Economy
Apapa Customs Grows Revenue 29.8% to N790.6bn in Nine Months
By Adedapo Adesanya
The Nigeria Customs Service (NCS), Apapa Area Command, has generated N790.6 billion between January and September 2022.
This was disclosed by Comptroller Malanta Yusuf, the command’s Area Controller in Lagos, noting that this represents a 29.8 per cent increment when compared with N609 billion collected in the corresponding period of 2021
“This remarkable achievement was made possible because of our officers’ tireless commitment to ensuring that all revenue leakages are being mitigated.
“This is as well as sustaining the level of compliance by the importers/stakeholders in the clearance value chain,” he said.
On anti-smuggling, Mr Yusuf noted that anti-smuggling activities had been one of the command’s focal points, especially with the activities of some unrepentant traders who are always looking for avenues to undermine our system.
He said that the command had fortified its forensic manifest management to monitor and detect fraudulent transactions through audit trail to ensure that illicit trade is being tracked before the declarations are lodged.
“Furthermore, the enforcement unit has been reinforced through improved collaboration and sharing of credible intelligence with relevant government agencies to suppress smuggling activities to its barest minimum.
“For the period under review, the command recorded 145 seizures of various items with a duty paid value (DPV) of N12,496,672,122.
“The seized items include unregistered medicaments such as tramadol and codeine, processed/unprocessed wood, used clothing, ladies men’s footwear, foreign parboiled rice, tomato paste, vegetable oil and other sundry items that fall under import/export prohibition list,” he said.
Mr Yusuf said that these importations were in clear breach of sections 46 and 47 of the Customs and Excise Management Act, CEMA CAP C45 LFN 2004.
“Let me reemphasise that Apapa Command is continuously ready to assist in facilitating legitimate trade.
“The command will ensure that all forms of smuggling activities through a false declaration on import/export done in defiance to extant trade guidelines will be detected through its layers of control mechanism,” he said.
He said that the command had made a tremendous increase as regards export in terms of tonnage and value.
Mr Yusuf said that it recorded about N181 billion value of export and 160 million tonnes of various items of export.
He urged stakeholders to collaborate with the command, ensure that items on the import/export prohibition list are strictly adhered to, and embrace the emerging realities of customs examination through a non-intrusive inspection (NII) regime.
“The non-intrusive inspection regime is geared toward increasing cargo inspection volume, protecting national security, saving cost/clearing time, and storing reliable data and images for reference purposes.
“It helps in reducing human contact in the examination of containerised cargo,” he said.
On the installed scanners, he said that the command had resolved the issue of how many containers shipping companies would bring per day, having requested for at least 150 containers, but shipping companies agreed on 100 containers.
“For the suspect one, we promised to do a recheck of 30 containers per day, and it was accepted and subject to improvement as the system is being fine-tuned.
“Initially, we were having a downtime of about 30 minutes gap for bringing containers to the scanning area and back to the stacking area, but now we have 15 minutes downtime.
“For the backlog, we work Saturday and Sunday to clear it before next week starts,” he said.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 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 worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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