Economy
Onne Customs Raises Revenue 69.4% to N38.9 billion in Q1 2021
By Adedapo Adesanya
The Nigeria Customs Service (NCS) of Area ll Command, Onne Port, has disclosed that its revenue generation grew by 69.4 per cent as a total of N38.9 billion was collected in the first quarter of 2021.
This was disclosed by the Customs Area Controller (CAC), Comptroller Auwal Mohammed, who noted that N38,877,314,286.12 was revenue collected for the federal government compared with the N22,950,780,163.43 generated between January and March 2020.
A breakdown of the 2021 monthly collections showed that N12,123,024,011.82 was collected for January; N12,760,546,062.07 for February and N13,984,744,212.23 for March .
According to the agency, all monthly collections for this year have so far surpassed those of the first three months of 2020 with remarkable differences from which hovered at slightly above N7 billion monthly.
He said on anti-smuggling, the command recorded a total of 12 seizure with a cumulative duty paid of N4,120,882,608.03
“The seizures comprises of 2 units of used Mitsubishi buses; 210 bales of secondhand clothing, 1,435 pieces of used tyres, used engine gearbox and auto spare parts, 310 pallets of laser ketchup and 20 bales of fabrics.”
A month by month breakdown of the seizures indicated that four seizures were made in January which includes 3 containers and 2 suspects with duty paid value of N85,987,936.05.
In February, the command made 3 seizures involving 4 containers with total duty paid value of N45,527,836.00 while in March 2021 it made 5 seizures involving 7 containers with a duty paid value of N3,989,366,808.89.
On export, the command processed 207,749.614 metric tonnes of cargoes with a free on board value of $70,838,025.68 comprising cashew nuts, ginger, hibiscus flower, sesame seeds, zircon sand, palm kernel, tiger nuts and many more.
Mr Mohammed, under whose watch the command has recorded its highest monthly revenue collection of N13 billion in the 38-year-old history of the command, also urged officers to avoid being complacent and keep doing more to improve on the national economy, security and trade facilitation.
He said: “We are doing well but I believe there are rooms for improvement in revenue collection, anti-smuggling, trade facilitation and robust stakeholders’ engagements.
“Every likely or identified area of government revenue leakages should be blocked for us to sustain the tempo of maximum collections. We owe Nigeria a duty to make the smuggling of prohibited items impossible through this command.
“Our ability to detect attempts at duty evasion and issuing demand notices to collect complete revenue from importers and their agents will be improved upon relying on technology and hands-on experience.
“Duty evaders should steer clear from this area as they are likely to be arrested with their wares seized in accordance with extant provision of the Customs and Excise Management Act (CEMA)
“While we await the deployment of scanners to aid our job, the due diligence employed in physical examinations to achieve outstanding results will be sustained and improved upon
“I hereby urge importers, exporters, licensed customs agents and freight forwarders interfacing with customs in Onne Port to see compliance as a key to unlock the many benefits derivable from their trade, investments and professions,” he said.
He also urged officers and men in the area to be unrelenting and uncompromising in the collection of revenue and implementation of government’s directives as they pertain to trade.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
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.
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