Connect with us

Markets

EU Supports Nigeria, Beninoise Customs with N8.1bn Scanner

Published

on

European Union
  • EU Supports Nigeria, Beninoise Customs with N8.1bn Scanner

The effort to facilitate trade and speedy clearance of cargo in Nigeria’s busiest land border will be revved up soon as the Nigeria Customs Service (NCS) and its Beninoise counterpart have taken delivery of a new cargo scanning machine donated by the European Union (EU) at the Economic Community of West African States (ECOWAS) joint border post, Seme-Krake.

Valued at about N8.1 billion, the scanner is said to be an upgrade on the old fixed scanner at the cost of N3.54 billion and installed by the Nigerian Nuclear Regulatory Authority (NNRA) in 2013.

Addressing journalists at the border post, the Controller, Seme Area Command of the NCS, Comptroller Muhammed Uba, said the scanner, which is currently being test-run, would be maintained by ECOWAS for two years.

He said Customs officers of both countries have been trained on how to read images from the scanner, stating that when operational, it would facilitate trading activities at the border post.

He said with the deployment of the scanner, Customs would only subject goods to physical examination only when in doubt of scanned image.

“Officers have been trained; both Benin and Nigeria Customs Service along with other agencies who are on the stage in the cargo clearance process. The scanner is bought by the European Union for both Nigeria and Benin. All types of trucks will be passing through the scanner and officers who have been trained will read the images and whatever is inside the truck, the officers will know. In any case where the image is not clear, the truck will be subjected to 100 per cent physical examination,” he said.
Meanwhile, he has announced the seizure of 175 pieces of textiles materials worth N2.2 million smuggled into the country from Benin Republic.

Mohammed, who paraded the items at Seme border, also said the Command generated the sum of N2.62 billion from March till date, while intensified operations by the enforcement unit have drastically reduced smuggling activities to the barest minimum.

Mohammed said about 8,304 bags of 50kg foreign rice, which is equivalent to over 14 trucks load of rice worth N89 million were also seized, while another 71 cartons of expired food seasonings worth N458,109, and 336 cartons of alcoholic drinks worth N5 million were intercepted during the period.

Others are, “31 X 25litres Jerry Cans of vegetable oil worth N269,911; 35 X 50kg Bags of sugar, N444,785; 138 x 25litres of PMS, worth N212,100 and 71 Cartons of Expired Food Seasonings worth N458,109. 175 pieces of 6 Yards of Textiles worth N2.24million, 15 sacks of used clothes N677,486 and 28 cartons of Medicament, N1,083,978 and 410 sacks of School bags worth N13.2million. Also, 2,000 cartons of Expired Biscuits, N7,742,700 and another truck loaded with 493 packs of Baby Diapers worth N4.1million, ”he said.

Mohammed also disclosed that “1,582 parcels of Cannabis Sativa found concealed in an Indomie truck; and another notable arrest of 55 parcels of same Cannabis Sativa concealed in a Sienna bus. A total of 1,686 parcels were arrested (with street value worth of over N30 million) for the period under review.

“As part of our community service, the Customs Comptroller General, directed that a total of 25,000 bags of foreign parboiled rice (equivalent of 42 trailer trucks), 650 bags of Sugar, 150 cartons of tin tomato, 150 bags of flour, and 250 kegs of vegetable oil were transferred to the Nigeria Army Corps of Supply and Transport (NACST) between the month of April and May, for onward delivery to Yobe State Government, Damaturu for distribution to IDPs in the state.

“A total of 11 vehicles have also been seized notable among them are Toyota Highlander (2005), Range Rover (2007), Toyota Rav 4 (2006), Toyota Venza (2010) and others with combined duty paid value of N46.1million” he stated, adding that six suspects were arrested during the period under review.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Energy

Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

Published

on

Gas-Pipeline

The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

Continue Reading

Crude Oil

Nigerian Army Seizes 700,000 Liters of Stolen Petroleum in Sweeping Raid Across Four States

Published

on

In a series of raids across Rivers, Bayelsa, Akwa Ibom, and Delta states, troops from the 6th Division of the Nigerian Army seized 700,000 liters of stolen petroleum products, sealed 29 illegal refining sites, and arrested 24 suspected oil thieves.

In a statement issued by the Division’s Public Relations Officer, Lt. Col. Danjuma Jonah, it was noted that 14 boats involved in crude oil theft were also destroyed during the operation.

Jonah disclosed that the raids were conducted between October 28 and November 3, 2024.

He revealed that the troops intercepted a large wooden boat carrying over 150,000 liters of stolen crude oil in the Kula area of Akuku-Toru Local Government Area of Rivers State.

Providing a breakdown of the operation, Jonah stated, “Another boat carrying 50,000 liters of crude oil was seized, while three illegal refining sites were dismantled, and cooking pots containing 20,000 liters of stolen diesel were confiscated. Troops also dismantled ten illegal refining sites in Kay and Abesa in Akuku-Toru LGA, seizing 400,000 liters of illegally refined diesel.”

In Bayelsa State, soldiers deactivated two illegal refining sites at Boma Creek in Southern Ijaw LGA, recovering storage tanks holding over 2,500 liters of stolen crude. Similarly, operations in Obughene Creek in Southern Ijaw yielded over 4,500 liters of stolen crude, while another 3,000 liters of illicit product were seized at West Boma Creek.

In Akwa Ibom State, troops intercepted two Toyota Camrys loaded with illegally refined diesel, concealed in nylon bags, totaling 3,000 liters. The vehicles were stopped along the Ikot Abasi-Abak road, and the drivers were detained.

In Delta State, multiple raids were conducted, including the interception of a tricycle in Kwale, Ndokwa West LGA, carrying stolen iron pipes allegedly taken from decommissioned Oando pipelines.

Another raid in Patani town uncovered a storage dump containing 40 jerricans of stolen products, while troops patrolling Uro Community waterways intercepted a wooden boat with 200 sacks of premium motor spirit,” he concluded.

The statement added that suspects arrested during the raids have been handed over to relevant authorities for prosecution.

Continue Reading

Crude Oil

OPEC+ Supply, Trump-Harris Election Face Off Lend Support to Oil Prices

Published

on

Crude oil

The decision of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay plans to increase output for another month and the close call of the presidential elections in the United States triggered a 2 percent rise in oil prices.

Brent futures were up $1.98, or 2.7 percent at $75.08 a barrel while the US West Texas Intermediate (WTI) crude rose $1.98, or 2.85 percent to $71.47.

OPEC+ said it would extend its output cut of 2.2 million barrels per day for another month in December at a meeting on Sunday.

Saudi Arabia and Russia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates (UAE) agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential election, though analysts predict a limited impact.

Also speaking on Monday, OPEC’s Secretary General, Mr Haitham Al Ghais said on Monday that OPEC remains very positive on demand for oil in both the short and long term.

The market has also shifted focus to the American presidential election between Democratic presidential nominee and current Vice President, Kamala Harris and Republican Donald Trump on Tuesday (November 5).

So far, the outcome has shown that the election is tight as it could take days after voting ends to know the eventual winner.

The market will also be looking at the developments in the Middle East, especially with anticipation that Iran was preparing to attack Israel from Iraq within days.

Markets were also watching a new tropical storm that was forecast to form on Monday in the Caribbean and threaten offshore oil production along the Gulf of Mexico.

Oil companies like Shell have moved its non-essential personnel from six platforms, adding it currently expects no other impacts on its production across the Gulf of Mexico.

There will be anticipation of what the US Federal Reserve will do at the next meeting on Thursday with expectations high that the US central bank will cut interest rates by 25 basis points.

Also, investors will be looking to China where the government is expected to approve additional stimulus to boost the slowing economy in the world’s largest oil importer.

Continue Reading

Trending