Economy
New Customs Law’ll Strengthen Capacity, Curb Smuggling – CG
By Tony Obiechina, Abuja
The Acting Comptroller-General of Customs, Mr Wale Adeniyi has said that the Nigeria Customs Service Act (NCSA) 2023 will strengthen the capacity of the service to achieve the fiscal policies of government.
He stated this in Abuja during a sensitization programme on the Nigeria Customs Service Act (NCSA) 2023 for the members of the Management of the Nigeria Customs Service (NCS).
The new law was assented by former President Muhammadu shortly before the end of the last administration.
The operation of Customs was governed by the Customs and Excise Management Act Cap C45 LFN 2004 (CEMA) which was enacted 1960.
Speaking at the event, the Acting Customs Boss commended the former President for giving his assent and President Bola Tinubu for keeping faith with the implementation of key provisions of the law.
He also said members of the 9th National Assembly were instrumental in the expeditious consideration and passage of the bill.
Adeniyi expressed optimism that the new law would address some of the defeats in the CEMA and introduce innovative solutions in the implementation of the Act.
“Under this new Legal regime, the Service has been statutorily empowered to administer and enforce the provisions of the Act; collect and account for revenue from Customs and Excise among others; promote trade facilitation; prevent smuggling activities and carryout border enforcement; and do such other things as are necessary for or incidental to the performance of the function and duties of the Service under the Act.
“These are a few highlights of the new Act. I believe that in the course of this retreat more features and provisions of the Act will be presented and discussed.
As a responsible institution, we are not unmindful of the fact that the members of the public are not yet familiar with the provisions of this Act.
“Most importantly, the new procedure, processes and the very stiff punitive provisions in the law. We are equally appreciative of the urgent need to sensitize the public on the provisions of this law to prevent the excuse of ignorance of the law, which is not a defence. The Service will continue to sensitize and educate the public on the provisions of the law and Customs procedure and processes.
“It is against this background, that we believe our charity should begin at home by first sensitizing the Management members. After this phase, other phases of sensitization that will cover all categories of sections of the Service and Public have been designed and shall be meticulously executed,” he said.
In his remarks, the 9th Assembly Chairman, Committee on Customs and Excise, Leke Abejide, explained that the reforms introduced by the new Act have a tremendous effect on every facet of the national economy and also the officers’ career progression with some enhanced level of professionalism and job motivation which has hitherto been deprived of the Service.
According to him, this new legislation further marks a significant milestone in the efforts to streamline Customs procedures, enhance trade facilitation, and foster a conducive environment for economic growth and development.
“Today every Customs Officer is assured that his labour is not going to be truncated at the peak of his career neither is he going to be denied the fruit of long, faithful and dedicated service to his/her mother land.
“The provisions of Section 14 (1) of the new Act is very instructive on professionalism, by providing appointment of a career officer from the Service to be head of management of the Service.
“I want to congratulate the newly appointed Acting Comptroller-General of Customs, Bashir Adewale Adeniyi (MFR), for being the first partaker of this career reform exercise. I am persuaded that with your track records of selfless service to this institution, your statutory duty of overseeing the task of reforms injected into this Act would be seamlessly achieved.
“Some of the reforms injected into the Nigerian Customs Act 2023 is the enhancement of trade facilitation policies of the service, which has upgraded the status of the Service the 21st Century strategic revenue generating institution of our dream.
“Our effort is providing policies statutorily implanted, which invigorates the objectives of keeping our boarders safe and making avenues of leaked revenue accountability lean, hence this institution shall in the shortest period reap the dividends of this legal framework that gear up the ease of doing business in Nigeria”, he said.
According to him, the new legislation has introduced some new internal adjudicatory mechanism, equivalence of ADR, which simplified ways of resolving Customs disputes quickly without the technicality of court’s litigation.
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)