Economy
Customs in Owerri Seizes Items Worth N4.7b
By Modupe Gbadeyanka
The Nigeria Customs Service (NCS), Federal Operations Unit Zone ‘C’ Owerri in the year 2016 recorded a giant stride in its anti-smuggling activities with the seizures of a total of 307 contraband valued at N4.7 billion.
In a statement issued by the Public Relations Officer, Onuigbo Ifeoma, the agency said the above figure is a combination of both the Duty Paid Value (DPV) of N3.9 billion and an underpayment recovered as revenue of N770.3 million.
The Controller of the Federal Operations Unit, Comptroller Mohammed, Uba G. who made this known while giving an annual report for the year 2016, said that the unit which has since driven many smugglers out of their illicit businesses consequent upon its sustained aggressive onslaught against smuggling; arrested a total of 234 suspects while 24 cases were still pending in court in connection with the seizures.
A breakdown of the prohibited items seized include: 169 motor vehicles with a DPV of N1.01 billion, cartons of narcotics (Indian hemp/hard drugs) with a DPV of N366.8 million and 1,759 pairs, 85 cartons and 68 sacks/bales of foot wears with a DPV of N28.2 million.
Others are: 7,795 soap/detergents/toiletries with a DPV of N58.9 million, 107,006 cartons of imported frozen poultry products with a DPV of N1.4 billion, 1,018 pieces and 561 bales of bags/suitcases which had a DPV of N134.9 million in addition to 5,794 rethread and used pneumatic tyres bearing a DPV of N97.6 million.
The rest are: 50 cartons and 147 pieces of beverages/confectionary/juices with a DPV of N3.2 million, 14,006 bags of rice which has a DPV of N447.8 million, 2,333 cartons and 1,598 pieces of furniture and parts thereof with a DPV of N173 million and 273 cartons of 2 litres of vegetable oil with a DPV of N9.8 million.
The unit said it also seized 1,089 pieces of machinery/mechanical appliances/parts which had a DPV of N7.8 million as well as 2,484 electrical/electronics/parts whose DPV stood at N3.9 million and 951 bales, 470 cartons and 18 sacks of other goods with DPV of N239.4 million as among other seizures made within the year.
This, the unit said was in contrast to the total seizure made in the preceding year (2015) which recorded a total sum of N2.8 billion comprising a DPV of N2.7 billion and an underpayment recovered of N129.6 million.
Comptroller Mohammed Uba said that the FOU zone ‘C’ would continue to strategize and re-strategize to bring smugglers, their agents and collaborators to their knees.
He regretted that the federal government had continued to lose huge revenue as a result of the unpatriotic activities of smugglers who are poised to acquire wealth through the short cut, and warned such individuals to desist forthwith in their own interest.
He also advised Nigerians not to use the global economic down turn as an excuse to ruin themselves and their families as the NCS would not entertain any sacred cow in its determination to make smuggling a thing of the past in the country.
Mohammed advised the youth to always preoccupy themselves with ideas and visions that could assist them realize their potentials as leaders of tomorrow instead of indulging in acts and conducts capable of impeding their success in life. He however advised Nigerians who are into genuine and legitimate business of buying and selling not to entertain any fear as the NCS would continue to be guided by the cardinal principle of justice, equity and fairness devoid of victimization or oppression in the discharge of her duties.
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.
FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.
The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.
On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.
At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.
Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.
By Adedapo Adesanya
The Naira opened the week stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 16, by N8.46 or 0.62 per cent to trade at N1,357.77/$1 compared with the previous session’s N1,366.23/$1.
In the same vein, the local currency appreciated against the Pound Sterling in the same market segment yesterday by N23.45 to quote at N1,789.54/£1 compared with last Friday’s value of N1,812.99/£1, and improved its value against the Euro by N9.72 to N1,558.31/€1 from N1,568.03/€1.
Similarly, the Naira gained N5 against the greenback in the parallel market during the trading session to sell for N1,395/$1 compared with the previous rate of N1,400/$1, and closed flat at the GTBank FX desk at N1,385/$1.
The pressure that piled on the domestic currency appeared to have eased, buoyed by higher oil prices, which have continued to bolster market sentiment.
A report by Coronation Merchant Bank Research said Brent crude prices advanced by 11.16 per cent week-on-week, rising from $91.00 per barrel to close at $101.16 per barrel amid escalating geopolitical tensions in the Middle East.
The bank noted that developments in the region heightened concerns about potential disruptions to global oil supply, increasing volatility in energy markets.
Nigeria recorded modest portfolio inflows as investors sought higher-yielding opportunities, but the inflows helped support liquidity in the FX market and contributed to the Naira’s recovery during the past week.
Also, Nigeria’s inflation cooled to 15.06 per cent in February 2026 from 15.10 per cent in January 2026, data from the National Bureau of Statistics (NBS) showed.
As for the cryptocurrency market, prices continued to weigh the tensions around the Strait of Hormuz — a critical oil shipping route between the Persian Gulf and global markets — appeared to ease slightly.
US President Donald Trump called on other nations to help secure the waterway, while some tankers reportedly have crossed the Strait, suggesting that traffic through the corridor has not been fully disrupted.
This weakened some coins, including Dogecoin (DOGE), which slumped by 1.7 per cent to $0.0998, and Cardano (ADA), which depreciated 1.6 per cent to $0.2832. Binance Coin (BNB) lost 1.5 per cent to sell for $674.25, TRON (TRX) declined by 0.6 per cent to $0.2964, and Solana (SOL) dropped 0.2 per cent to $93.66.
On the flip side, Ripple (XRP) jumped 2.2 per cent to $1.51, Ethereum (ETH) grew by 1.5 per cent to $2,302.08, and Bitcoin (BTC) appreciated by 0.1 per cent to $73,951.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited reached an all-time high of 201,474.89 points on Monday after adding 3,067.59 points or 1.55 per cent to its previous closing figures of 198,407.30 points.
Buying pressure in three of the five key sectors sustained the upward trend on Customs Street during the trading session, analysis of the market data revealed.
The industrial goods sector appreciated by 4.52 per cent, the banking index improved by 2.20 per cent, and the consumer goods space rose by 0.03 per cent.
However, the insurance sector experienced profit-taking, which crashed it by 0.43 per cent, and the energy counter lost 0.08 per cent due to sell-offs.
When the bourse ended for the day, the market capitalisation chalked up N1.969 trillion to settle at N129.330 trillion compared with last Friday’s M127.361 trillion.
BUA Cement led the advancers’ group yesterday after growing by 10.00 per cent to N297.00, Premier Paints jumped 9.79 per cent to N21.30, John Holt expanded by 9.52 per cent to N10.35, Guinea Insurance soared by 9.38 per cent to N1.40, and Fortis Global Insurance grew by 9.32 per cent to N1.29.
On the flip side, VFD Group led the laggards’ gang after it gave up 10.00 per cent to close at N11.25, Royal Exchange shed 9.63 per cent to settle at N1.69, Omatek depreciated by 9.62 per cent to N2.35, Sovereign Trust Insurance lost 9.00 per cent to quote at N1.92, and Regency Alliance slipped by 8.94 per cent to N1.12.
Yesterday, a total of 948.2 million stocks valued at N49.2 billion were traded in 72,735 deals compared with 591.0 million stocks worth N35.0 billion transacted in 53,066 deals in the preceding session, representing an improvement in the trading volume, value, and number of deals by 60.44 per cent, 40.57 per cent, and 37.07 per cent apiece.
The activity log was led by Sovereign Trust Insurance, which traded 72.6 million equities valued at N147.1 million, Access Holdings sold 69.9 million shares for N1.8 billion, First Holdco exchanged 67.0 million stocks worth N3.4 billion, Zenith Bank transacted 60.0 million equities valued at N6.0 billion, and Nigerian Breweries exchanged 55.0 million shares worth N4.0 billion.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn