Economy
Clearing Agents Begin Indefinite Strike over CBN e-valuation
By Joseph Amah, Abuja
Ports operations at both Tin-Can Island and the Ports & Terminal Multipurpose Limited was grounded on Monday, following the commencement of the withdrawal of services by agents and freight forwarders operating at the two ports.
The agents also threatened to extend the industrial action to all the ports in Lagos State, including Apapa, and Kirikiri Lighter Terminal, if their requests are not granted.
The Central Bank of Nigeria had in a circular to all authorised dealers and the general public announced the introduction of e-invoicing for all imports and exports in the country, effective February 1, 2022.
However, freight forwarders operating at both the Tin-Can Island and PTML last week gave the authority 72 hours to address the technical glitches facing the newly introduced e-valuation system or face industrial action.
In what appears like a follow-up to their earlier threat, the aggrieved freight forwarders on Monday commenced the withdrawal of their services till further notice.
Assistant Secretary, PTML Chapter of the Association of Nigerian Licensed Customs Agents, Sunny Ugorji, said the agents were not against the platform but the implementation process.
Ugorji, said the implementation showed the officers of the Nigerian Customs Service had increased the duties on imported cars without the notice of the agents.
He said, “We only withdrew our services because of the e-valuation, there is no work; we have withdrawn our services until they correct the e-valuation system. We are not against e-valuation, what we are against is the implementation of the platform. The implementation is indicating that the Nigeria Customs Service has increased duties without informing us. I don’t see why when they say e-valuation; it simply means we are going to observe port operations with no much interface which is good”
“For instance, a vehicle of 2011 that used to be cleared around N600, 000 now costs about N3m. So, we don’t know where to start and we want the people to know that the Customs are pushing us out of work. That is why most people here are withdrawing their services until the Customs look into it and address the issue of illegal notice”
He added, “We have succeeded in withdrawing our services both at the PTML Command and Tin-Can. By tomorrow (Tuesday) we are going to Apapa. On Wednesday, we are going to KLT to make sure we all speak with one voice.”
Corroborating Ugorji, the Chairman of the National Association of Government Approved Freight Forwarders, PTML chapter, George Okafor, said, “We just withdrew our services; all the agents have withdrawn their services at PTML. Our attention was only at PTML but it has now extended to Tin-Can. We are on it until the government speaks to us. We gave the Customs Controller-General 72 hours to talk to us but until now, he hasn’t done that. So we are withdrawing our services until the Customs talk to us.”
The Public Relations Officer, PTML Command, NCS, Muhammad Yakubu, confirmed the withdrawal of service, adding the command was only enforcing the e-valuation policy of the government.
He said, “They have been on strike since we came to the office. I keep on telling them that this thing is beyond us (Customs), it is a Federal Government policy and we are just here to implement the policy. They should talk to the Federal Government.”
The PRO, Tin-Can Island Command, NCS, Uche Ejesieme, advised the protesters to act within the ambit of the laws.
“The mild protest is still lingering, don’t forget that they started with PTML and escalated it to TinCan; and it is still escalating. But the good news is that it is a very peaceful protest. They are trying to make an awareness protest to express their grievances with the e-valuation policy of the NCS.”
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)