Economy
Customs Rakes in N7.28trn Revenue in 2025, Beats Projection by 12%
By Adedapo Adesanya
The Nigeria Customs Service (NCS) said it beat its projected revenue collections for 2025 by 12 per cent as it stood at N7.28 trillion.
This was disclosed by the Comptroller General of the Service, Mr Adewale Adeniyi, who gave the scorecard at an event to mark the 2026 World Customs Day on Monday, explained that the reported revenue exceeded earlier projected N6.5 trillion.
Mr Adeniyi noted that last year showed very clearly what “protecting society” looks like in the real world, noting that officers of the Command uncovered 16 containers of contraband goods in the period under review.
“Across our Commands, officers working with sister agencies disrupted multiple criminal supply chains before they ever reached our communities.
“At Apapa, we uncovered 16 containers of prohibited goods worth over N10 billion — a single operation that combined narcotics, expired pharmaceuticals, and concealed firearms.
“At the airports, officers intercepted over 1,600 exotic birds being trafficked without CITES permits, stopping a wildlife crime operation that would have harmed both biodiversity and Nigeria’s international obligations”, the statement said, adding that across land borders, its teams seized illicit narcotics and counterfeit medicines worth hundreds of millions of Naira, along with ammunition and other prohibited items moving through covert routes.
“These operations do not make headlines for long, but their impact is enduring as fewer young people exposed to harmful drugs; fewer weapons reaching criminal networks; fewer counterfeit medicines reaching patients; fewer endangered species removed from the ecosystem”.
The Service also said it recorded over 2,500 seizures, with an aggregate value of more than N59 billion in prohibited and harmful goods removed from circulation nationwide.
These seizures, it noted, cut across narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles, and substandard consumer goods.
“This most certainly prevented real harm — addiction, unsafe treatment, violent crime, subsidy, exploitation, environmental degradation, and treaty violations and funerals before they occur”, he stated.
The NCS also said vigilance coexists with facilitation.
“A modern Customs administration must be able to detect high-risk consignments without suffocating lawful trade”, it said, adding that the launch of the Time Release Study is significant.
“The TRS marks a major step toward making Nigeria’s trade gateways secure, efficient, predictable, and globally competitive.
“It signals our commitment to move from opinion-driven reforms to evidence-based reforms, and from complaints-driven policy to data-driven policy”.
The Study conducted at Tincan Island Port provides the most comprehensive measurement of clearance performance in our recent history. It reveals encouraging realities and uncomfortable truths.
It shows, on the one hand, that examination times themselves are relatively efficient, and that Nigeria has the capacity to clear goods quickly.
“It shows, on the other hand, that excessive idle periods—often due to fragmented scheduling, manual documentation, and poor coordination—extend clearance times unnecessarily and erode competitiveness. In other words, our challenge is not that we cannot move goods fast; it is that goods are not allowed to move fast.”
“We now have validated clearance timelines covering more than 600 declarations, combining manual timestamps and platform data.
“We now know with precision how long it takes from booking for examination to physical gate exit, and where bottlenecks concentrate. Armed with such evidence, we are now able to say: the fastest way to protect Nigerian traders and our economy is both through border security and procedural reform”, the service added.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
-
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