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Look for Better Jobs, Customs Boss Advises Smugglers

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  • Look for Better Jobs, Customs Boss Advises Smugglers

The Controller, Federal Operations Unit, Zone A, Nigeria Customs Service, Mr. Mohammed Garuba, has advised smugglers to look for a better job other than smuggling.

He specifically urged smugglers to invest their money in legitimate business that would yield dividends for them instead of being involved in smuggling, which he described as an illegal trade.

He said, “Let me seize this opportunity to warn all would-be smugglers to desist from any act of illegal trade and invest their money in a legitimate business that will yield dividend on their investments. There is no amount of resistance from the smugglers and their mob accomplices that will deter us from performing our statutory responsibilities in all aspects, especially in suppression of smuggling within South-West zone.”

Garuba said that between January 1 and January 31, the command recovered N91.3m in unpaid duty and seized contraband worth over N1.6bn, bringing the worth of the total seizures and revenue generation to N1.709bn.

“Also, two containers were seized; one for carrying 537 cartons of Indian whisky as against yeast declared on the Single Goods Declaration form; another was seized for carrying 60 pieces of used chest freezers and 570 bundles of gas hose as against condenser for steam polysomy .This is a clear case of false declaration,” he said.

Also among the items seized, according to him, are 14 trailers of foreign parboiled rice, frozen poultry products, vegetable oil, used clothing, Indian hemp, used tyres and exotic cars.

He said the value of the exotic cars alone was over N1.4bn.

Garuba listed the seized vehicles as four Rolls Royce, a Porche Panamera, a Jaguar, a Bentley worth over N29m, one Lexus jeep, two G-wagon, one Toyota Land Cruiser, five Toyota Corolla, seven Mercedes Benz and among others.

According to him, the vehicles were mostly 2017 models, adding that while some of the vehicles were intercepted along Ijebu Ode expressway, others were evacuated during various raids on Parkview Estate, VI, Banana Island, Alhaji Bankole Crescent, Ikeja and Tola Adewunmi Street Maryland in Lagos.

Garuba urged owners of the exotic cars to come with relevant Customs documents to claim the vehicles or risk losing them.

Speaking earlier while conducting journalists around the seized items on Tuesday, the FOU controller maintained that the Customs and Excise Management Act empowered the service to search people’s premises suspected to house smuggled items and impound those things.

He said, “We urge the owners of these vehicles to come forward with valid Customs clearance documents, otherwise they will be liable to seizure and subsequent forfeiture to the Federal Government in line with laws of the land.

“For the avoidance of doubt, our action is in line with the provisions of Sections 147 of Customs and Excise Management Act Cap 45, Laws of the Federation of Nigeria 2004 (power to search premises), Section 158 of CEMA, Cap 45 Laws of Federation of Nigeria (power to patrol freely).”

The seizure of the exotic cars makes it three months of consecutive seizures of such vehicles since November last year.

In a similar raid in November 2017, the command seized 59 vehicles valued at N1.1bn in Lagos. Among them were four bullet-proof cars found in a residence in Ikoyi.

In December, the command also uncovered 57 exotic cars in Omole Estate, among which was one bullet-proof Lexus jeep, all of them valued above N1.3bn.

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 market.

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Nigeria to Become Leading Gold Producer in West Africa – Adegbite

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Adegbite Says Nigeria to Become Gold Hub in West Africa

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said Nigeria is on its way to becoming a leading gold producer in West Africa.

Adegbite made the statement in Abuja while taking stock of his first year in office as minister.

He said, “Indeed, the international roadshows we have had in the past have produced fruits. Today, we have Thor exploration in Osun State through the Segilola Gold project.

“The exploration firm is projected to start producing (gold) in the first half of next year. The project is expected to create about 400 direct jobs and 1,000 indirect jobs.”

According to Adegbite, the Federal Government has licensed two gold refineries that would refine in line with the London Bullion Market Association standard.

He added, “Numerous industries will spring up when our gold economy becomes full-fledged. Some of them will include equipment leasing and repairs, logistics and transport, as gold requires a specialised means of transport, security, insurance, aggregators, and so on.”

The minister noted that for the first time, the country had mined, processed and refined gold under the Presidential Artisanal Gold Mining Development Initiative for use as part of Nigeria’s external reserves.

Adegbite also stated that the mines ministry had initiated a process that would lead to local capacity development in the production of barite.

“Presently, the barite that is used in the oil and gas industry is imported. But we are resolved to reverse this trend. As you may know, barite is a critical weighting material in drilling fluids due to its high specific gravity,” he said.

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NUPENG, Lagos State Agree to Call Off Strike

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NUPENG Agrees With Lagos State, Call Off Strike

The Nigeria Union of Petroleum and Gas (NUPENG) has ordered Lagos State Petroleum Tanker Drivers (PTDs) to call off its ongoing strike.

This was disclosed in a joint communique signed by the Lagos Commissioner of Energy and Mineral Resources, Olalere Odusote, and the NUPENG Deputy National President, Solomon Kilanko.

It would be recalled that Investors King had reported that NUPENG directed all PTDs to withdraw their services from Lagos State effective from Monday 10 August 2020 because of the persistent extortions and harassments of PTDs by both uniform security agencies and touts.

However, on the 10th of August, the commencement day of the strike, Lagos State government met with the leadership of NUPENG to address the union concerns and eventually agreed on a way forward.

Part of the communique reads “The Lagos State Government met today with the representatives of NUPENG, which agreed to call off its strike immediately.

“Other decisions taken at the meeting are security – the state government will meet the heads of all security agencies and secure their commitment to ensure the free passage of petroleum products vehicles given their importance to the economy.”

“Area boys’ – the menace of ‘area boys’ will be handled by relevant government agencies and a dedicated phone number will be established, within the next week to ensure the petroleum products transporters have prompt access to security agencies.”

The communique also stated that the Lagos State government will set up a standing committee to communicate with the union on an ongoing basis, saying it will help address a similar issue going forward.  See the complete communique below.

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Crude Oil Expands Gain on US Stimulus talks, Better Than Expected Chinese Factory Data

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Crude Oil Gains on US Stimulus, Better Than Expected Chinese Factory Data

Oil prices extended its gains on Tuesday following a better than expected factory data from China and a possible agreement between Democrats and Republicans on economic stimulus.

“The oil complex is heavily reliant on that aid. We need people to be able to boost economic activity to spur demand,” said John Kilduff, partner at Again Capital in New York.

President Trump on Monday said House Speaker, Nancy Pelosi and Senator Chuck Schumer, top Democrat in the chamber of Congress, wanted to meet him to discuss or make a deal on coronavirus-related economic stimulus.

The possibility of a stimulus deal, coupled with a reduction in China’s factory deflation in the month of July due to the surge in oil prices and improved industrial activity bolstered the outlook of the energy sector.

China is the world’s largest importer of crude oil. Therefore, improved factory activity generally boosts the oil market.

Also, the announcement from Iraq that it planned to cut an additional 400,000 barrels per day in August and September to compensate for its previous overproduction above OPEC+ quota aided the oil market this week.

“This would send out a strong signal to the oil market on various levels. That said, this would also require the international companies operating in Iraq to join in with the cuts,” Commerzbank analyst Eugen Weinberg said.

The Brent crude oil, against which Nigerian oil is priced, expanded from $41.30 per barrel it traded on Monday to $45.40 per barrel on Tuesday at 10:10 am Nigerian time.

UKOilDaily 1While the U.S West Texas Intermediate crude oil rose from $41.48 per barrel to $42.47 per barrel on Tuesday.

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