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
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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