Economy
Apapa Customs Collects N1.8trn Revenue in 10 Months
By Adedapo Adesanya
The Apapa Area One Command of the Nigeria Customs Service (NCS) has collected over N1.8 trillion for first 10 months of 2024, surpassing the 2023 collection of N931 billion by 101 per cent.
This information was disclosed on Monday by the Apapa Customs Command’s Area Comptroller, Mr Babatunde Olomu, in Lagos, adding that last month, the command generated N264.4 billion, the highest for a single month in its history.
Mr Olomu also said that with the amount so far collected, the command will likely surpass its 2024 revenue target of N2.2 trillion.
Besides the huge revenue generation, the command also seized a total of six containers of expired pharmaceutical products which were handed over to officials of the National Drug Law Enforcement Agency (NDLEA).
“Despite a remarkable decline in the volume of trade, this command has been able to block leakages and achieved maximum collection of revenue as evidenced in our monthly activities.
“From January to October 2024, we generated a total of N1.875, higher than the N931.1 billion generated in the corresponding period in the year 2023, showing a 101 per cent increase over last year’s revenue figure.
“It is instructive to state that our October 2024 collection is N264.4 billion, this is the highest monthly collection in the history of this command. Therefore, we are hopeful of meeting and even surpassing our target of N2.2 trillion as the year winds down.
“Nevertheless, the command has keyed into trade facilitation tools like AEO and Advanced Ruling to ensure seamless movement of both import and export cargoes.
“In line with the Federal Government agenda of Ease of Doing Business, the command operates on Saturdays and Sundays to ensure that importers take delivery of their cargoes devoid of any delay.”
He also mentioned some milestones reached by the command during the month.
“It is noteworthy to state that just last week, the command facilitated the first shipment of cargo to Kenya under the AfCFTA regime.
“We shall be handing over six (6) containers carrying falsely declared and unwholesome pharmaceutical and controlled products to the National Agency for Food Drug Administration and Control, (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA).
“This handover further underscores the robust inter-agency collaboration between the Nigeria Customs Service and sister government agencies in the port. It further demonstrates our ability to prevent illicit importation from entering the Nigerian market through the port.
“As a service, we owe Nigerians the duty of preventing the import and export of cargo that could undermine their well-being and security. These medical imports have expired, while others are not evaluated by NAFDAC and could cause damage to Nigerians if consumed.
“The content of these containers contravenes the provisions of Schedule 3 of the Common External Tariff (CET) and section 233 of the NCS Act 2023. Some of the contents are unapproved dosages of tramadol, cough syrup with codeine, injections and more.
“However, from January 2024 to date, we have made well over thirty-six (36) seizures of various items ranging from used clothing, frozen poultry products, Tramadol, unregistered pharmaceutical products, and other controlled substances. These seizures are valued at over N1.5 billion.
“I want to thank all sister government agencies and our strategic private sector partners for being part of the success we are celebrating today. Their contributions have been invaluable, and the impacts are evident in our scorecard.
“Let me remind all our port users that every consignment passing through the NCS in this port will be subjected to thorough examination using scanners and physical means when necessary.
“We shall continue to detect false declarations, concealment, undervaluation and other unethical practices aimed at evading duties, shortchanging the government and exposing citizens to unsafe products.”
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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