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Customs Revenue Collection Jumps 21.4% to N3.2trn in 2023

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e-Customs Project

By Adedapo Adesanya 

The Nigeria Customs Service (NC), has recorded N3.2 trillion in revenue collected in 2023, a 21.4 per cent increase over the preceding year’s revenue of N2.6 trillion despite facing significant operational hurdles.

The Customs Comptroller-General, Mr Adewale Adeniyi, made this announcement this week in Abuja at a news conference on the NCS activities in 2023.

Mr Adeniyi said that the 2023 performance was remarkable given the fact that the NCS recorded a revenue shortfall of N532 billion in the first half of 2023.

He said the year was marked by operational challenges including lower transaction volumes, compliance issues, inadequate infrastructure, and capacity gaps compounded by delays in policy implementation and socio-political factors.

He added that the anxiety associated with a major election year, and the prolonged cash crunch linked with the Naira redesign programme of the Central Bank of Nigeria, CBN, which temporarily impacted purchasing power and economic activities, further hampered revenue performance last year.

Also, the transition of power to the President Bola Tinubu-led administration brought about a new policy direction, including the removal of fuel subsidies, the floating of the exchange rate, and the closure of the country’s Northern borders with Niger Republic, further added to the complexity of the operating environment for the service.

Mr Adeniyi said these challenges led to a revenue shortfall of N532 billion compared to the N1.84 trillion target in the first half of 2023 but following his appointment as CGC in July last year, as well as merit-based reconstitution of the customs management team, there was a significant shift that enabled the service to exceed monthly revenue targets by 6.71 per cent for the first time in 2023.

He specifically attributed the positive change to strategic measures, including the immediate establishment of a Revenue Review Recovery Team and the dissolution of existing Strike Force Teams, streamlining enforcement under the Federal Operations Unit (FOU), and extensive stakeholder engagement.

Mr Adeniyi also expressed NCS commitment to end petroleum products smuggling in 2024 adding that the service would block all attempts to smuggle weapons and other contraband into the country.

“Our zero approach towards smuggling, especially petroleum products, rice, arms, and ammunition, out of the country would be rigorously enforced. We remain resolute on addressing border management challenges, balancing security concerns with trade facilitation,” he said.

Mr Adeniyi added that the NCS had conducted a vigorous campaign against smuggling and illicit trade in 2023, which resulted in 3,806 seizures of illicit items, including artefacts, antiquities, drugs, food products, and endangered species of flora and fauna, among others.

“Remarkably, we also achieved during this period a total of 52 convictions, 11 of them specifically linked to illicit trade in animal wildlife. This is also a record performance through diligent prosecution of our cases and the successful conviction of some of those criminals who were apprehended.

“Noteworthy is the international acknowledgement garnered for the Service’s efforts in combating this illicit trade in animal/wildlife. This steadfast commitment underscores the NCS’s dedication to protecting Nigerian society, maintaining a resolute stance against smugglers, and diligently dismantling their operations,” he said.

Going forward, he highlighted that numerous strategic initiatives are poised to positively impact the Service’s performance in the coming months.

These initiatives he enumerated include the introduction of the Advanced Ruling system, aligning NCS operations with global best practices, and meeting the recommendations of the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA).

He said the NCS is set to inaugurate an electronic auction, e-auction, platform strategically designed to enhance transparency in the auction process.

The CGC said the service remained committed to facilitating the achievement of the newly set revenue target of N5.079 trillion which is aligned with the government’s economic objectives for 2024.

“This target signifies the government’s confidence in the NCS’s capabilities and underscores the service’s important role in contributing to the nation’s fiscal wellbeing.

“The strategic initiatives detailed above, alongside other operational reforms, are anticipated to play a crucial role in achieving this revenue goal.

“As the NCS addresses the challenges and opportunities in 2024, the service is steadfast in its commitment to implementing these strategies and exploring practical approaches to meet the heightened revenue target. This commitment aligns with the NCS’s ongoing dedication to efficiency, excellence, and positive contributions to Nigeria’s economic landscape.”

Mr Adeniyi emphasised that the NCS will maintain a zero-tolerance stance towards indiscipline and non-compliance in the year 2024, and urged all officers and stakeholders to adhere strictly to established procedures and regulations as maximum cooperation is expected from every stakeholder in the customs operations.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

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capital market operators

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

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Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

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fidson

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

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Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

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FG contractors protest

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.

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