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.
Economy
For Third Straight Month, Nigeria Meets OPEC Quota in July
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
Economy
Lasaco Assurance Lists N18.5bn Shares from Rights Issue on Stock Exchange
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
Economy
Recapitalisation: Well-Capitalised Insurers Will Strengthen Nigeria’s Economy—NIA
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.



