Business
How customs achieved N1.34trn revenue in Q1 2024
The Nigeria Customs Service (NCS), has disclosed how it generated N1.34 trillion into the Federation account in the first quarter of this year (2024).
The Service also announced the seizure of 572 goods with a Duty Paid Value (DPV) of N10.59 billion during the same period, adding that it arrested 22 suspected smugglers at the same time.
Adewale Adeniyi, Comptroller General of Customs (CGC), made the disclosure recently in Abuja during a press briefing.
The Customs boss, said that the total revenue collected during this period which amounted to N1,347,675,608,972.75 represented a substantial increase of 122.35%, when compared to the same period last year.
He said the month-by -month analysis further illustrated the Service’s impressive growth trajectory.
According to him, in January 2024, the revenue collection surged by 95.60%, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023.
“This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to N450,209,267,557.15 from N188,625,011,386.87 in February 2023.
By March 2024, the revenue collected by NCS grew by 132.76% from N217,669,949,432.28 to N506,642,193,019.05.
“When compared to the Federal government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion. We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to N78,675,608,972.75 over the set quarterly target of N 1.269 trillion.”
Speaking on anti-smuggling, the Customs boss disclosed that in the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at N10,593,099,654.50 in Duty Paid Value (DPV).
“Notably, January saw 111 seizures amounting to N 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totaling N 3,704,703,350.34. Rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for 9% and 6% of the seizures, respectively. During this period, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023.”
Speaking on trade facilitation, Adeniyi said that trade facilitation remained a central focus of the NCS operations.
He said that despite inherent challenges, “we have diligently worked towards streamlining processes, minimising bottlenecks, and optimising efficiency across our ports to ensure seamless trade transactions.”
He explained that in the first quarter of 2024, the NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.
This figure, according to him, indicated a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.
Regarding export transactions, he said that a total of 10,786 SGDs were processed in 2024, compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities.
“Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase.
“The Service is particularly interested in the growth of the non-oil export sector, aligning with the priorities of the President Bola Ahmed Tinubu led administration and the initiatives pursued by NCS in recent times.”
The CGC averred that a myriad of deliberate factors has contributed to the successes around NCS key performance indicators.
He acknowledged the dedication and efforts of the officers and men of NCS who have worked tirelessly and around the clock to ensure consistent and upward momentum.
NCS officers, he said, have played a key role in driving the implementation of initiatives, as evidenced by “our performance across the three core statutory responsibilities set by the government. Among these initiatives is the introduction of the E-auction generating a total revenue of N1.6 billion in February and March.
Furthermore, he said that stakeholders from both the private and public sectors have played an instrumental role in the NCS recorded successes, adding that their commitment and enthusiasm towards Service objectives have been commendable, especially in adhering to the terms of various Memoranda of Understanding (MOUs), during bilateral engagements and larger forums like the National Trade Facilitation Committee. Additionally, he said significant commitments were documented at the last Comptroller-General of Customs (CGC’s) conference, notably enshrined in the Lagos Continental declaration, highlighting the collective effort and collaboration towards our shared goals.
Adeniyi recalled an ugly incident that occurred in Lagos which resulted to the death of some persons, saying that, “on February 23, 2024, after carrying out the presidential directive to distribute food items to vulnerable individuals at one of our facilities in Lagos, a tragic incident occurred. A stampede ensued as some eager members of the public sought access to our premises to verify claims that the shared food items, specifically rice, had been exhausted. Regrettably, 4 individuals were fatally injured around the vicinity of the Nigeria Customs Service (NCS) premises. Despite immediate efforts to save their lives, including transportation to the hospital via an ambulance provided on-site, their injuries proved fatal.
“ This incident is deeply unfortunate, and as a responsible organization, we have implemented measures to prevent such occurrences in the future and extend our support to those affected. I request that we observe a moment of silence in honour of the departed. May their souls rest in peace.”
CG Adeniyi asserted that the briefing sought to fulfil NCS commitment under his leadership to open governance, as it served as opportunity to also make public “our achievements, challenges and strategic direction in a comprehensive manner. “The objective is to offer transparency, accountability, and insight into the operations of NCS. We recognize the importance of your role as media representatives in disseminating accurate information to the public, and we appreciate your presence here today. Without further ado, let’s begin with the Overall performance overview and key drivers of NCS performance during the first quarter (January to March) of 2024.
“Regarding export transactions, a total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities. Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase. The Service is particularly interested in the growth of the non-oil export sector, aligning with the priorities of the President Bola Ahmed Tinubu led administration and the initiatives pursued by NCS in recent times.”
The GCG recognized the positive roles other key stakeholders played which enabled the NCS achieved so much during the period under review.
He said: “Furthermore, stakeholders from both the private and public sectors have played an instrumental role in our recorded successes. Their commitment and enthusiasm towards our objectives have been commendable, especially in adhering to the terms of various Memoranda of Understanding (MOUs) during bilateral engagements and larger forums like the National Trade Facilitation Committee. Additionally, significant commitments were documented at the last Comptroller-General of Customs (CGC’s) Conference, notably enshrined in the Lagos Continental Declaration, highlighting the collective effort and collaboration towards our shared goals.”
“It is imperative to highlight the ongoing support of the government, particularly in approving initiatives aimed at fulfilling the mandate of the Nigeria Customs Service (NCS). Among these initiatives, notable is the granting of a 90- day window to owners of uncustomed vehicles, facilitating the payment of appropriate duties on previously imported vehicles into the country. Members of the public are strongly advised to avail themselves of this opportunity to regularize their papers, as failure to do so will result in applicable penalties.
“Additionally, the government’s decision to reopen the Northern borders with Niger Republic holds significant importance. This action is expected to boost trading activities in those areas. With potential smugglers now reconsidering the legitimacy of trading through approved routes, this decision stands as a pivotal move.
“NCS is unequivocally committed to supporting the actualization of the 8- point agenda of the President Tinubu-led administration. This commitment is demonstrated through both direct and indirect contributions to key areas such as economic growth, improved security, upholding the rule of law, and fighting corruption. Noteworthy achievements include strengthening economic growth through optimal revenue collection to support government allocations to vital sectors, alongside the implementation of efficient trade facilitation measures. Our relentless enforcement efforts, particularly in intercepting prohibited items, are important in enhancing security. Moreover, we are steadfastly integrating technology across our operations to ensure transparency and accountability, addressing critical aspects of the 8-point agenda.”
He explained that recently, NCS had prioritised food security in response to a presidential directive, adding that the initiative was evidenced by the distribution of food items to vulnerable members of society, commencing in Lagos, Kano and extending to other parts of the country to address urgent societal needs. We reassure the public that transparency and accountability will remain paramount under my leadership, fostering trust and confidence in the Service.
In the course of achievement, the monumental feat, the service noted that it encountered some challenges.
According to the CGC, during the quarter, the NCS encountered several systemic challenges that impeded “our ability to fulfil our statutory responsibilities effectively. These challenges encompassed issues related to non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89% decrease in the volume of transactions handled. Additionally, significant fluctuations in exchange rates applied in the customs clearance of consignments posed considerable difficulties. As per protocol, the exchange rate utilised by Customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS) is based on the rate determined by the Central Bank of Nigeria (CBN). In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per USD 1 in January 2024 to a peak of N1,662.35 per USD 1 in February 2024.
While a singular exchange rate of N951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per USD 1 to N1,662.35 per USD 1. March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per USD 1 in the clearance of Customs goods during the quarter.”
He said the repercussions of these fluctuating rates have sent concerning signals to stakeholders, affecting and disrupting activities. “Beyond the speculation regarding potential gains it may have on NCS revenue, the implications on transaction volumes are significant and outweigh any possible benefits. These concerns are already manifesting in current activities, with the potential for lagged effects in the coming months. Mindful of these implications on the trading public and the overall economy, the NCS, with the support of the Minister of Finance, has initiated periodic consultations with the Central Bank of Nigeria (CBN) to mitigate the potential impact of exchange rate fluctuations on import activities.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
There has been a surge of enthusiasm among many Nigerians as President Tinubu’s economic policies begin to yield promising outcomes.
The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
MANCHESTER DERBY: Erling Haaland Vows To Revenge Against United
2027 Election: Why It Would Be Difficult For Tinubu – Fresh Analysis Predicts Possible Results
REVELEAD: Why Pastor Kumuyi Is Changing Some Deeper Life Principles
2027 Election: ADC’s Coalition Dumps Peter Obi, Amaechi As Party Set To Persuades Atiku Over Jonathan
Fresh Crisis Hits Air Peace As Pilot Tested Positive for Alcohol, Drug
Hospitals Shut As Resident Doctors Begin Five-Day Warning Strike
Delta Govt Clears Air on Olomoro–Igbide Road Project, Counters Misinformation
Dangote Refinery Sets Date For Direct PMS Supply To 11 States
Wema Bank Surpasses CBN Capital Requirement With Successful N150 billion Rights Issue
FCCPC Recovers N10 Billion For Angry Customers From Banks, Fintech
Politics4 days ago2027 Election: What Nigerians should know if Jonathan wins against Tinubu
- Sports2 days ago
EXPOSED: Osimhen fakes injury for Nigeria – Asamoah Gyan
- News4 days ago
Strike: No More N820/Litre; New Petrol Prices Emerge At Filling Stations; [DETAILS]
- Politics4 days ago
Fubara Return: New Twist As Suspended Rivers Governor May Lose Seat Over Pending Supreme Court Ruling
- News3 days ago
NO MERCY: Eric Chelle’s sack letter ready as Nigeria battles South Africa
- Business4 days ago
Jubilation as dollar crashed, new rate emerges
- News5 days ago
Smoke From The Altar: Reasons Deeper Life Church members are not happy with Pastor Kumuyi
