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Tin Can Customs records N76.78bn revenue in Q1

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The Tin Can Island Command of the Nigeria Customs Service (NCS) generated N76.78 billion revenue in the first quarter of 2018, up from N61.83 billion recorded in the corresponding period of 2017. The Customs Area Controller, Comptroller Mohammed Musa, made this known in Lagos recently in a statement signed by the Command’s Public Relations Officer, Mr. Uche Ejesieme.

 

The controller said: “Though the first quarter of each year is usually synonymous with low volume of trade, the migration to Nigeria Integrated Customs Information Systems (NICIS II) platform by the command, also contributed to some hiccups that affected declarations but which we have surmounted.’’

 

Musa said that efforts were being made to ensure that the policies and programmes of the command were tailored toward achieving efficiency and promoting competitiveness in the trade value chain.

 

He pointed out that the command was at the vanguard of implementation of the Presidential Directive on Ease of Doing Business.

 

Musa said that as the lead agency, the service had strengthened the existing relationship with other security and regulatory agencies for actualisation of the Presidential Directive on creating Enabling Business Environment at the ports.

 

Meanwhile, the National Drug Law Enforcement Agency (NDLEA) in Oyo State says it has seized 3,891.875 kg of suspected hard drugs and secured 15 convictions in the first quarter of 2018.

 

The State Commander, Mrs. Omolade Faboyede, said this in a statement made available to the News Agency of Nigeria (NAN) on Wednesday in Ibadan.

 

She said that the seized drugs included Indian hemp and other psychotropic substances.

 

According to the NDLEA boss, six drug addicts are currently undergoing rehabilitation in the state.

 

Faboyede also said the command would not relent in its efforts in the fight against drug trafficking, abuse and production in the state.

She called for collaborative support from all stakeholders to continually sensitise the public on the danger associated with drug abuse and trafficking.

 

 

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FBN General Insurance grosses N3.51bn premium in 2017

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FBN General Insurance recorded a gross premium of N3.51 billion in 2017. According to the firm, the account, which has been approved by the National Insurance Commission (NAICOM), revealed a 60 per cent growth in premium, moving from N2.2 billion in 2016 to N3.51 billion, while claims expenses also rose by 180 per cent from N270 million to N756 million. Profit Before Tax (PBT) closed at N322 million, also representing a year-on-year growth rate of 66 per cent.

The firm noted that the profitable growth was partly driven by improved asset and investment portfolio management, resulting in an investment income growth of 112 per cent. Managing Director/Chief Executive Officer of the firm, Bode Opadokun, said: “2017 was the year we consolidated on the strategic restructuring across key business functions.

This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27% at year-end from NGN6.06bn achieved in 2016 to NGN7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.” FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group South Africa.

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Tincan Customs chief to implement 48-hour cargo clearance

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Customs Area Controller (CAC), Tin Can Island Port Command, Musa Baba Abdullahi has reiterated the command’s unshaken commitment to achieve 48hour cargo clearance from the port without compromising revenue collection and national security.

The customs chief said efforts are being put in place to maximise benefits of technology and build the command’s manpower to meet with the growing challenges of modern trade.

 

While addressing maritime journalists in his Apapa office, Musa identified swift dispute resolution as a key component to facilitate trade. He said the command has put in place a faster mechanism to address any area of disagreement in interpretations of guidelines for duty collection and other related matters.

 

He added that a committee put in place for disputes resolution meets as soon as any dispute arises to avoid port users incurring costs caused as a result of delays in resolving such disputes.

 

According to him, there is a quicker process of bringing issues to his attention and contacting the headquarters where necessary to avoid delays associated with such disagreements. He said the command has stepped up efforts at keeping officers and relevant stakeholders abreast with the use of technology for the purpose of customs operations.

 

The Controller disclosed that senior officers and licensed customs agents are being trained at the command’s Information Communication Technology (ICT) Centre on the latest Nigeria Customs Information System (NICIS 2) in batches.

 

Musa said the training and retraining of customs personnel and stakeholders will continue with a view to getting as many persons as possible knowledgeable in the workings of the system.

 

He also stressed the need for all stakeholders to increase their levels of compliance with rules and improve on their knowledge as ways of achieving seamless flow of trade thereby achieving faster clearance of goods from the port.

The Controller also advised the maritime media to uphold the ethics of their profession and be fair and truthful in all they do.

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Early rainfall to boost Nigeria’s cocoa mid-crop

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Nigeria’s mid-crop cocoa output for 2017/18 could rise by 15 per cent from last season, helped by a mix of rainfall and sunshine in the main growing regions which has helped the trees, President of Cocoa Association of Nigeria (CAN) Sayina Riman said in a recent interview with Bloomberg.

 

Drought cut last season’s mid-crop harvest by 40 per cent. The dry weather continued into the main crop of the new season.

 

Riman said the drought affected the trees, reducing output of between 300,000 tonnes and 320,000 tonnes projected at the beginning of the 2017/18 season.

 

He said that early rains in March and April have helped boost the mid-crop, which could see the season’s output close at around 290,000.
Riman farms on a 170 hectare cocoa plantation in Nigeria’s second-biggest region of Cross Rivers.

 

The cocoa season in Nigeria runs from October to September, with an October-to-February main crop and a smaller light or mid-crop that begins in April or May and runs through September.

 

“Despite the drought of last year which affected cocoa we believe we would be close to 290,000 tonnes for 2017/18 season,” Riman told Reuters.

 

The International Cocoa Organisation (ICCO), however, gives much lower estimates of Nigerian cocoa output. It forecast last season’s production at 225,000 tonnes.

 

Riman did not give a reason for the discrepancy. Nigerian government production figures are also significantly higher than ICCO estimates.

 

Nigeria has recently emerged from recession and a currency crisis which caused a chronic dollar shortage, forcing exporters to under-invoice their goods in order to use the foreign exchange black market to get premium for their hard currency.

 

The action caused the West African country slip to the sixth producer of cocoa in the world at the peak of the crisis. Riman said Nigeria was getting back to number four grower as exporters now use the official currency markets.

Riman said Nigeria was working on improving its bean quality especially with renewed demand from Europe.

 

However, bean count, a measure of the number of beans needed to produce 100 grams of cocoa, reached as high as 140 for the main crop.

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