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NIMASA Generated N22.9bn Revenue in 2018, Says DG

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NIMASA
  • NIMASA Generated N22.9bn Revenue in 2018, Says DG

The Nigerian Maritime Administration and Safety Agency says it generated and contributed over N22.9bn to the consolidated revenue fund in 2018.

The Director-General, NIMASA, Dr Dakuku Peterside, described the revenue as the highest-ever contribution from NIMASA since its inception.

Peterside, who disclosed this when he appeared before the Senate Committee on Marine and Transport in Abuja, said NIMASA proposed N112.1bn for the 2019 fiscal year, according to the News Agency of Nigeria.

He said, “In the year under consideration, NIMASA expects that our total budgeted revenue will be N112.1bn. That’s the total budgeted revenue for 2019. Out of this total budgeted revenue, on personnel emolument, we proposed to spend N20.1bn.

“Overhead will account for N24bn. For capital expenditure, which will be basically to fund ongoing maritime projects, it will earmark N17.6bn. The maritime fund projects will cost N71.01bn.”

Peterside said the agency’s contribution to the consolidated revenue fund had consistently been on the increase in the past few years.

He said, “In 2018, we contributed a total of N22. 9bn. This is the highest-ever contribution coming from NIMASA from its inception till date.

“It will interest the distinguished senators to know that in the past three years, our contribution to the consolidated revenue fund has surpassed every known record before now.”

He said the agency would be focusing on closing out all ongoing projects this year, adding, “We will also pay special attention to maritime safety as we prepare for the IMO elections.”

Peterside said NIMASA would continue to give priority attention to maritime security.

“We are prioritising our interventions under a programme called the Deep Blue Project, which was conceptualised to provide an integrated national surveillance and waterway protection solution with a command and control infrastructure in the country which will see us purchasing a number of special mission aircraft, helicopters for intervention, armoured vehicles for intervention, etc,” he added.

The NIMASA boss told the committee that the agency did not want the country to be known as a hotspot of piracy, “which is the challenge we are facing now.”

“So, we are paying very serious attention to the area of maritime security,” he added.

He said the agency would host a global conference on maritime security in the country in October to get the world to focus on the Gulf of Guinea.

Peterside, who thanked the House of Representatives for the passage of Suppression of Piracy Act, called on the Senate to also follow suit.

He said, “We are devoting a lot more attention than normal to the issue of maritime security. As we raise more revenue, we contribute more; if we raise less, we will contribute less.”

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.

Finance

CBN Directs Banks to go After COVID-19 Financial Criminals

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Godwin Emefile

Central Bank Asks Banks to Stay Abreast Frauds and Rising COVID-19 Financial Crimes

The Central Bank of Nigeria has directed all financial institutions in Nigeria to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in accordance with emerging trends of rising COVID-19 related financial crimes.

In a circular titled, ‘Administrative letters to all banks and other financial institutions’ issued on Monday and signed by J.M. Gana, the Director, Financial Policy and Regulation Department, the apex bank said changes in business activities and financial transactions due to the shift caused by COVID-19 pandemic have led to the surge in financial crimes globally.

Therefore, it said financial institutions must now adapt quickly and keep abreast of the new emerging financial risks and other developments to arrest this new and emerging ML/TF.

According to the circular, this includes strategic investment in data mining and artificial intelligence software to monitor financial transactions effectively and report as quickly as possible.

The central bank said the Nigerian Financial Intelligence Unit, the central repository of suspicious transactions and other financial information, had released a comprehensive report on STRs and others.

It stated that the NFIU had identified cybercrimes, frauds, counterfeiting and substandard goods, diversion of public funds and misuse of non-government organisations funds as some of the ongoing crimes that banks across the nation need to stay abreast and report.

Other suspicious transactions and red flags identified in the report were some e-commerce companies with little or zero history or internet presence suddenly receiving multiple payments from unrelated third parties.

Similarly, it said individuals with zero or little history of financial transactions receiving multiple payments from unrelated third parties. It also noted that customers who suddenly start delaying in the supply or purchases of medical supplies and payment of goods linked to known brands, yet the beneficiary is an individual, not a corporate company should be flagged.

The measures, the apex bank said were necessary due to the rising numbers of unusual transactions from banks’ customers and unscrupulous individuals.

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Finance

Union Bank Secures US$40 Million Facility from IFC Global Trade Finance

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Union Bank Secures US$40 Million Facility from IFC Global Trade Finance

Union Bank of Nigeria Plc said it has secured a US$40,000,000 finance guarantee facility from the IFC, a member of the World Bank Group.

In a note to the Nigerian Stock Exchange, the lender said the facility would help boost access to finance for local businesses and enable increased international trade for Nigeria.

It explained that the facility “will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.

“The facility will enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s exports can generate much-needed foreign exchange.

Under the IFC’s Global Trade Finance Program (GTFP) terms of the agreement, GTFP offers benefiting banks partial or full guarantees covering payment risk on Union Bank’s trade-related transactions.

Accordingly, these guarantees are transaction-specific and may vary depending on underlying instruments like letters of credit, trade-related promissory notes, guarantees, bonds, and advance payment guarantees.”

Emeka Emuwa, Chief Executive Officer of Union Bank, said, “Union Bank is pleased to join the IFC’s Global Trade Finance Program. This is a significant achievement as we continue to expand our trade financing offerings to our
customers. Even in these peculiar times, we remain focused on contributing to economic growth by developing tailored solutions that help our customers harness the teeming opportunities that still exist in the Nigerian market.

Eme Essien Lore, IFC’s Country Manager for Nigeria, said, “Keeping trade moving is essential to growth and job creation, especially during the challenging economic times we are living through today. We welcome Union Bank to IFC’s Global Trade Finance Program and value a partnership that will make a positive impact on Nigeria’s economy.

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Finance

Apapa Customs Command Generate N367.6bn in Nine Months

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Nigeria Customs Service

Customs Command Apapa Realises N367.6bn Between January and September

The Nigeria Customs Service, Apapa Command, said it generated N367.6 billion in the nine-month ended September 2020.

Mohammed Abba-Kura, the Customs Area Controller, disclosed this while speaking with newsmen in Lagos.

He said a total of 328 containers of goods worth N19.5 billion were seized during the period. This, he said represents an increase of 37 containers when compared to the same period of 2019.

Speaking further, Abba-Kura said the N367.6 billion realised in the first nine months of the year, represented a 17 percent or N54.1 billion increase from N313.5 billion it collected during the same period of 2019.

The Apapa Command generated N14.3 billion as revenue in the third quarter from customers’ duty and other charges.

He said “The difference recorded was made possible as a result of resilience of officers in ensuring that importers and agents are made to do proper declarations, adhere strictly to import/export guidelines in tandem with extant laws.”

Commenting on the seizures, Abba-Kura said, “These items were seized mainly because of various forms of infractions which range from false declarations, non-adherence to import/export guidelines and failure to comply with other extant regulations as enshrined in the Customs and Excise Management Act.

“In the area of export trade, the period under review recorded exportation of goods worth N26,273,706,822 exported from the country.”

“These exported goods include mineral resources, steel bars, agricultural products among others with a total tonnage of 378,447 million tonnes free on board value of $85.8m. Similarly, the volume of export from January to September 2020 stood at N78.6bn with FOB $257,003,965.”

He added that the compliance level rose to about 60 percent during the period, highlighting the reason for the surge in the number of seizures made.

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