The Comptroller-General of Customs (CGC), Adewale Adeniyi, has raised concerns over the growing trend of smugglers setting up storage facilities near Nigeria’s borders to evade security checks. These warehouses, strategically located in remote areas, allow smugglers to stockpile contraband goods before discreetly moving them into the country. Speaking at a recent security briefing, Adeniyi emphasized that these illegal storage hubs pose a serious threat to Nigeria’s economy and national security. He noted that smuggled items, including banned goods, substandard products, and even illicit substances, not only undermine local industries but also pose health and safety risks to consumers. In response,…
Author: Temitope N.
The Nigeria Customs Service (NCS) has commenced the pre-unveiling of a new trade facilitation tool aimed at streamlining import and export processes, enhancing efficiency, and reducing bureaucratic bottlenecks. This initiative aligns with the government’s broader efforts to improve ease of doing business and boost economic growth through seamless trade operations. According to Customs officials, the tool is designed to leverage automation and data analytics to speed up cargo clearance, minimize human interference, and curb revenue leakages. By integrating digital solutions, it is expected to enhance transparency and compliance with international trade regulations while reducing delays at ports and border points.…
Key players in Nigeria’s maritime sector have expressed strong support for the reintroduction of a global cargo tracking system, citing its potential to enhance security, transparency, and revenue generation. The initiative, which had previously been in place but was discontinued, is now being reconsidered as part of efforts to modernize the country’s trade and logistics framework. Industry experts argue that reinstating the cargo tracking system will help curb smuggling, reduce under-declaration of goods, and improve compliance with international shipping regulations. By providing real-time data on shipments, the system is expected to enhance supply chain efficiency and facilitate faster customs clearance.…
President Bola Ahmed Tinubu has officially laid the foundation for FirstBank’s new headquarters, a cutting-edge, eco-friendly building designed to align with global sustainability standards. The new facility, located in Lagos, is set to incorporate green technology, energy-efficient systems, and environmentally friendly materials to reduce its carbon footprint. Speaking at the groundbreaking ceremony, Tinubu emphasized the importance of sustainable development in Nigeria’s financial sector, highlighting the role of institutions like FirstBank in driving economic growth while prioritizing environmental responsibility. He commended the bank’s commitment to innovation and its efforts to create a workspace that meets modern sustainability standards. FirstBank’s leadership expressed…
A group of companies has joined forces to support vulnerable children through educational initiatives, skill development programs, and welfare assistance. The partnership aims to provide long-term solutions that improve the lives of disadvantaged children, particularly those affected by poverty, neglect, or displacement. The collaboration brings together businesses from various sectors, including finance, technology, and manufacturing, with each contributing resources such as funding, mentorship, and digital learning tools. According to organizers, the initiative seeks to bridge the gap in access to quality education and equip children with the skills needed for a better future. Beyond academics, the program includes vocational training…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
A new report has revealed that the federal government is losing an estimated N120 billion annually due to illegal private jet charter operations. The findings indicate that unregistered operators are bypassing regulatory fees and taxes, depriving the government of significant revenue. According to industry experts, many private jet owners engage in unauthorized commercial operations without the necessary permits, exploiting loopholes in aviation regulations. These illegal charters, often arranged discreetly, offer services at lower rates than licensed operators, creating unfair competition in the sector. Aviation regulators have expressed concerns over the impact of these activities, not only on government revenue but…
The federal government has encouraged women to take advantage of opportunities in the capital market to achieve financial independence and long-term wealth creation. Officials emphasized the need for increased female participation in investments such as stocks, bonds, and mutual funds, highlighting their potential to provide stable returns and economic security. Speaking at a financial literacy workshop, government representatives stressed the importance of informed investment decisions, urging women to seek professional guidance and leverage digital platforms for easy access to market trends. They noted that despite the growing number of women in entrepreneurship, many still shy away from capital market investments…
The President has appointed Taiwo Ogunjimi as the new Accountant-General of the Federation, marking a significant leadership change in the nation’s financial management. Ogunjimi, a seasoned financial expert with years of experience in public sector accounting, is expected to bring stability and efficiency to the role. His appointment comes at a crucial time when the government is focusing on fiscal responsibility, transparency, and accountability in managing public funds. As the chief financial officer of the federal government, Ogunjimi will oversee budget implementation, treasury operations, and financial reporting, ensuring compliance with national and international financial standards. Analysts view his selection as…
Nigeria’s equity market recorded a significant boost, gaining N1.83 trillion in just one week as investor confidence strengthened. The bullish trend was driven by increased demand for stocks across key sectors, particularly banking, telecoms, and consumer goods. Market analysts attributed the rally to positive economic indicators, improved corporate earnings, and renewed foreign investor interest. The All-Share Index (ASI) of the Nigerian Exchange (NGX) also posted strong growth, reflecting the overall market optimism. Experts believe that the uptrend could continue if macroeconomic conditions remain stable and corporate performance stays strong. However, they also cautioned that external factors, such as global economic…