Finance
Nigeria Raises N669bn from Capital Market Through Sukuk Bonds
![Nigeria Raises N669bn from Capital Market Through Sukuk Bonds -FG](https://news.ncbn.ng/wp-content/uploads/2021/08/Zainab-Ahmed4.jpg)
Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria’s Government raised the sum of N669 billion from the Nigerian capital market through issuance of Sukuk Bonds.
Ahmed who disclosed this at the Chartered Institute of Stockbrokers 2021 national workshop on Thursday, said the Federal Government through the Debt Management Office (DMO) raised N669 billion from the capital market between 2018 and 2020.
She said the financing was used to construct and rehabilitate more than 44 roads across the six geo-political zones of the country.
The minister also disclosed that the Government would issue another Eurobond in September to finance capital deficit.
Ahmed further revealed that the Federal Government recently approved the establishment of an Infraco Company; an infrastructure company, envisaged to be world class infrastructure development vehicle for Nigeria.
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Agriculture
Customs Reiterates Commitment to Improve Border Security Using Smart Technology
![](https://news.ncbn.ng/wp-content/uploads/2024/09/IMG-20240904-WA0004.jpg)
Author: Abass Quadri.
The Comptroller-General of Customs, Adewale Adeniyi, has reiterated the service’s commitment to using smart border technology to enhance regional security.
The CGC made this statement at the West Africa Border Security Week held in Lagos on Tuesday, 3 September 2024.
The Customs Chief, who was represented by Comptroller Babatunde Olomu, in charge of the Apapa Area Command, said that the service is meeting the demands of border protection.
He stated, “The conduct of Time Release Studies and the deployment of non-intrusive inspection technology have ensured that we can meet the demands of our border protection.
“Implementing this smart border technology in West Africa will also require a collaborative effort from governments, international organisations, and stakeholders to address the unique challenges and needs of the region.”
Regarding synergy with sister agencies, the CGC noted that numerous illicit items have been intercepted in recent months with the assistance of relevant security agencies.
“Regarding smuggling, the Nigeria Customs Service has intercepted a series of arms and ammunition. Just two months ago, we recorded 10 containers at Onne ports, as well as some at other ports,” he emphasised.
For her part, Assistant Comptroller General of Immigration Mosunmola Onilade stated that effective interagency coordination is not only desirable but essential for reducing wasteful overlap and unnecessary rivalry.
According to her, an interagency approach to crime prevention and control, as well as in preventing irregular migration, is not only imperative but very urgent. “We cannot allow rivalry between stakeholders to affect our work, which would jeopardise our national security.”
A paper was presented by the Assistant Provost Marshal, Customs Police Unit Zone ‘A’, AC Tasiu Sanusi, on the topic: “Illicit Trade and Its Implications on Border Security: The Role of the Nigeria Customs Service.”
Customs Corner
Governor Zulum Visits Comptroller General of Customs, Emphasises Collaboration on Border Security, Trade Facilitation
![](https://news.ncbn.ng/wp-content/uploads/2024/08/IMG-20240817-WA0023.jpg)
Author: Folusho Adeogun.
Borno State Governor Babagana Umara Zulum visited the Comptroller General of Customs (CGC), Bashir Adewale Adeniyi, earlier today, Friday, August 16, 2024, to express gratitude for the Nigeria Customs Service’s continued support to the State in the aspect of trade facilitation and border security.
During the meeting, Governor Zulum acknowledged the strategic importance of Borno State, which shares borders with three countries. He emphasised the need for strategic collaboration to enhance security and trade within the State.
He further expressed his appreciation to the CGC and the Nigeria Customs Service for their unwavering support in addressing the unique challenges faced by Borno State. “We are grateful for the dedication and assistance the Nigeria Customs Service has provided to Borno State. Our borders with Cameroon, Chad, and Niger require robust management, and we are keen to strengthen our relationship with the Nigeria Customs Service to ensure the safety and prosperity of our state,” Governor Zulum stated.
In response, Comptroller General Adeniyi expressed his appreciation for Governor Zulum’s visit and reaffirmed the Nigeria Customs Service’s commitment to supporting Borno State. “We appreciate the support we have received from Borno State in carrying out our core responsibilities. The Customs Service is committed to enhancing and facilitating legitimate trade while ensuring the protection of our borders,” CGC Adeniyi assured.
The meeting concluded with Governor Zulum extending an invitation to the CGC to visit Borno State, emphasising the importance of building on the existing partnership between the state and the Nigeria Customs Service.
Customs Corner
Customs Chief Showcases N1.8B Worth of Seized Expired Drugs, Warns Against Dangerous Imports
![](https://news.ncbn.ng/wp-content/uploads/2024/08/IMG-20240816-WA0012.jpg)
Author: Lucy Nyambi.
The Comptroller General of Customs (CGC), Adewale Adeniyi, has showcased tramadol seizures, expired and unregistered pharmaceutical products worth N1.8 billion at Apapa Port.
The CGC, who showcased the items during a press briefing on Thursday, 15 August 2024, highlighted the Nigeria Customs Service’s (NCS) resolve to prevent any importation that could be detrimental to the health and well-being of Nigerians.
His words, “While our commitment to facilitating legitimate trade remains unwavering, we are equally dedicated to ensuring that any import consignment or export cargo transiting through our ports under customs control is thoroughly checked using our non-intrusive (scanning) measures and physical examinations where necessary”.
“Today, I am here to present seizures made by our officers at the Apapa Port Command, which comprise expired and controlled pharmaceutical products with a Duty Paid Value (DPV) of NGN 1.8 billion. Aside from being expired, some of the seized drugs were imported without undergoing the necessary regulatory requirements, such as obtaining a National Agency for Food Drug Administration and Control (NAFDAC) number. We also have containers seized due to false declarations, ostensibly to evade duty payments, which amounts to smuggling”, he explained.
The Customs Boss noted that, in total, 12 containers were seized and in flagrant violation of Section 233 of the Nigeria Customs Service Act (NCSA) 2023.
In addition to the pharmaceutical products, there were two 40ft containers with 15,540 and 12,000 pieces of cutlasses and machetes. A total of 27,540 pieces of cutlasses and machetes were contained in the two containers.
The CGC advised port users to remain compliant and vowed to run importers of illicit items out of business.
“Port containers are on parade today, the owners of these truck containers, we are going to run them out of business and use them as a deterrent to others who still believe they can doubt our resilience and our commitment to rid Nigeria of dangerous products and prohibited items”, he stated.
He commended the response of the Customs Area Controller, Comptroller Babatunde Olomu and all his officers and men for responding adequately to the challenge he had thrown at them. “They have shown commitment and passion, and they have shown that they can indeed be counted when we are talking about patriotic Nigerians”.
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