Economy
e-Customs Project to Become Operational 2022—NCS
By Adedapo Adesanya
The Nigeria Customs Service (NCS) said its digital platform called the e-customs project will become operation in 2022, noting that this will help in verifying the authenticity of documents by enforcement officers on patrol.
Speaking at a press conference in Lagos, the NCS National Public Relation Officer, Mr Timi Bomadi, this app will eliminate delays in verifying genuine Customs documents on our highways making it difficult for forgers to get away with their illegal acts, while easing the journeys of law abiding citizens.
He further stated that the service is also facilitating trade at ports and border stations through the modernisation/automation of import/export processes, aimed at reducing trade costs and the simplification and harmonisation of Customs processes to help in the development of local industries, improves economic prosperity, boost the revenue base of the Federal Government and enables foreign direct investment.
Currently, the image maker said the NCS has integrated and automated over 90 per cent of its activities and collaborated with the Federal Ministry of Finance for the introduction of the National Vehicle Registry VReg portal which among other things incorporates an automated vehicle valuation mechanism that authenticates Vehicle Identity Number (VIN) and validates the make, model and year of manufacture for easy assessment of value for Customs purposes.
“Members of the public have continued to avail themselves of copious information on both its web based and mobile applications.
“The e-customs project which is certain to take off next year will provide end to end automation aimed at eliminating physical contact and the potential for subjective judgments based on unethical considerations. Fast track and Authorized Economic Operator schemes are there to enhance and facilitate the experience of traders with track records for honesty and transparency,” he said.
“However, all trade across borders is associated with different levels of risk necessitating the establishment of control mechanism via risk management. In managing of goods in transit, the historical antecedents of importers/exporters and agents, countries of origin, fiscal policy, security, wellbeing, health and safety of citizens.
“The Nigeria Integrated Customs Information System II (NICIS II) meets the TFA criteria for the simplification of Customs processes and procedures. While it provides easy access to Customs information regarding trade regulations, it allows for easy interface and an enhanced user experience. Importers or their agents can access the Customs portal from the comfort of their homes and offices. Declarations, assessments and payments are made via web based applications on the trader zone. At the Customs zone, selectivity is triggered based on risk assessment and the required mode of examination indicated in the system. Release is activated when no infringements requiring interventions are discovered.
“NICIS II allows for the full integration of other regulating authorities like Standards Organization of Nigeria, (SON) and the Nigeria Food and Drug Administration and Control (NAFDAC). In so doing all regulatory issues concerning other agencies are expected to be treated expeditiously and simultaneously to facilitate trade. However, an important to note that the potential speed for execution under the NICIS II platform can be impeded by the operations of other agencies that are yet to fully define and automate their risk criteria for integration with the existing platform. In this case the efficiency of the system becomes defined by the slowest players in the team,” Mr Bomadi noted.
Although, he admitted that the valuation of goods by officers of the service is another area that has often drawn criticism from some stakeholders and importers, he said: “there is no market in the world where prices remain static over time Same is true for other components of Customs value, which includes insurance and freight charges. When we add the ever increasing rate of exchange into the mix, the inevitable result has to be commensurate increases in the value component of declared items used for calculating duty.
“Therefore situations where some insist on declaring fictitious values for customs purposes will always be met by adjustments reflecting current realities,” he said.
The customs officer used the occasion to inform newsmen that the agency generated over N2.3 trillion revenue between January and November this year, more that the N1.679 trillion revenue target for this year, based on its last year’s performance.
Mr Bomadi attributed the remarkable success to the current leadership of the Service, and to the diligent and hardworking officers of the NCS.
“In the current year, the Nigeria Customs Service has already exceeded expectations in revenue generation by going beyond the target set for it by the government. Also in its anti-smuggling activities, the Service has made landmark seizures of absolutely prohibited items and items prohibited by trade.
“In August, the service made seizures of 17,137 kg of pangolin scales, 44 kg elephant tusks and 60 kg in pangolin claws all valued at over N22 billion.
“This was made possible through active collaboration between NCS, US, British, and German officials who helped in tracking the suspicious shipment. It further led to the arrest and prosecution of some foreign nationals and their local collaborators.
“In October FOU operatives in Zone A seized 751 bullets concealed in garri sacks, while arms, ammunition and military uniforms were intercepted at Tin Can port Lagos in September 2021 just to mention a few. Our warehouses in all border formations are overflowing with seizures of rice, groundnut oil, used clothing, used vehicles etc.
“At Apapa Area I Command, through the cooperation of other sister agencies and the Nigerian Navy a landmark seizure of cocaine with a DPV of $54 million was made. This seizure was unique for the fact that the illicit substance was found in one of the components of a bulk carrier of sugar. In the same command, 97 containers carrying illicit, expired drugs and other offensive goods with a Duty Paid Value (DPV) of N17.5 billion was seized,” Mr Bomadi said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed a significant rise in turnover last week, which had four trading sessions compared with the preceding week with three trading days.
According to data, investors bought and sold 7.821 billion shares worth N134.471 billion in 150,799 deals versus the 2.876 billion shares valued at N63.832 billion recorded in 80,229 deals a week earlier.
Last week, the market closed its doors to traders on Thursday for New Year’s day celebration, while in the preceding week, no trading activity happened on Thursday and Friday for Christmas and Boxing Day.
Last week, the financial services industry led the activity chart by volume with 5.992 billion equities sold for N67.024 billion in 55,598 deals, contributing 76.61 per cent and 49.84 per cent to the total trading volume and value apiece.
The ICT sector transacted 946.959 million shares worth N8.028 billion in 15,443 deals, and the consumer goods space traded 258.820 million stocks for N9.381 billion in 24,133 deals.
Cornerstone Insurance, Chams and Access Holdings accounted for 5.317 billion units worth N37.361 billion in 10,441 deals, contributing 67.97 per cent and 27.78 per cent to the total trading volume and value, respectively.
In the week, 73 equities appreciated versus 44 equities a week earlier, while 23 equities depreciated versus 30 equities in the previous week, and 51 equities closed flat versus 73 equities in the preceding week.
Austin Laz was the biggest price gainer with 45.94 per cent rise to close at N4.67, Aluminium Extrusion gained 45.57 per cent to finish at N23.80, Eunisell improved by 43.26 per cent to N126.00, ABC Transport zoomed further by 37.92 per cent to N4.51, and Honeywell Flour grew by 29.58 per cent to N23.00.
On the flip side, eTranzact was the biggest price loser after giving up 9.92 per cent to trade at N11.35, First Holdco lost 7.92 per cent to finish at N48.80, LivingTrust Mortgage Bank depleted by 7.61 per cent to N3.40, CAP shrank by 6.76 per cent to N69.00, and Champion Breweries weakened by 6.67 per cent to N14.00.
It was a bullish week as the All-Share Index (ASI) went up by 1.92 per cent to 156,492.36 points and the market capitalisation soared by 2.09 per cent to N99.938 trillion, with all other indices closing higher.
By Adedapo Adesanya
The Ministry of Solid Minerals Development recorded an increase in revenue, rising to over N70 billion in 2025 from about N16 billion in 2023.
The development was disclosed by Mr Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Mr Dele Alake.
The statement attributed the growth to wide-ranging reforms and strategic policies that have repositioned Nigeria’s mining sector and attracted renewed global interest.
It was revealed that upon assumption of office, revenue from the sector increased from N16 billion in 2023 to N38 billion in 2024 and is projected to exceed N70 billion by the end of 2025.
He said the improvement followed the implementation of Mr Alake’s seven-point agenda, which focuses on reforms, transparency, investor confidence, and local value addition.
As part of the reforms, the ministry revoked 1,633 mining licenses in late 2023 over non-payment of annual service fees, while another 924 dormant licenses were revoked in early 2024 to create room for serious investors.
In addition, the guidelines for Community Development Agreements (CDAs) were revised to ensure host communities give consent before licences are approved.
Illegal mining, identified as a major challenge in the sector, has been addressed through the establishment of mining marshals in 2024.
Within a year, more than 300 illegal miners were arrested, about 150 are undergoing prosecution, and 98 illegal mining sites have been recovered.
Mr Tomori said nationwide satellite surveillance of mining sites is expected to commence in 2026 to strengthen enforcement.
At the continental level, Nigeria’s push for local value addition led to the formation of the Africa Minerals Strategy Group, which elected Mr Alake as its pioneer chairman.
The statement added that the revenue growth, though unprecedented, remains a fraction of the sector’s vast potential, adding that reforms will be consolidated in 2026 to make solid minerals a major contributor to Nigeria’s Gross Domestic Product.
On federal and state conflicts over mining control, Mr Tomori said the minister introduced cooperative federalism, encouraging states to apply for mining licences and operate through limited liability companies.
The spokesperson said this approach has resulted in joint venture investments in states including Nasarawa, Kaduna, Oyo, and the Federal Capital Territory (FCT).
He further disclosed that lithium processing plants are emerging across the country, a $400 million rare-earth metals facility is in the pipeline, and about $1.5 billion in foreign direct investment has been attracted to the sector since 2023.
By Aduragbemi Omiyale
Champion Breweries Plc recently issued its 5-year fixed rate senior unsecured bond to investors at a coupon of 19.50 per cent under its N45 billion bond issuance programme.
The exercise saw about N30 billion raised, with participation from a diverse set of institutional investors, including Pension Fund Administrators (PFAs), asset managers, trustees, a bank, a registrar and High Net-Worth Individuals (HNIs), underscoring strong confidence in Champion Breweries’ credit quality and long-term growth strategy under its management team and board of directors.
Business Post reports that one of the major facilitators of the transaction was Rand Merchant Bank, which acted as lead issuing house and bookrunner.
Proceeds from the issuance would be strategically used to enhance operational efficiency, enabling Champion Breweries sustain growth and deliver long-term value to stakeholders.
This landmark transaction marks a significant milestone as Champion Breweries continues to expand its footprint and strengthen its position in Nigeria’s beverage industry.
It is the first bond to be issued by a player in the breweries sub-sector in Nigeria, signalling the company’s ambition to diversify its funding sources, strengthen its capital structure, and position Champion Breweries for sustainable growth in a competitive market.
“The successful bond issuance is more than a financing milestone; it is a statement of intent. By accessing the debt capital markets, we have demonstrated the strength of our governance, the resilience of our business model, and the confidence investors place in our long‑term vision,” the chairman of Champion Breweries, Mr Imo-Abasi Jacob, commented.
On his part, the chief executive of Champion Breweries, Mr Inalegwu Adoga, said, “This successful Bond Issuance reflects investor confidence in Champion Breweries and our strategic direction under EnjoyCorp. With this capital, we are focused on driving operational efficiency and unlocking opportunities that will sustain growth and reinforce our leadership in Nigeria’s beverage market.”
Also speaking, an Executive Director at Rand Merchant Bank Nigeria Limited and Head of Investment Banking for Broader Africa, Mr Chidi Iwuchukwu, said, “Champion Breweries Plc’s maiden Bond Issuance is a significant milestone for the breweries sub-sector and reflects the increasing depth of Nigeria’s debt capital markets.
:Rand Merchant Bank is proud to have partnered with Champion Breweries as lead issuing house and bookrunner, leveraging our expertise in credit ratings advisory, transaction structuring, debt advisory, as well as investor and regulatory engagements to deliver seamless execution.
“This success reinforces our commitment to delivering holistic solutions that help clients achieve strategic objectives and set new benchmarks. We appreciate Champion Breweries Plc’s confidence in RMB Nigeria throughout this journey.”
The chief executive of RMB Nigeria, Mr Bayo Ajayi, said, “We are proud to have led and advised Champion Breweries through the process of accessing long-term funding from the debt capital markets.
“This transaction demonstrates the depth and sophistication of Nigeria’s debt capital markets. At RMB Nigeria, we remain committed to structuring solutions that meet our clients’ funding needs while contributing to the development of Nigeria’s capital markets. Champion Breweries’ successful issuance sets a strong precedent for future bond issuances from players in the breweries sub-sector.”
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