- NCS Tin Can Command Rakes in N78.8bn in Q1
The Tin-Can Island Port Command of the Nigeria Customs Service (NCS) has said it has generated N78.8 billion in the first quarter of 2019, up from N76.7 billion realised in the corresponding period of 2018.
The NCS Area Controller Mohammed Musa made this known in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday.
He said the command projected an income of N84 billion during the period under review but it generated about 94 per cent of the target.
Musa said the command was given a target of N343 billion for 2019, but the election holidays affected the revenue in March.
He said the command is working hard to boost the revenue and surpass the revenue generated in 2018.
According to him, the command is committed to the transformation of revenue collection and reporting system with the implementation of Nigeria Integrated Customs Information System (NICIS).
“There is improvement on compliance in the command, mostly because of the policies and directive from the headquarters insisting on 100 per cent examination of imported cargo with regard to protection of the environment.
“The Comptroller-General of Customs (CGC), retired Col. Hameed Ali, has also directed that all pharmaceutical products must be cleared from the ports, meaning that there should be no movement of pharmaceutical products to outside terminal.
“The directive was made to control the influx of Tramadol and other related goods imported into the country.
“The command also intercepted used tyres, second hand clothing and six containers of foreign parboiled rice in the period under review,” Musa said.
He reiterated that the command would work hard to make the second quarter revenue generation better than the first quarter.
The command’s boss said that there were relative peace and calm in the command due to the high level engagement, adding that its doors are open to interpretation at all times.
“If the agents need clarification on service, they get in touch with our officers and the command had also established a Dispute Resolution Committee which comprises all the unit heads in the command.
“We also have a Help Desk, which I am the Chairman and the command Public Relations Officer, Uche Ejesieme, is the Deputy Chairman of the desk.
“The Committee on Dispute Resolution takes care of challenges and if the issue is not solved by the committee, then it would be transferred to the Help Desk and all issues are expected to be resolved in a few hours,” he said.
He said that the idea of the introduction of the Resolution Committee and Help Desk was to facilitate trade, adding that any delay in the release of cargo could affect the whole Gross Domestic Product (GDP).
Musa, however, said that the command was creating competitiveness in the environment, adding that it had few arrests in the period under review and the suspects are helping in the investigations.
CBN Maintains 11.5 Percent Monetary Policy Rate, Leaves Other Ratios Unchanged
The Central Bank of Nigeria led Monetary Policy Committee (MPC) has left the interest rate unchanged at 11.5 percent to further stimulate activities in the real sector of the economy.
Godwin Emefiele, the Governor of Central Bank of Nigeria disclosed this at the end of the MPC meeting on Tuesday in Abuja.
He said other parameters, the Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor, were left unchanged.
According to the Governor, the committee voted unanimously to maintain the current monetary policy and attributed the surge in inflation to structural policies, the increase in pump price and the recent #EndSARS protest.
Highlights of CBN-MPC’s Decision
- MPR was kept at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- Liquid Ratio was also kept at 30%
Unity Bank Grew Gross Earnings by 8 Percent to N34 Billion in Nine Months
Unity Bank Plc grew gross earnings by 8 percent despite COVID-19 and other headwinds that hurt the profitability of most businesses in the first nine months of the year.
A break down of the bank’s unaudited financial results for the period showed gross earnings rose by 8 percent to N33.91 billion for the nine months ended September 30, 2020, up from N31.26 billion posted in the same period of last year.
The lender’s total assets rose by 44 percent from N293.05 billion in the corresponding period of 2019 to N420.87 billion in the period under review.
Unity Bank grew profit before tax from N1.61 billion in 2019 to N1.71 billion in the period under review, while profit after tax expanded from N1.48 billion in the corresponding period to N1.57 billion in 2020.
Customers’ deposits stood at N332.36 billion during the period under review, up from N257.69 billion posted in 2019.
Commenting on the performance, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer, Unity Bank Plc, expressed delight at the strong growth recorded across the bank’s balance sheet, especially from both the liability and assets side of the business and across key indices.
She said, “even as the bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.”
Somefun said, “One of the areas that will define our strategic direction going forward is investment in alternative channels, leveraging further deployment of resources in technology.
“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”
Financial Sector Grew by 6.8 Percent in the Third Quarter
The finance and insurance sector that comprises of both the financial institutions and insurance subsectors grew by 5.91 percent year-on-year in nominal terms in the third quarter (Q3).
According to the National Bureau of Statistics (NBS) latest report, the financial institutions’ subsector accounted for 88.89 percent of the sector in real terms in the quarter under review while the insurance subsector contributed the remaining 11.11 percent.
During the third quarter of 2020, the financial institutions’ subsector grew by 6.8 percent in Q3 2020 from 28.41 percent in Q2 2020 and 0.61 percent in Q3 2019 despite COVID-19 and a tough operating environment. The insurance subsector, however, contracted by -18.67 percent in Q3 2020 from -29.53 percent in Q2 2020 and 3.96 percent in Q3 2019.
On a quarterly basis, the sector declined by 24.76 percent.
In terms of contribution to GDP, the finance and insurance sector contributed 2.46 percent in Q3 2020, higher than the 2.40 percent it represented a year ago and lower than the contribution of 3.76 percent achieved in the previous quarter.
The economy contracted by 3.62 percent in the third quarter following a 6.10 percent decline posted in the second quarter. Nigeria is officially in the second economic recession in four years.
Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales
COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday
MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business1 month ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
Again, UBA Reduces International Spending Limit on Naira Card as Forex Scarcity Persists
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020