Vehicles, Rice, Others Seized by Customs
The Nigeria Customs Service, Federal Operations Unit, FOU, Zone A, announced it has confiscated 34 different brands of old and new vehicles, foreign parboiled rice and other items from smugglers.
Usman Yahaya, the Acting Customs Area Controller, FOU, disclosed this in a statement released by Peter Duniya, the Public Relations Officer, FOU.
Yahaya said that the seizure was made at Ido-Eruwa road, while the items seized were 34 different brands of new and used vehicles that contained secondhand clothes, Indian hemp and foreign parboiled rice.
He said: “I welcome you to this historic press briefing which is aimed at showcasing a large scale of smuggled vehicles laden with different kinds of contraband goods. Some economic saboteurs met their waterloo when our operatives acted based on credible information, made a single seizure at Ido, Eruwa Road-Ibadan of Oyo State. The contraband includes 34 different brands of both new and used vehicles laden with banned items such as second hand clothes, foreign parboiled rice and Indian hemp.”
Yahaya disclosed that the custom operatives faced challenges from smugglers who in support of the hoodlums in the process of getting the contraband to the Customs warehouse in Lagos.
“Our operatives were met with stiff resistance from a combination of smugglers, hoodlums and villagers. However, with the application of high level of professionalism, the patrol teams were able to bring all the vehicles down to Lagos without any casualty.”
He, therefore, warned smugglers to stop this act of sabotaging the government policies of making Nigeria self-sufficient in food production.
“While we appreciate the support and the cooperation of patriotic members of the public in carrying out our mandate by providing timely and useful information, however, recalcitrant economic saboteurs should note that, they would continue to count their losses because we are better mobilised, organised and backed by the extant laws to be always ahead of them,” he concluded.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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