Economy
Onne Customs Raises Revenue 69.4% to N38.9 billion in Q1 2021
By Adedapo Adesanya
The Nigeria Customs Service (NCS) of Area ll Command, Onne Port, has disclosed that its revenue generation grew by 69.4 per cent as a total of N38.9 billion was collected in the first quarter of 2021.
This was disclosed by the Customs Area Controller (CAC), Comptroller Auwal Mohammed, who noted that N38,877,314,286.12 was revenue collected for the federal government compared with the N22,950,780,163.43 generated between January and March 2020.
A breakdown of the 2021 monthly collections showed that N12,123,024,011.82 was collected for January; N12,760,546,062.07 for February and N13,984,744,212.23 for March .
According to the agency, all monthly collections for this year have so far surpassed those of the first three months of 2020 with remarkable differences from which hovered at slightly above N7 billion monthly.
He said on anti-smuggling, the command recorded a total of 12 seizure with a cumulative duty paid of N4,120,882,608.03
“The seizures comprises of 2 units of used Mitsubishi buses; 210 bales of secondhand clothing, 1,435 pieces of used tyres, used engine gearbox and auto spare parts, 310 pallets of laser ketchup and 20 bales of fabrics.”
A month by month breakdown of the seizures indicated that four seizures were made in January which includes 3 containers and 2 suspects with duty paid value of N85,987,936.05.
In February, the command made 3 seizures involving 4 containers with total duty paid value of N45,527,836.00 while in March 2021 it made 5 seizures involving 7 containers with a duty paid value of N3,989,366,808.89.
On export, the command processed 207,749.614 metric tonnes of cargoes with a free on board value of $70,838,025.68 comprising cashew nuts, ginger, hibiscus flower, sesame seeds, zircon sand, palm kernel, tiger nuts and many more.
Mr Mohammed, under whose watch the command has recorded its highest monthly revenue collection of N13 billion in the 38-year-old history of the command, also urged officers to avoid being complacent and keep doing more to improve on the national economy, security and trade facilitation.
He said: “We are doing well but I believe there are rooms for improvement in revenue collection, anti-smuggling, trade facilitation and robust stakeholders’ engagements.
“Every likely or identified area of government revenue leakages should be blocked for us to sustain the tempo of maximum collections. We owe Nigeria a duty to make the smuggling of prohibited items impossible through this command.
“Our ability to detect attempts at duty evasion and issuing demand notices to collect complete revenue from importers and their agents will be improved upon relying on technology and hands-on experience.
“Duty evaders should steer clear from this area as they are likely to be arrested with their wares seized in accordance with extant provision of the Customs and Excise Management Act (CEMA)
“While we await the deployment of scanners to aid our job, the due diligence employed in physical examinations to achieve outstanding results will be sustained and improved upon
“I hereby urge importers, exporters, licensed customs agents and freight forwarders interfacing with customs in Onne Port to see compliance as a key to unlock the many benefits derivable from their trade, investments and professions,” he said.
He also urged officers and men in the area to be unrelenting and uncompromising in the collection of revenue and implementation of government’s directives as they pertain to trade.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
