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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.

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

COVID-19: CBN Extends Loan Repayment by Another One Year

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Central Bank Extends One-Year Moratorium by 12 Months

The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.

The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.

In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.

The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.

“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

“Following the expiration of the above timelines, the CBN hereby approves as follows:

“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.

“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”

It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.

To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.

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Finance

MTN Nigeria Generates N1.35 Trillion in Revenue in 2020

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MTN Nigeria Grows Revenue by 15.1 Percent from N1.169 Trillion in 2019 to N1.35 Trillion in 2020

Despite the COVID-19 pandemic and challenging business environment, MTN Nigeria realised N1.346 trillion in revenue in the financial year ended December 31, 2020.

The leading telecommunications giant grew revenue by 15.1 percent from N1.169 trillion posted in the same period of 2019.

Operating profit surprisingly jumped by 8.5 percent from N393.225 billion in 2019 to N426.713 billion in 2020.

This, the telecom giant attributed to the surge in finance costs due to increased borrowings from N413 billion in 2019 to N521 billion in 2020.

MTN Nigeria further stated that the increase in finance costs was the reason for the decline in growth of profit before tax to 2.6 percent.

MTN Nigeria grew profit before tax by 2.6 percent to N298.874 billion, up from N291.277 billion filed in the corresponding period of 2019.

The company posted N205.214 billion profit for the year, a 0.9 percent increase from N203.283 billion recorded in the 2019 financial year.

Share capital remained unchanged at N407 million. While Total equity increased by 22.3 percent from N145.857 billion in 2019 to N178.386 billion in 2020.

MTN Nigeria’s market price per share increased by 61.8 percent from N105 to N169.90.

While market capitalisation as at year-end also expanded by 61.8 percent to N3.458 trillion, up from N2.137 trillion.

The number of shares issued and fully paid as at year-end stood at 20.354 million.

MTN Nigeria margins were affected by Naira devaluations and capital expenditure due to the new 4G network coverage roll-out.

Margins were adversely affected by the effect of naira devaluation and expenses associated with new sites’ roll-out to boost 4G network coverage in FY’20.

“On the former, we note that MTNN expanded the scope of its service agreement with IHS Holding Limited and changed the reference rate for converting USD tower expenses to NAFEX (vs CBN’s official rate previously). Thus, over the full-year period, the company’s operating margin contracted by 1.9 ppts YoY to 31.7%,” CardinalStone stated in its latest report.

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Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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