Economy

Customs Rakes N1tr as Revenue in 2017

Published

8 years ago

22/12/2017

By Modupe Gbadeyanka

The Nigeria Customs Service (NCS) has surpassed its N770.6 billion target for 2017, generating N1 trillion during the year.

A statement issued in Abuja by the National Public Relations Officer of the NCS, Mr Joseph Attah, disclosed that the amount was the highest revenue collected ever by the service.

In 2016, customs raked N898.7 billion as revenue.

It was gathered that despite the economic recession experienced earlier in the year with low volume of imports, occasioned by restriction placed on 41 items from accessing forex, the Comptroller-General of Customs, Mr Hameed Ali, undertook some strategic measures in terms of restructuring and repositioning the service for efficient service delivery which resulted in this historic revenue figure from the service this year.

To achieve this feat, the CGC put in place a strategic redeployment of officers and men of customs, overhauled and re-trained operatives of the Customs Intelligence Unit and maximized the potentials of automation through monitoring, tracking infractions, blocking and recovering lost revenues.

In addition, he ensured that re-invigoration of anti-smuggling operations, setting up a Compliance Team to serve as the third layer of security, put in place a regime of prompt reward for hard work and punishment for wrong-doing; and as well as a transparent promotion process strictly based on merit; and a deliberate and sustained sensitization/Stakeholder engagements across the country.

These and other administrative measures of the current management of the service continue to motivate the workforce towards selfless pursuit of NCS and indeed the nation’s goals.

It was further gathered that ruthless anti-smuggling operations which resulted in over 4,000 assorted seizures with over N11 billion in value, also helped to increase levels of compliance in terms of honest declarations and correct payment of duties by traders to avoid loss of their goods and possible jail term.

These seizures included the spectacular 2,671 pump action riffles, dangerous drugs, rice, vehicles e.t.c.

The customs said it would have performed better if not for paucity of funds, but despite this difficult situation, NCS said it strives to deliver, sometime even at the risk of sustaining serious injuries and or even death.

Sadly, in the process of enforcing the laws during the year, six officers fell in the line of duty.

“While 2017 draws to an end with rich harvest of seizures and high revenue collection for the Federal Government, the service is not unmindful of the activities of unpatriotic elements that are still bent on sabotaging the fiscal policies of government, especially in the areas of rice and vehicles smuggling through the land borders.

“Accordingly, the CGC has directed sustained onslaught against smugglers especially at this festive period,” the statement released by the agency said.

However, Mr Ali, in the spirit of the season, enjoyed all stakeholders to reflect on the values of patriotism and resolve to avoid all forms of smuggling.

Economy

NASD OTC Exchange Rallies 0.23% as Nipco Leads Six Advancers

Published

6 minutes ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.

The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.

On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.

The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.

Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.

At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.

Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.

Economy

Naira Down Again at NAFEX, Trades N1,359/$1

Published

1 hour ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.

At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.

In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.

But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.

The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.

In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.

However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.

As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.

Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.

Economy

Crude Oil Falls as Geopolitical Risk Around Iran Clouds Supply Outlook

Published

2 hours ago

27/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil settled lower on Thursday as investors tracked developments in talks between the United States and Iran over the latter’s nuclear programme, weighing potential supply concerns if hostilities escalate.

Brent crude futures lost 10 cents or 0.14 per cent to close at $70.75 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by 21 cents or 0.32 per cent to $65.21 a barrel.

The US and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region.

Prices had gained earlier in the session after media reports indicated the talks had stalled over US insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60 per cent-enriched uranium to the US.

However, prices then retreated after the two countries extended talks into next week, reducing the immediate strike potential.

Iran’s Foreign Minister, who confirmed talks will continue next week, said Thursday’s talks were the most serious exchanges with the US yet, saying Iran clearly laid out its demand for lifting sanctions and the process for relief.

His counterpart from Oman, who is handling the talks, said significant progress was made in Thursday’s talks. The Omani minister’s upbeat assessment followed indirect talks between Iranian Foreign Minister and US envoys Steve Witkoff and Jared Kushner in Geneva, with one session in the morning and the second in the afternoon.

He will also hold talks with US Vice President JD Vance and other US officials in Washington on Friday.

The Trump administration has insisted that Iran’s ballistic missile program and its support for armed groups in the region must be part of the negotiations.

The American President said on February 19 that Iran must make a deal in 10 to 15 days, warning that “really bad things” would otherwise happen.

On Tuesday, he briefly laid out his case for a possible attack on Iran in his State of the Union speech, underlining that while he preferred a diplomatic solution, he would not allow Iran to obtain a nuclear weapon.

Meanwhile, the US continues to amass forces in the Middle Eastern region, with the military saying it is prepared to execute orders given by the US President.