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 NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 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 sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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