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Apapa Customs Records $46.6m Export, N203.3bn Revenue in Six Months

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  • Apapa Customs Records $46.6m Export, N203.3bn Revenue in Six Months

The Apapa Area Command of the Nigeria Customs Service (NCS), Thursday announced that it generated a total revenue of N203.26 billion between January 1, 2019 and June 30, 2019, which represents 54.5 per cent of its annual revenue target of N372.56 billion.

Head of the Command, Comptroller Mohammed Abba-Kura, made this known in a chat with journalists in Lagos. The figure, he stated, was N26.5 billion higher than the N176.7 billion generated for the same period of 2018.

According to him, this feat was made possible by the command’s strict adherence to professionalism through sensitisation of officers as to their responsibilities, and working in line with the standard operational procedures for optimal revenue collection.

“The other aiders included periodic stakeholder engagements, open-door policy, prompt resolution of disputes by the Dispute Resolution Committee, as well as maintaining the right synergy and collaboration with sister-agencies,” he said.

Abba-Kura, further disclosed that the command recorded a high compliance level of export trade within the period, which saw it generate approximately $46.6 million (N14.3 billion) free on board (FOB) from a total of 95,229.15 metric tons of exported goods.

“The command also seized 29 containers of various items that contravened trade procedures, with a cumulative Duty Paid Value (DPV) of N418.4 million. These included tomato paste, vegetable oil, tramadol, ladies and girls’ fashion footwear, armoured glasses without End-User Certificate, as well as drilling pipes labeled in foreign language,” he disclosed.

Meanwhile, Abba-Kura has assured importers and exporters that all legitimate and compliant trade that satisfy the necessary procedures concerning the transactions will get accelerated clearance from the command.

More so, he stated that the command would continue to build capacity for both officers and stakeholders operating within the command to acquaint them with modern trends, government fiscal policies and NICIS 11 operative system, among others, to bring everyone on same page for optimal service, and for timely cargo release.

He assured stakeholders that the command would facilitate speedy legitimate, compliant and all trade that have satisfied the necessary procedures concerning any transaction.

“All such consignments will get accelerated clearance out of the customs system. Furthermore, I want to appreciate our compliant stakeholders for their collective contribution to our success and assure them of our readiness to serve them even better in the second half of the year 2019. I want to reiterate our resolve to build on the level of professionalism, dedication to service, which contributed to the success recorded in the command in the period under review, “he stated.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Airtel Africa Appoints Ms. Kelly Bayer Rosmarin as a Non-Executive Director

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Ms. Kelly Bayer Rosmarin

Airtel Africa has appointed Ms. Kelly Bayer Rosmarin as a non-executive director, effective from 27 October 2020.

In a statement released on the Nigerian Stock Exchange’s website, the telecommunication giant said Ms. Bayer Rosmarin’s “appointment is by nomination of the controlling shareholder pursuant to the terms of relationship agreement dated 17 June 2019 between the Company, Bharti Airtel, Airtel Africa Mauritius Limited, the majority shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. Ms. Bayer Rosmarin will replace Arthur Lang who will step down as a non-executive director on the same date.

“Ms. Bayer Rosmarin is currently CEO of Singtel Optus and Consumer Australia. She was previously with Commonwealth Bank of Australia, where she held several senior positions and varied portfolios, before being appointed as Group Executive of Institutional Banking and Markets. Ms Bayer Rosmarin is recognised for leveraging technology, data and analytics to develop leading customer services and experience. Ms. Bayer Rosmarin was named in the Top 10 Businesswomen in Australia and the Top 25 Women in Asia Pacific Finance and holds a variety of Board and advisory responsibilities.

“Ms. Bayer Rosmarin has, since February 2019, served as an Independent non-executive director on the Board of OpenPay, listed on the ASX. She will continue in that role. Openpay is a payments technology company based in Australia.”

Speaking on the change in the company’s director, Sunil Bharti Mittal, Chairman, Airtel, said: “On behalf of the Board, I would like to thank Arthur, who joined the Board in October 2018 and supported the company through its IPO, for his significant contribution to the success of our strategy to build Airtel Africa into a market leading mobile service provider and wish him well for the future.”

He further stated: “I am delighted that Kelly has agreed to join the Airtel Africa Board and we very much look forward to working closely with her”.

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Five World’s Wealthiest Families Control a Fortune of Over $620 Billion

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Jeff Bezos

Top Five Wealthiest Families Control Over $620 Billion in Fortune

Data presented by Buy Shares indicates that the world’s wealthiest families cumulatively control a fortune of $621 billion. The wealth is as of October 2020.

Concerns Over Wealth Inequalities

The data shows that the Walton family that runs the Walmart retail chains controls a fortune of $215 billion, followed by the Mars family with wealth amounting to $120 billion. The Koch family running the Koch industries owns a fortune worth $109.7 billion.

Al Saud family, known for vast wealth reserves, controls wealth worth $95 billion. India’s Ambani family owns the fifth-highest fortune at $81.3 billion.

The Buy Shares research also overviewed the wealth of the five wealthiest individuals globally. Amazon founder Jeff Bezos is the wealthiest person with a fortune of $188.7 billion, followed by Bernard Arnault at $119.2 billion. Microsoft founder Bill Gates is the thyroid richest person with a net worth of $115.2 billion.

There is Facebook founder Mark Zuckerberg at $101.8 billion in the third spot, while Tesla CEO Elon Musk is the fifth richest person at $93 billion.

The research highlights the inequalities that exist with the global wealthiest individuals and families. According to the report: “The spotlight on the world’s wealthiest comes amid the growing economic inequality in the US and other leading global economies. According to critics, inequality exists due to regimes that allow market dominance and low tax rates imposed on capital, especially in the United States. To some critics, the vast wealth is evidence that capitalism needs fixing. In some jurisdictions, inequality has become an explosive political issue.”

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#EndSARS: National Broadcasting Commission Fines Arise TV, AIT, Channels TV N9 Million

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National Broadcasting Commission Goes After Arise TV, AIT, Channels TV for Using Unverified Online Footages

The National Broadcasting Commission (NBC) on Monday fined Arise Tv, African Independent Television (AIT) and Channels Television about N3 million each for violating the commission broadcasting codes during the #EndSARS protest that rocked the nation in this past week.

The commission accused the television stations of using unverified online video footages on their respective platforms.

The Acting Director-General of the commission, Mr Armstrong Idachaba, said the fines were the initial warning before a heavier santion will be imposed on the stations for gross defiance of the commission broadcasting codes.

The three stations were fined for their alleged roles in escalating the violence that rocked the nation last week by airing various unverified online images of shootings of peaceful protesters at Lekki Toll Gate by securitity operatives in army uniforms.

Idachaba alleged that “Channels Television, Arise TV and AIT especially continued to transmit footages obtained from unverified and unauthenticated social media sources, adding that the pictures stimulated anger and heightened the violence that was witnessed during the crisis.

He stated: “We believe the whole country has now seen why the spurious and recklessness on the social media must not be patronised by the mainstream traditional media. We are at the stage of our nation’s history when our broadcasters have a crucial responsibility for responsive and professional broadcasting. By picking unverified, unsubstantiated social media sources and repeating the narratives, our broadcasters have shown crass lack of professionalism and a disposition to be escalators of conflict and, more seriously, a threat to Nigeria. Look at the level of damage, killings that have happened on account of unverifiable reports”.

He described the situation as disagrceful were traditional broadcast stations turned themeselves to social media pundits, using a video footage from a DJ as news source.

Where is the authenticity, where is the credibility,” he queried.

He, therefore, said “It is beginning to look as if it is a deliberate ploy, so the option available is to shut down the industry but that is not the position of the government. Left for me, I would have considered some of that portion We decided to categorise the offence as Category B offence but it is easily escalated to A and A will be a shutdown. But we still pin it down to B, which is a heavy fine between N500,000 to N5 million and none of them will pay less than N2 million but any further breach will lead to the withdrawal of the licence,” he warned.

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