Economy
MMA Customs Generates 79.6% of 2023 Revenue Target in Six Months
By Adedapo Adesanya
The Murtala Muhammed Airport (MMA) Command of the Nigeria Customs Service (NCS) has generated N38.7 billion as revenue in the first half of 2023, representing 79.6 per cent of its annual revenue target.
The command’s Area Controller, Comptroller Mohammed Yusuf, said in a statement signed by Superintendent of Customs, Mr Victor Ogagbor, the command’s Public Relations Officer. He noted that this is 11 per cent higher than the amount raked in in the same period in 2022, which stood at N34.9 billion.
“When you compare this with the revenue in 2023, this shows a progressive difference of N3.9 billion, representing an 11 per cent increase,” he said.
The area controller said that the MMA command under his leadership had continued to build on the achievements of the previous year, both in the area of revenue generation and in anti-smuggling activities.
“Following my resumption, I have abided by the standard best practices, consequently aiding trade facilitation and ease of doing business which has significantly increased revenue generation,” he said.
In the area of anti-smuggling, Yusuf said the command made remarkable successes in the first half of 2023.
“The Enforcement Unit of the Command coordinated several anti-smuggling activities in synergy with other critical stakeholders, which led to the seizure of 15 consignments of tramadol, dried shark fins and live turtle.
“These had a Duty Paid Value (DPV) of N27.8 billion,” he said.
The customs boss noted that the shark fin and live turtle are classified as endangered species.
“In the spirit of inter-departmental cooperation, the command has handed over the packages of Tramadol to the Nigerian Drug Law Enforcement Agency (NDLEA),” he said.
Mr Yusuf called for continuous cooperation of all stakeholders and reiterated the command’s promise to sustain and improve upon revenue generation in the second half of 2023.
This is an early signal that the Service could meet its target for the fiscal year after it recorded a N400 billion shortfall in 2022 after its forecast of N3.1 trillion hit a snag.
The Customs Service was only able to generate 84 per cent to the tune of N2.6 trillion, with former comptroller-general, Mr Hammed Ali saying this was caused by factors such as the unpredicted stock market and fiscal policies of the Muhammadu Buhari-led government such as waivers and concessions.
The comptroller-general said, “Non-commencement of tariffs on carbonated drinks, telecommunications tariff, among other things, affected the actualisation of the service’s target for 2022.”
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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