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 Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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