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
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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