- 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.”
AB InBev Opens Applications For Beer Garage Africa Innovation Challenge
The world’s largest beer company, AB InBev, has partnered with Hindsight Ventures to launch the Beer Garage Africa Innovation Challenge, which will offer startups access to venture development and grant funding.
AB InBev, which has over 500 brands and over six million B2B customers in over 100 countries, launched Beer Garage a few years ago with the objective of driving innovation by building a strong community of ecosystem stakeholders.
As part of this initiative, AB InBev is now launching the Beer Garage Africa Innovation Challenge, a pan-African challenge to identify hi-tech, high potential startups and founders building innovative solutions across Africa.
To do so, it has partnered with Startup Réseau, an India-headquartered global startup accelerator, which will operate the programme through its Africa-focused vertical Hindsight Ventures.
Ten startups will be selected to take part in a Global Venture Bootcamp, a three-week venture mentorship and leadership development programme that will be delivered by successful founders, industry leaders, domain experts and investors. The Beer Garage Africa Innovation Challenge will culminate with a demo day, which will be attended by AB InBev’s global leadership as well as Hindsight Ventures’ global investor pool. On the demo day, one African startup will stand to win US$5,000 in grant capital. All selected startups get access to US$150,000 in technology credits from partners.
“We are really excited by this partnership, which allows us to drive a pan-African program. With a billion people in the continent, over 300 million new internet users expected to come online over the next three years, a fast-growing mobile internet penetration – and now, with global venture capital money making its way to African entrepreneurs, this is a great opportunity for startups to engage with AB InBev as a partner of choice,” said Ajay Ramasubramaniam, founder and chief executive officer (CEO) of Startup Réseau.
Pritam Dutta, global director for fintech ventures and innovation at AB InBev, said the Beer Garage Africa Challenge was an opportunity to leverage the emerging tech startup ecosystem and funnel novel ideas into AB InBev.
“We set out to build out a stronger connect into the Africa ecosystem, find disruptive startups which could be a great pipeline for our future disruptive innovations and further accelerate our innovation agenda, delivering strong business impact,” he said.
Applications for the challenge are now open here.
Beer Garage is one of the global innovation hubs at AB InBev with the objective of driving innovation by building a strong community of ecosystem stakeholders.
Sub Saharan Africa Mergers and Acquisition Transactions Totalled US$ 78.3 Billion During First Nine Months of 2021
Refinitiv today released the Sub-Saharan African investment banking analysis for the first nine months of 2021. According to the report, an estimated US$387.5 million worth of investment banking fees were generated in Sub-Saharan Africa during the first nine months of 2021, a 15% increase from the same period in 2020.
While debt capital markets underwriting fees increased 148% to US$117.8 million, the highest year-to-date period since our records began in 2000, fees from equity capital markets underwriting, M&A advisory and syndicated lending all declined from the first nine months of 2020. Equity fees declined 17% to US$50.7 million, while syndicated lending fees declined 4% to US$148.2 million. Advisory fees earned in the region from completed M&A transactions reached US$70.8 million, down 3% from last year to the lowest first nine-month total since 2013. Fifty-eight percent of all Sub-Saharan African fees were generated in South Africa during the first nine months of 2021, and 23% were earned from deals in the financial sector. Standard Chartered earned the most investment banking fees in the region during the first nine months of 2021, a total of US$33.1 million or an 8.5% share of the total fee pool.
MERGERS & ACQUISITIONS
Boosted by the US$44.1 billion Naspers/Prosus share swap in May, the value of announced M&A transactions with any Sub-Saharan African involvement reached US$78.3 billion during the first nine months of 2021, more than four-times the value recorded during the same period last year and the highest first nine-month total since our records began in 1980. The number of deals increased 4% from last year to a three-year high of 584.
M&A involving a Sub-Saharan African target reached US$61.8 billion, again lifted by the share swap to an all-time record first nine-month total, while the number of deals increased 8% over last year. Inbound deals, involving an acquiror outside of Sub-Saharan Africa, increased 86% to US$9.6 billion, while Sub-Saharan African outbound M&A more than doubled to US$11.5 billion. With advisory work on deals worth a combined U$52.1 billion, Morgan Stanley held the top spot in the financial advisor ranking for deals with any Sub-Saharan African involvement during the first nine months of 2021.
EQUITY CAPITAL MARKETS
Sub-Saharan African equity and equity-related issuance reached US$971.2 million during the third quarter of 2021, the highest quarterly total in more than two years. Despite the strong third quarter, total proceeds raised during the first nine months of 2021 was down 42% from last year at US$1.2 billion, the lowest first nine-month total since 2005. Pepkor Holdings, Lighthouse Capital and retail pharmacy chain Dis-Chem Pharmacies were among those in the region raising new equity funds from follow-on offerings during the third quarter. There have been no initial public offerings in the region so far during 2021. Investec and Goldman Sachs share first place in the Sub-Saharan African ECM underwriting league table during the first nine months of 2021.
DEBT CAPITAL MARKETS
Sub-Saharan African debt issuance totalled US$37.2 billion during the first nine months of 2021, up 149% from the value recorded during the same period in 2020 and the highest first nine-month total since our records began in 1980. The number of issues increased 33% over the same period. US$15.2 billion worth of the bond proceeds were raised during the third quarter alone, with both Prosus and the Federal Government of Nigeria raising US$4.0 billion. Government & Agency issuance accounted for 55% of proceeds raised during the first nine months of 2021, while the financial sector accounted for 24%. Citi took the top spot in the Sub-Saharan African bond book runner ranking during the first nine months of 2021, with US$6.0 billion of related proceeds, or a 16% market share.
Access Bank Completes Acquisition of African Banking Corporation of Botswana Limited
Africa’s leading bank, Access Bank Plc has now completed the acquisition of a 78.15 percent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).
Access Bank announced in a statement signed by Sunday Ekwochi, Company Secretary, Access Bank Plc.
According to the lender, the new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.
BancABC Bostwana is the fifth-largest bank in Botswana and is a well-capitalized franchise poised for growth in its local market. The lender’s achievements in the retail banking space will provide an opportunity for the Bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments.
Commenting on the transaction, Dr. Herbert Wigwe, GMD/CEO of the Bank, “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities. It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BanABC Botswana. The combination is another step towards our broader vision of becoming the world’s Most Respected African Bank.”
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