Economy
Customs Rakes N1tr as Revenue in 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.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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