By Adedapo Adesanya

The Nigeria Customs Service (NCS) has announced that it generated N190,569,212,397.42 from January to March 2025, at Onne port, Rivers State.

The Customs Comptroller for Area II Command, Onne, Mr Mohammed Babandede, revealed this during his first quarter media briefing in Onne on Wednesday, stating that the feat showed a remarkable improvement with an increase of N27,864,668,442.61 or 17.12 per cent when compared with the same period of 2024.

He said: “The sum of N190,569,212,397.42 was collected as revenue during the first quarter (January-March) of the year, 2025. During the first quarter of the year, 2024, a total of N162,705,313,561.48 was collected. This shows a remarkable improvement of N27,864,668,442.61 or 17.12 per cent against the first quarter of 2024.”

Speaking on export, Mr Babandede hinted that the Command exported 1.274, 695MTS comprising mostly agricultural products and solid minerals, adding that the total products exported stood at a value of N2,345,268,122.00.

The Customs Area Controller made further disclosure, that within the period under review, a total of 20 containers were seized for various offences.

He said the cumulative duty paid value of the seized goods presented was worth N10,293,677,040.00, saying, “It is important to know that importing illicit drugs and other prohibited wares into the country can have serious consequences for both the public and society.

“Worthy of note is the fact that perpetrating any act of illegal activity is criminal and remains punishable under the Nigeria Customs extant laws, with the legal consequence of being punishable with either a fine or imprisonment, or both, as the case may be.

“The impact of the influx of illicit drugs can lead to increased rates of crime, substance abuse, addiction, and health-related issues in the communities. Hence, there is a need to nip it in the bud.”

According to him, “these seizures are products of courage, bravery, high level of integrity, and the self-determined posture of the officers to be patriotic to their oath of allegiance; exhibited through objective and careful examination, meticulous documentary checks and professionalism.”

He added that the Nigeria Customs Service is making significant strides in trade facilitation through its modernization project, explaining that the initiative integrates various applications, platforms, and hardware into a comprehensive import and export management system.

“This Command leveraged this project with yielding remarkable results which includes the efficient release of containers. We trained stakeholders on the B’odogwu Unified Information Management System in order to understand the modality of its operation for efficiency in the clearing procedure and better revenue collection.”

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) is investigating an alleged fraud perpetrated on thousands of Nigerians by a digital investment platform, CryptoBank Exchange (CBEX).

According to EFCC spokesperson, Mr Dele Oyewale, the anti-graft agency has launched a probe, in collaboration with the International Criminal Police Organisation (Interpol) and other international partners, to track the perpetrators of the Ponzi scheme operator.

It was speculated that the company went away with investors’ funds to the tune of N1.3 trillion.

Checks by Business Post indicate many Nigerians lost a huge amount of money to CBEX, with some still in shock on how they fell prey.

Earlier, this newspaper reported that offices of the company in Ibadan and a few other places in Nigeria were looted by some aggrieved investors following news that the company has shut down its services.

For the EFCC, it has now stepped in after receiving calls from different quarters over the incident, according to Mr Oyewale during an interview on Channels Television’s breakfast programme, The Morning Brief on Wednesday.

“Concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.

“I can assure you that all of the profiling we need to do, contacts that we need to make, and some collaborative engagement that we need to make, we’re already doing that. We’re in contact with Interpol. We’re in contact with our development partners,” he stated.

He also said legislation like the recently passed Investment and Securities Act (2025) will help crackdown on Ponzi schemes.

According to the Act, it is criminal to engage in any digital trading activity without being licensed by the Securities and Exchange Commission (SEC) and complying with all the extant laws, as any form of exchange or business engagement must conform to the provisions provided.

“This has empowered us as a commission because we know that with the ISA 2025, it’s so easy for us if you’re involved in some kind of engagement and you’re not licensed and you’re not compliant with extant laws; I mean, it’s a straight thing. We will act accordingly, and we’ll bring such people to justice,” he said.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, April 16, as the market capitalisation remained unchanged at N1.915 trillion as well as the NASD Unlisted Security Index (NSI) at 3,271.02 points.

At the trading session, there was no price gainer or decliner.

The bourse’s data showed a decrease of 95.0 per cent in the volume of securities transacted to 36,757 units from the 736,215 units recorded in the previous trading day, the value of transactions slid by 83.6 per cent to N1.99 million from N12.1 million transacted on Tuesday, and the number of deals fell by 19.2 per cent to 21 deals from the 26 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units worth N568.1 million, and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.