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Apapa Port Records Export Trade Worth N245bn in 2021

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The Lagos Port complex situated in Apapa has disclosed that it exported goods worth over N245 billion in 2021. This record largely surpassed that of the year 2020 as non-oil commodities increased by about 110 percent in tonnage.

The Customs Area Controller, CAC of Apapa Area 1 Command of the Nigeria Customs Service, NCS, Yusuf Malanta made this known on Thursday, in a meeting to review the activities of the Command in the previous year. 

Malanta attributed the rise to the strategies put in place to sustain trade facilitation, adding that the executed plans had positively impacted the Apapa port export trade. 

The Customs Area Boss further said that the federal government policy and export incentives schemes of the Service trade facilitation and automation of NXP and CCI should be lauded as it also aided the improved record.

He, however, added that the Federal Government has set a target of N4.1 trillion for customs in 2022.

Appreciating its partnering agencies, Malanta avowed to keep up continuous collaboration with relevant agencies for bigger feats and effective port management.

He explained that through the Command’s anti-smuggling operations made a total of 103 seizures with Duty Paid Value, DPV of over N31.2 billion.

The seized items include: foreign per- boiled rice, tomato paste, secondhand clothes, unregistered pharmaceuticals like, tramadol, codeine syrup amongst others.

“Statistics from the export unit shows that goods with a total tonnage of about 5,380, 000 tons were exported in the year 2021, as against 1,300,000 metric tons exported in 2020.

“The Fee on Board, FOB value for the exported items also rose from $340 million in the year 2020 to $641 million in 2021 (N245 billion). Items exported include steel bars, agricultural and mineral products amongst others,” Malanta said.

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Appointments

C & I Leasing Appoints Ugoji Lenin Ugoji as Group Managing Director/CEO

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Ugoji Lenin Ugoji

C & I Leasing Plc has appointed Mr. Ugoji Lenin Ugoji as the Group Managing Director and Chief Executive Officer following the retirement of Mr. Andrew Otike-Odibi on 31 of December 2021.

The company disclosed in a statement signed by Mbanugo Udenze & Co Company Secretary and seen by Investors King. Ugoji, the company’s chief operating officer, is now the Managing Director/CEO, effective 1 January 2022.

Ugoji Lenin Ugoji Profile

Ugoji holds a Bachelors’ Degree in Estate Management from the University of Lagos, and an MBA in Banking & Finance from the ESUT Business School, Enugu. He is also a Chartered Pension professional, and an associate of the Certified Pension Institute of Nigeria.

Ugoji joins C & I Leasing with over 20 years experience in Commercial/Investment Banking, Leasing and Asset Management.

His last assignment was with The Mellanby Trust Company, a Commodity focused Asset Management Company registered with the Securities & Exchange Commission (SEC), where he was a founding Director and the Chief Investment Officer responsible for directing the company’s Investment Portfolio structure for purposes of its corporate and individual clients.

Ugoji’s extensive experience in the Leasing Industry commenced in 2005 as a Pioneer member of the Aquila Capital Group where he served as the pioneer Group Head Treasury & Wealth Management. He was responsible for creating the Group’s, Equipment Leasing focused Funding and Investment structure, which was targeted at attracting Capital from Private Equity, Foreign Development Financial Institutions and Local sources.

From 2010 to 2015, he served as the pioneer Managing Director for ‘Aquila Asset Management Ltd’, a Management Buy-Out firm from the Aquila Group. Prior to his time at the Aquila Group, Ugoji worked at Continental Trust Bank (now UBA) and NAL Bank Plc (now Sterling Bank) in the Treasury, International Operations and Domestic operations groups respectively.

Ugoji is happily married with children. He is passionate about ideas creation, investment and deal structuring, and enjoys volunteering for laudable causes. When not at work or volunteering, he enjoys spending time with his family, reading, music and photography.

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Appointments

C&I Leasing Appoints Cordros Registrars as its Registrar

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C&I Leasing - Investors King

C&I Leasing Plc, a Nigerian leading maritime company, has appointed Cordros Registrars Limited as its registrar for share registration and data management service provider.

The company disclosed this in a statement filed with the Nigerian Exchange Limited and obtained by Investors King.

Cordros Registrars Limited has now replaced Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.

The statement reads “C&I Leasing Plc hereby notifies Nigerian Exchange Limited (NGX), its shareholders and the investing public of the appointment of Cordros Registrars Limited as its REGISTRARS – SHARE REGISTRATION AND DATA MANAGEMENT SERVICE PROVIDER.

“Cordros Registrars Limited replaces Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.”

Speaking at a virtual press conference at the weekend, the Chief Executive Officer, C & I Leasing Plc, Ugoji Ugoji, revealed the company’s plans to explore opportunities in the digital space to improve its revenue despite the negative effects of the pandemic.

Explaining how the company planned to achieve this, he said by increasing and enhancing its collaboration and the creation of new business models to navigate the impact of the COVID-19 crisis, the company will remain more profitable and competitive in the industry.

He also stated that the company would continue to look at the existing businesses to identify areas of improvement.

“We must be able to adapt and manage the resources of the company to improve on our processes to reduce the cost of transactions and grow our topline revenue,” he said.

 

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Netflix Increases US, Canada Subscription Fees…Nigerian Subscribers To Suffer Same Fate

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With the increase in inflation rates and the unstable foreign exchange, Netflix is likely to hike its subscription fee in Nigeria.

This is following the latest increase in its subscription fee in the United States and Canada, effective immediately for new subscribers.

Usually, when the inflation rate rises, prices of goods and services also increases, and consequently, banks raise their interest rates as well to cope and maintain their profit margin.

In the U.S., subscribers to Netflix’s basic plan, which allows for one stream on one screen at a time and does not have HD streaming, will now be charged $9.99 a month, up from $8.99.

The standard plans, which allow for users to stream on two screens at the same time now costs $15.49 per month, an increase from $13.99, while premium plans have also increased to $19.99 a month.

Investors King gathered that this is the third time Netflix will raise its prices in three years and the first since October 2020 for streamers residing in the U.S. and Canada.

Presently in Nigeria, Netflix’s subscription rate ranges from about  3,300 to about 5,800 per month.

Investors King recalls that Netflix, in 2020, officially launched its presence in Nigeria and since its launch, the streaming company has dominated Nigeria’s relatively new video-on-demand market with some hit movies and web series like King of Boys, Òlòtūré, Citation, Lionheart, Namaste Wahala, among others.

Today, Netflix has over 151 million paying subscribers in more than 190 countries.

Meanwhile, the Federal Government of Nigeria is making plans to force international social network services and digital platforms to register and open offices in Nigeria.

This means that media services, social media platforms and digital streaming platforms like Netflix and the others must register and pay tax in Nigeria and register with the National Broadcasting Corporation (NBC).

This move, according to the government, is to ensure that all these platforms register with the NBC, apply for a broadcasting license and pay tax.

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