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Customs Generated N3.1tn in Three Years — Official

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Nigeria Customs Service
  • Customs Generated N3.1tn in Three Years — Official

The Nigeria Customs Service has said that it generated about N3.1tn revenue in the last three years.

The Public Relations Officer of NCS, Deputy Comptroller Joseph Attah, told the News Agency of Nigeria in Abuja on Tuesday that the revenue was generated between 2016 and 2018.

Attah explained that the service realised N898.8bn revenue in 2016, N1.037tn in 2017 and the sum of N1.2tn was generated in 2018.

He said that within the period under review, about 16,049 seizures of various commodities were made by NCS commands across the country.

Giving a breakdown, the spokesperson said 5,925 items were seized in 2016; 4,889 impounded in 2017 and 5,235 in 2018.

He said, “The implementation of the presidential mandate to restructure, reform, and raise revenue by the present management of the NSC has greatly repositioned the service for better.

“What is challenging but being gradually achieved is the reform of persons, especially the need for attitudinal change on the part of the operatives and stakeholders.

“Today, in the service, there is an increasing disposition to place national interest above self.”

Attah noted that porous borders, the non-cooperative attitude of some border dwellers and lack of proper implementation of the ECOWAS protocol on transit by people from neighbouring countries, had remained challenges against the fight against smuggling by the service.

“Others are the use of motorcycles and animals to smuggle items through difficult terrains,” he said, adding that the activities of smugglers, to some extent, had been kept in check in the last three years since the assumption of office by Col Hameed Ali (retd.).

In a related development, the Area Commander, Seme Command, NCS, Mohammed Garuba, said the command generated revenue in excess of N1.055bn in December 2018.

According to him, this represents 92 per cent of the command’s targeted revenue for 2018.

He said that the command also seized over N623m worth of contraband during the period under review.

The Seme Customs CAC, who was speaking in Seme on Tuesday, said intensified operation of the Enforcement Unit of the command had also led to a drastic reduction in the activities of smugglers.

He listed some of the items seized in December to include 11 trailers ( 6,753 bags) of 50kg foreign parboiled rice valued at over N157m, N573.6m worth of vegetable oil, sugar, petrol, tinned tomatoes, used shoes, narcotics, and used vehicles, among others.

He disclosed that a suspected smuggler, Kenneth Cornelius, who was arrested by the command, had been sentenced to a term of two years in prison.

He stated, “With the inauguration and subsequent movement of the command to the Joint Border Post of Seme-Krake (designed to operate as a modern border), the operations of the command will be further enhanced through cooperation, collaboration and regional integration by facilitating the free movement of persons and services, reduction of trade and logistics costs, increasing inter-regional trade, increase of government revenue by eliminating trade barriers, reduction of delays, operating cost and availability of baseline data for impact assessment.

“This is to assure the Customs high command that this year’s revenue target allocated will not only be met but will be surpassed provided that other factors remain constant.

“The command will further strengthen its anti-smuggling operations against trans-border crimes, through intelligence-driven operations and continuous partnerships with other relevant agencies, for effective border management to stem the unlawful activities of daredevil criminals.”

He added, “We, however, assure members of both local and business communities that the command will increase dialogue, enlightenment and robust stakeholder engagements for seamless operations through the modern Joint Border Post. Furthermore, Customs personnel will remain stationed at strategic and approved points to assist in the facilitation of legitimate trading activities and equally ensure adequate security.”

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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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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