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NCS Raises Concerns Over N3.09trn Revenue Target in 2022

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By Mathew Dadiya, Abuja

The Nigeria Customs Service (NCS) has raised the alarm over its ability to meet up with the N3.09 trillion revenue target for the 2022 fsical year.

It disclosed the collection of  N2.143 trillion out of the N3.019 trillion target given by the Federal Government for the fiscal year.

Comptroller-General, Col.

Hameed Ali, who  Spoke at the 54th Session of the State House Briefing organised by the Media Department at the Presidential Villa, Thursday in Abuja,  said agency might not be able to meet the target this year but said there better hope for 2023.

He said one key area of President Muhammadu Buhari’s administration was laying a solid foundation to expand the revenue base of the nation and ensure a steady progression in the economy through institutional reforms.

Ali disclosed that the Customs had deployed strategic approaches to block revenue leakage and had succeeded to identify the leakages and blocked them.

According to him, the NCS was generating N876 billion annually to the federation account but after the leakages were blocked its revenue increased to N2.1030 trillion in a year.

He revealed that total collections from these items under excise between 2015 and May 2022 amounted to N610.865 billion.

“From June 2022 to the present time the collection from non-alcoholic, sugary and carbonated drinks totalled N20.391 billion with an outstanding revenue at the close of business in September of N773.943 million.

“By the end of the last quarter of 2022, the Service anticipates collecting about 35 billion naira from this sector alone or 10.2% of its total collectable duty from excise taxes on sugary/carbonated drinks,” he said.

The Customs boss who said, there was no room for under declaration of goods; stressed that “I’m looking forward to the day we will be collecting more excuse /industrial duty.”

Ali said that the only way Nigeria can protect her border is by huge investment in technology, adding, “we are working electronically and scientifically to generate revenue.”

Automation of the Nigeria Customs Service will generate about $176 billion and instill paperless Customs (Office Automation System, Human Resource Management, Document & Asset Management System), Infrastructure upgrades (Customs Data Centre & Network) and Marine Deployment.

The Comptroller-General said he aligned the organizational structure with the reforms agenda and unbundling of Commands/Units and creation of new Commands to achieve strategic objectives in non-intrusive inspections, marine, air-wing, excise, Oil & Gas Free Trade Zones, and export.

“I have enhanced Human Resource Management by ensuring proper placement of officers and men, define clear paths for career progression and ensure promotions based on merit; enhanced welfare for officers and men, salary increase, better housing facilities, well equipped administrative facilities, regular postings to prevent favoritism/corruption and better healthcare,” he said.

The Finance Act 2021 provided for the amendment of section 21 of the Customs Excise Tariff and allows for the collection of excise duties on non-alcoholic, sugary and carbonated drinks from June 2022.

Meanwhile, the Customs boss said he has sacked over 2000 officers for indulging in corrupt practices waring that it would ensure the service is sanitized.

Excise duty, prior to this amendment, was levied on the local manufacture, sale and consumption of beer, spirits, other alcoholic beverages, cigarettes and tobacco among others, Ali said.

One excise on telecommunications services, Ali explained that the Finance Act 2021 provided for the amendment of section 21 of the Customs Excise Tariff and allows for the collection of excise duties on telecommunications services from June 2022 adding that the current statistics puts the total number of phone users in Nigeria at over 204 million persons.

According to the NCS boss, the Federation Account provides for the collection of 5% on all telecommunications services, voice, data and others.

“NCC data reveals Nigerians spent N3.25 trillion on telecommunications service in 2021, extrapolating that the Service anticipates a collection of about N162.5 billion from this Service alone.

On creation of dedicated export command, Ali explained that exports have long since been identified as having huge potentials in foreign exchange earnings and the value of non crude exports (agricultural products) in 2021 was over N500 billion, assuring that the sector has the potential of growing over 100% with the right incentives and support.

He said the challenges faced by exporters have been addressed through the creation of dedicated export Commands, saying that the pilot scheme is located in an accessible off-dock facility at Lilly-Pond Ijora Lagos.

Export Commands are being modified to simplify and harmonize documentation while insisting on standardized packaging to make Nigerian goods more acceptable in the international market, the Comptroller-General said.

“Nigeria Customs Service has contributed its quota in the notable economic achievements of this administration over the past 7 years, especially through exemplary accountability that has been the fulcrum of NCS Management,” the Comptroller-General said.

The purpose of this briefing was to highlight some of the incentives and critical policy initiatives introduced by the Comptroller General and his Management team to support the vision of Mr. President and his administration to further grow the economy and sustain the anti-corruption fight.

Ali said that the NCS multi-strategy approach has yielded record seizures with total Duty Paid Value of N188.626 billion on all prohibited and offensive items.

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Yahaya Bello to Spend Christmas, New Year in Kuje Prison

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By Mike Odiakose, Abuja

Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.

Justice Maryann Anenih yesterday adjourned the case until Jan.

29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.

The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).

Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.

The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.

Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.

“Consequently, the instant application having been filed prematurely is hereby refused,” she said.

Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.

“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.

“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”

She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.

He urged the court to exercise its discretion judicially and judiciously to grant the bail.

Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.

He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority

“That says that an application can only be filed when it is ripe for hearing.”

Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”

Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.

Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.

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Middle Belt Group Tasks FG on Resettlement, Safety of IDPs

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From Jude Dangwam, Jos

Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.

The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.

Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.

The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.

“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.

“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.

The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.

“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.

“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.

The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.

He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.

He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.

The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies. 

“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts. 

“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.

The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.

“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.

“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative. 

“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.

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Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance

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Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.

Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.

The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.

Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests

He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.

The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.

In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”

He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.

To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.

According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.

He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.

 “Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.

“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.

Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.

He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.

“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.

“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”

Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.

He stated that the commission is committed to transparency and being  mindful of the benefits and risks associated with technology adoption.

Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.

On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.

He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.

He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.

In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.

Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.

She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.

The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN

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