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Tinubu Leaves Nigeria to Europe to Woo Investors

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Tinubu president-elect departs Nigeria

By Modupe Gbadeyanka

The President-elect, Mr Bola Tinubu, has left the shores of Nigeria for Europe on a working visit, a statement from his team said.

He travelled out of the country on Wednesday afternoon and would be expected to woo investors on the continent as he prepares to assume office later this month.

President Muhammadu Buhari, who is currently in the United Kingdom for an extended stay because of an appointment with his dentist, is expected to hand over the reins of the country to Mr Tinubu on May 29, 2023.

In the statement today, it was disclosed that the President-elect will use the opportunity of his trip to finetune the transition plans and programmes, and his policy options with some of his key aides without unnecessary pressures and distractions.

During the visit, the President-elect will engage with investors and other key allies with the goal of marketing investment opportunities in the country and his administration’s readiness to enable a business-friendly climate through policies and regulations.

Already, meetings with multi-sectoral actors in Europe’s business community, including manufacturing, agriculture, tech and energy, have been lined up.

He hopes to convince them of Nigeria’s readiness to do business under his leadership through mutually-beneficial partnerships premised on job creation and skills acquisition.

“Reviving the country’s economy forms a major plank of Tinubu’s Renewed Hope agenda and the meeting is part of his efforts to re-establish Nigeria’s importance in the global economic chain and create empowering opportunities for the country’s huge youth population.

“The President-elect has hitherto promised to hit the ground running, and the visit is reflective of his commitment to the promise as he has already begun talks with global actors in the important areas of the economy and security,” a part of the statement said.

Before he left the country, Mr Tinubu met with the House of Representatives candidates for Speaker and Deputy Speaker endorsed by his party, the All Progressives Congress (APC), Mr Tajudeen Abbas and Mr Benjamin Kalu, who were presented to him by Joint Task Team of the House.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Customs Area 1 Command Eyes Higher Revenue in 2025

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Mustapha Hashim customs area 1 command

By Bon Peters

The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers States, has expressed confidence in raking in higher earnings in 2025 after it generated about N200.6 billion in 2024.

A statement by the command’s Public Relations Officer, Mr Oscar Ivara, a Superintendent of Customs, said last year’s revenue was higher than the N116.3 billion collected in 2023 by 72.41 per cent or N84.3 billion.

He quoted the Comptroller of the command, Mr Mustapha Hashim, as attributing “this impressive surplus” to the hard work, dedication, and operational improvements within the command, which he insisted have helped increase revenue while improving compliance with customs regulations.

He noted that the command’s strategic focus on enforcement operations and ensuring compliance with customs regulations have significantly contributed to the increase in revenue even as he applauded the improved monitoring systems, increased patrols, and enhanced collaboration with other enforcement agencies which he emphasized have played a critical role in curbing smuggling activities and improving revenue.

Continuing, Mr Hashim gave a breakdown of the 2024 revenue figures of the command to include N184.2 billion in the first quarter of 2024, with an estimated monthly collection of N15.4 billion, which he said was later reviewed upwards to N230.3 billion with monthly expected collection of N19.2 billion in the second to fourth quarters of the year.

The agency, however, reported an annual revenue target shortfall collection of about 13.04 per cent, which was largely attributed to the federal government’s food import waiver policy, introduced in July 2024, to mitigate Nigeria’s worsening food crisis.

“The presidential directive, which ended on December 31, 2024, gave waivers to essential food items such as wheat, maize, and grain, which are the major goods imported through the command,” he stated.

In the area of export activities, Mr Hashim posited that the command made notable strides in boosting revenue from agricultural products, which he referred to as a key indicator to Nigeria’s economic diversification.

“This focus has increased export facilitation and boosted the command’s contribution to national revenue,” he said.

He added that the total quantity of cargoes exported in the year 2024 was 17,352,817 metric tons with FOB at $1.5 billion, while the NESS paid was N2.9 billion for both oil and non-oil exports.

The statement also disclosed that a total of 289 ships called at the Area Command in 2024, with import tonnage comprised of bulk cargoes such as wheat, frozen fish, salt, oil well equipment, PMS, AGO, gypsum, bitumen and general cargoes which amounted to 4,080,654.198 metric tons and the duties collected from the bulk cargoes and excise factory   contributed to the huge revenue collected in the command.

He said the feat was achieved by advocating full compliance of all customs regulations by ensuring maximum collection of customs duties, levies and payment of all unpaid assessment.

Mr Hashim said with the command’s focused approach, dedication and continued support from partners and stakeholders, the revenue generation, anti-smuggling and trade facilitation drive for 2025 will be effective, promising that the command would deploy all necessary tools to ensure seamless clearance operations this year.

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EFCC to Auction Over 800 Forfeited Cars in Lagos, Abuja (Full List)

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efcc car auction 2025

By Modupe Gbadeyanka

Over 850 cars forfeited to the Nigerian government across various locations in Nigeria will be auctioned by the Economic and Financial Crimes Commission (EFCC), a statement from the agency has revealed.

The anti-money laundering organisation said the vehicle were seized by the government through court orders from persons involved in various financial crimes, including corruption, money laundering, and cybercrime.

The agency said the auction is in line with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022.

It called on interested members of the public to participate in the auction, promising that the process will be transparent and fair.

The exercise will be conducted by the EFCC in partnership with appointed auctioneers in Lagos, Abuja, Benin City, Enugu, Ilorin, Ibadan, Port Harcourt, and Kano from January 20 to 27, 2025.

“The general public is hereby notified that the @officialEFCC through its appointed auctioneers will conduct e-Auction of the under listed vehicles that are subject of final Forfeiture orders in accordance with the EFCC (Establishment) Act, 2004, Public Procurement Act, 2007 and the Proceeds of Crime (Recovery & Management) Act, 2022,” the statement read.

Below are the cars to be auctioned by the EFCC;

EFCC Car Auction List

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Oyo Rehabilitates Agbowo Road, Three Others

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Agbowo road Ibadan

By Modupe Gbadeyanka

Four major roads are being rehabilitated by the Oyo State government to improve transportation infrastructure and enhance mobility.

The chairman of the Oyo State Road Maintenance Agency (OYSROMA), Mr Busoye Ogunlade, in a statement in Ibadan last Friday, said the roads should be completed in less than eight weeks.

The roads include Bashorun Oluwo-nla road, Agbowo road, Eleyele-Water road, and Zion plaza-Olusoji road.

“Work has commenced on some of these roads, as we speak. However, repairs on other roads will commence soon,” Mr Ogunlade said, advising commuters to follow temporary traffic diversions and cooperate with the ongoing construction efforts.

The OYSROMA chief said the ongoing rehabilitation was based on fund availability and the economic viability of those roads, noting that the move is in line with the commitment of the administration of Governor Seyi Makinde to make the state more attractive to both local and foreign investors.

“Governor Seyi Makinde has given us the mandate to rehabilitate roads across the State, and we have mobilized Engineers, through direct labour to these sites,” he said, adding that to make the exercise have the desired impact on the people, the agency has gone across all zones and picked critical roads that need rehabilitation across the state.

“This is borne out of the complaints we received during zonal town hall meetings from residents of the state. Our Engineers have swung into action and have taken measurements of critical roads,” he said.

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