NEWS
Tinubu’s Reforms Push Customs Revenue to N1.3trn in Q1 2025 —Adeniyi

By Mike Odiakose, Abuja
Comptroller-General of Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has declared that the Service has recorded unprecedented revenue of N1.3 trillion in the first quarter of 2025, more than double the N600 billion collected during the same period in 2023.
Adeniyi attributed this remarkable growth to transformative reforms under President Bola Tinubu’s Renewed Hope Agenda, as revealed in an upcoming State House documentary marking the President’s second anniversary. He highlighted that the revenue surge emanated from improved technological deployment, enhanced port operations, tightened enforcement on revenue leakages, and a renewed culture of accountability across Customs commands.”We collected N1.3 trillion in Q1 2025 alone. This is not due to higher import volumes. Imports have dropped due to foreign exchange constraints. What has changed is efficiency, transparency, and enforcement,” the Comptroller-General said.He disclosed that the Service is preparing to launch the E-Customs Modernisation Project. This $3.2 billion initiative will digitise cargo processing, surveillance, and payment systems across Nigeria’s ports and borders.”We’re laying the foundation to move from a manual, paper-based system to a fully digital service. The E-Customs Project is central to our future. Once fully deployed, we project it will add $250 billion in cumulative revenue over 20 years,” he said.Adeniyi added that the newly launched Authorised Economic Operator (AEO) Programme is now onboarding pre-vetted importers, allowing compliant businesses faster processing and reducing port congestion.”It’s about trust and efficiency. If you’re compliant, you get green-lane treatment. This is how modern customs systems work globally,” he saidThe Customs CG confirmed that the Service has intensified its anti-smuggling operations and closed long-standing revenue leakages.He said over N64 billion was recovered from previously under-assessed or undervalued imports in the last nine months, and major smuggling rings at the Seme, Idiroko, Katsina and Sokoto borders have been dismantled.He said the new joint border patrol task forces established in coordination with the Nigerian Army, DSS, and Police have also yielded positive results.”We’re no longer just chasing smugglers in the bush. We’re using data, surveillance drones, and port intelligence to act in real-time. Once systemic leakages are now being plugged,” Adeniyi said.To ease trade and reduce business costs, Adeniyi disclosed that NCS is fast-tracking the roll-out of the National Single Window. This digital portal will integrate all government agencies involved in cargo clearance.”Right now, you deal with up to 15 agencies manually. With the Single Window, you’ll do it all online, in one place. This will slash clearance time and costs,” the CG explained, adding that clearance timelines at Apapa and Tin Can Ports have already dropped from 21 days to 7–10 days for compliant importers.The Comptroller-General said the agency has introduced fast-track lanes for agro-exports and is working with the Nigerian Export Promotion Council (NEPC) to streamline outbound cargo processes in line with the government’s push for non-oil exports.”We’re promoting exports aggressively. Last year, Nigeria exported over N340 billion worth of solid minerals and agro commodities through formal channels, up by 38 percent. We’re targeting even more in 2025,” he said.He stated that the Customs Service is also undergoing internal transformation, with over 1,800 officers trained in advanced data analytics, risk profiling, and artificial intelligence.”Customs is no longer just about physical inspection. We are becoming an intelligence-led organisation, and our officers are being retrained to match global standards,” Adeniyi said.”The President gave us a clear directive: block leakages, facilitate trade, and raise revenue without burdening Nigerians. That is what we are doing. And the results are beginning to speak for themselves.”NEWS
Robust Capital Market Crucial for Nigeria’s Economic Prosperity- NGX Chairman

Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, says the Nigerian Capital Market has experienced exponential growth since he assumed office in 2022.He reiterated the group’s commitment to deepening Nigeria’s capital market in alignment with President Bola Tinubu’s vision of growing the nation’s GDP to one trillion dollars by 2030.
In a statement issued in Lagos, Kwairanga was said to have made the remarks while delivering a keynote address at the “For the Love of Our Country (FLOC) 2025” symposium, held at Bayero University Kano (BUK) on Friday. He spoke on the theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade”.According to him, the All Share Index (ASI) rose from 48,837 basis points to 111,742 basis points, while market capitalisation grew from N26.375 trillion to N70.463 trillion by May 2025.He said that bond markets were included with total market capitalisation now at over N121 trillion.“This growth shows that we have more than doubled the indices of both our equity and bond markets in just over two years.“However, our goal is even more ambitious as we work towards making the capital market central to achieving a $1 trillion economy,”he said.Kwairanga emphasised the strategic importance of a robust capital market in financing long-term infrastructure, encouraging formalisation of businesses, and mirroring the nation’s true economic potential.He noted with concern that Nigeria’s market capitalisation remains less than 20 per cent of Nigeria’s GDP, compared to South Africa’s Johannesburg Stock Exchange which exceeds its national GDP.To address this, he outlined several initiatives being undertaken by NGX Group and its regulators, particularly the Securities and Exchange Commission (SEC), to enhance market transparency and efficiency.He said these include the dematerialisation of share certificates, resolution of unpaid dividend backlogs, and the recent reduction in clearing time for secondary market transactions to T+2.“We are working closely with regulators and stakeholders to make our market more accessible and attractive.”He said that major listings in the oil and gas sector, such as the planned sale of a stake in NNPC Ltd. and the anticipated listing of Dangote Petrochemicals, would significantly boost market capitalisation.He also spoke on digital innovation as a key driver of market participation, citing the launch of NGX Invest, a digital platform for primary market offers and financial literacy campaigns targeting youths, students, and members of the National Youth Service Corps (NYSC).The chairman revealed the ongoing engagements with institutional investors such as pension fund administrators and mutual funds.He also hinted on the development of sophisticated products like exchange-traded funds, derivatives, and ethical investment instruments.He highlighted efforts to integrate African capital markets through cross-border linkages that would allow investors in Nigeria to trade shares listed on exchanges in countries like Ghana and vice versa.In spite challenges such as declining disposable income, infrastructural deficits, and global economic headwinds, Kwairanga expressed optimism that these could be surmounted.“We are confident that Nigeria will have the broader, deeper, and more sophisticated capital market it deserves before the end of this decade,”he said. (NAN)NEWS
FCT Emergency Department Rescues Suspected Victim of ‘one Chance’ in Asokoro

The Federal Capital Territory Emergency Management Department (FEMD) says it has rescued a woman, who was forcefully pushed out of a moving vehicle in Asokoro, Abuja, on Friday.The department’s Head of Public Affairs, Mrs Nkechi Isa, disclosed this in a statement in Abuja.
Isa said that the incident occurred at about 4:30 p. m. at the Powerhouse Bus Stop Junction,Yakubu Gowon Crescent in Asokoro. According to her, eyewitnesses at the scene said the woman was pushed out of a moving vehicle suspected to be a robbery, by “one chance” operators.She described “one chance” as a criminal gang posing as commercial drivers with passengers, leaving one space (one chance) for an unsuspecting victim.Once they take off, the criminals dispossess the victims of their valuables and often throw them out of the moving vehicle.She said that the FEMD Search and Rescue Team was notified of the incident by the FCT Fire Service and immediately swooped into action.“On arrival at the scene, the team found the victim, identified as Khadija Salisu, unconscious but without visible physical injury.“She was promptly taken to the Asokoro District Hospital and is responding to treatment,” Isa said. (NAN)NEWS
Ministry Warns Public Against Fake Account

The Ministry of Foreign Affairs on Friday warned against the use of social media accounts by unscrupulous individuals spreading false information about its officials.The ministry’s spokesperson, Kimiebi Ebienfa, issued the warning in Abuja following the creation of a fake Facebook account in the name of Permanent Secretary, Amb.
Dunoma Ahmed. Ebienfa said, “This fraudulent account is being used to spread false information, promise contracts, solicit help, and offer enticing rewards to unsuspecting members of the public. “The Ministry firmly disassociates itself from this impersonation and urges the public to disregard any messages from the fake account, which is not an official channel. “It is important to clarify that the Permanent Secretary does not operate or own any social media account.” He advised the public not to engage with individuals or groups behind such fraudulent schemes, as they are deceptive and harmful. According to him, the ministry is working closely with security agencies and Meta, Facebook’s parent company, to investigate and shut down the fake account. Ebienfa reaffirmed the ministry’s commitment to transparency, integrity, and protecting citizens from fraudulent activities across all platforms. (NAN)