- FG’s Revenue Dwindles as Customs Abandon N20bn Worth of Cars
As against the earlier promise by the Comptroller General of the Nigeria Customs Service (NCS), Col Hameed Ali on assumption of duty as head of the service to increase federal governments revenue by auctioning seized and abandoned cars, vehicles worth over N20 billion are currently rotting away at various ports and warehouses of the service.
Aside the over N10 billion worth of seized cars rotting away in Customs warehouses across the country, about 6,000 vehicles worth over N10 billion have been abandoned by importers at the Lagos ports.
Ali had introduced e-auction system to auction seized and abandoned vehicles last year, but the NCS under him has since abandoned the system due to its inefficiency.
In the first week after the system was inaugurated, spokesman of the service, Joseph Attah, had said the service generated N272,115,366 from the auction of 646 vehicles under its electronic auction scheme.
Since then, nothing has been heard from the service concerning the auctions despites frequent seizures and its warehouses going out of space for vehicles.
Checks revealed that the vehicles, imported through Apapa and Tin-Can Island ports, were abandoned because of the owners’ inability to pay the Customs Duty within the stipulated period.
The Duty Paid Value (DPV) of about 1,000 of the vehicles, Customs sources said, is up to N4 billion.
The market value of each of the vehicles is between N4 and N4.5 million.
Reliable sources close to the NCS said that instead of importers looking for ways to pay the duties and levies, they resorted to bribing some Customs officers.
They also sought ways to ‘fly’ the vehicles out of the ports through “unscrupulous agents.”
Over 3,000 of the vehicles, it was learnt, have been moved to some bonded terminals. Some sources believe are still at both terminals contributing to the ports congestion.
The source alleged that some of the importers delayed payment until the vehicles were declared overtime cargoes.
Their thinking, he said, is that such vehicles would be sold to them later at very cheap rate through auction.
An official of one of the bonded terminals said that some importers abandoned some of the vehicles declared as overtime cargoes when they realised they have to pay 70 per cent duty and levies to clear them.
Speaking on the condition of anonymity, an importer said, “As importers, part of our efforts was to ensure that we patronise Nigerian ports and don’t divert our cargoes to the ports of neighbouring countries, but rather than this gesture being recognised and compensated, the federal government through the NCS is busy breathing down on our necks, asking us to pay 70 per cent duty and 70 per cent levy on every brand new vehicles imported into the country.
“Ditto used vehicles. We have to pay 35 per cent duty and 35 per cent levy. When you calculate all the amount involved, you will understand the reason why people abandoned their vehicles.
“We have invested heavily on each of the vehicles abandoned at the ports. We ought to be encouraged. Even some of those the government is buying vehicles from find ways of bringing them out of the ports without paying the appropriate duty so that they can break even.”
A senior Customs officer at the ports, said the NCS’ position on duty collection had not changed.
The Customs, he said, would collect the duty on the vehicles, adding that the importers would be sanctioned by declaring their vehicles as overtime cargoes and auctioning them.
“We are committed to the recovery of the duty payable on every imported vehicle. We have the government’s backing on this and the management has no reason whatsoever to shirk its responsibility in this regard,” he stated.
Banks’ Credit to Economy Hits N19.33 Trillion in August
Deposit Money Banks Credit to Economy Rose to N19.33 Trillion in August
The total credit facility to the economy rose to N19.33 trillion in the month of August.
The Central Bank of Nigeria-led monetary committee disclosed on Tuesday after the nation’s monetary policy committee meeting.
The committee attributed the improvement to the 65 percent loan-to-deposit ratio policy implemented to compel the nation’s deposit money banks to join central bank efforts at growing the real sector of the economy.
Godwin Emefiele, the Governor of the Central Bank of Nigeria, who spoke during the meeting said “The bank’s policy on Loan to Deposit ratio also resulted in a significant growth in credit to various sectors from N15.57tn to N19.33tn between end-May 2019 and end-August 2020, an increase of N3.77tn.
“This growth in credit was mainly to manufacturing (N866.27bn), consumer credit (N527.65bn), oil and gas (N477.65bn), agriculture (N287.11bn) and construction (N270.97bn).”
On monetary aggregates, broad money supply (M3) rose to 6.93 per cent (year-to-date) in August 2020 from 5.23 per cent in July 2020, reflecting the increase in both Net Foreign Assets and Net Domestic Assets.
He said total domestic credit grew by 6.94 percent in August 2020, lower than the 9.43 percent recorded in July 2020.
The committee reduced the nation’s benchmark interest rate by 100 basis points to 11.5 percent, down from the previous 12.5 percent.
Emerging Cities Take on Established Hubs for Graduates Seeking a Career in Finance
Graduates Seeking a Career in Finance Prefer Dubai to Start Their Career
Dubai is the number one global destination for graduates who successfully complete the flagship graduate programme at one of the world’s largest independent financial advisory organisations.
On passing the intensive scheme, deVere Group routinely asks graduates in which location within the Group’s global network of offices they would like to start their international financial services career. This year, 36% have responded with Dubai.
The second most popular is London (25%); Hong Kong is third (14 %); Mexico City is fourth (13%) and Moscow is fifth (6%).
The remaining 6% is made up of other destinations including Shanghai, Geneva, Paris, and Abu Dhabi.
deVere Group CEO and founder Nigel Green comments: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.
“The order of the top destinations changes with each group of grads we take on, but Dubai, London, and Hong Kong are typically in the top five somewhere.
“This is because, quite understandably, these global hubs of finance, commerce and technology represent centres of enormous possibilities for ambitious individuals about to embark on careers as international wealth-advisory and fintech professionals.
“There are some common traits amongst these cities, including that English is commonly spoken, they are politically and economically stable, there is a high level of internationally-minded high net worth individuals, and by relocating to these places one can usually expect comparatively high financial rewards.”
He continues: “What is different this year is that for the first time emerging financial hub cities are making the top five. Mexico City and Moscow are now actively competing for top talent with well-established international financial centres like Shanghai, Geneva and Tokyo.
“All these global destinations are unique and differ from each other in terms of the lifestyle they offer and in terms of clients’ expectations, economic environments and regulatory conditions.
“With each of the top five cities offering unique opportunities and challenges, each one attracts grads who have often quite markedly different strengths and weaknesses, skill sets and aspirations,” notes Mr Green.
“The results of this survey suggest that despite the pandemic, talented young people seeking a rewarding career are keen to look for opportunities internationally.”
The deVere CEO concludes: “With a globally-focused outlook from the wealth advisers and fintech professionals of the future, we can expect this trend of emerging hub cities to take on stalwart destinations to continue for the foreseeable future.”
Adesina, Godwin Emefiele, Others to Deliver Keynote Address at ASA 2020
Adesina and Godwin Emefiele to Deliver Keynote Speech at Agriculture Summit Africa (ASA) 2020
The President of the African Development Bank (AfDB), President Dr. Akinwunmi Adesina, is expected to deliver the keynote address at the 2020 Agriculture Summit Africa (ASA) holding this week.
The yearly summit organised by Sterling Bank is titled ‘Fast forward agriculture: Exploiting the Next Revolution’ this year.
According to the organisers, participants were expected to log in online while a few others would be in Lagos and Abuja studios.
In a statement released on Tuesday, Yemi Odubiyi, the Executive Director of Corporate and Investment Banking, Sterling Bank said other dignitaries were expected to deliver goodwill messages at the summit.
Some of the names mentioned were the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono; Cross River State Governor, Prof. Ben Ayade; his Kebbi counterpart, Senator Atiku Bagudu; and the Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal.
Director, Advocacy and Country Alignment Function (ACAF), Director-General’s Office, International Institute of Tropical Agriculture (IITA), Dr. Kwasi Attah-Krah, is expected to deliver another keynote address on the second day.
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