deepen reforms and foster a remarkable turnaround in the housing sector.

By focusing on process automation, cost efficiency, credit quality enhancement, and strategic partnerships, FMBN aims to catalyze sustainable growth and address the nation’s housing needs effectively.

Chairman of the Federal Housing Reforms Task Team, Adedeji Adesomoye, reiterated the committee’s mandate to review the operations and governance structures of key housing institutions.

With ambitious targets set by the government, including the construction of 20,000 housing units in 2024 and 50,000 units in subsequent years, the commercialization of FMBN marks a pivotal step towards realizing Nigeria’s housing aspirations.

As the commercialization process unfolds, FMBN stands poised to play a central role in facilitating access to affordable mortgage financing, thereby contributing to the realization of homeownership dreams for millions of Nigerians.

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