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Customs Area 1, Command PH, Revenue Up by 13.8 %
The Nigeria Customs Service Area 1, Port Harcourt, Rivers state Command says its revenue generation was up by 13.8 percent as the Command despite some daunting challenges in the Maritime industry generated and collected the total sum of ₦89.574 Billion in 10 months of 2023.
Disclosing this to journalists in a press briefing at the Customs Area Command in Port Harcourt, the Rivers state capital, Thursday by the Customs Area controller, Comptroller CD Wada, the figure, when compared to the corresponding period of 2022, which stood at ₦72.463 Billion, had a significant difference of ₦10.858 Billion. The difference in those figures, according to Wada, represented a 13.8 percent increase in revenue.
Wada added,that “during the period under review, the Command had experienced its lowest influx of container cargoes in to the Port, however, the import duties collected from Bulk Cargoes had contributed to the bulk of revenue collected in the Command.” He noted that significant milestones were achieved in the month of March with a revenue generation which stood at ₦11.675 Billion, and that of August which stood at ₦11.834 Billion as against ₦8.310 Billion and ₦9.677 Billion collected in the previous year.
He added that in the current month of October 2023, the Command had so far collected the sum of ₦11.909 Billion, insisting that he was optimistic that by the end of the month, that figure would rise above other months of 2023.
He however, attributed the feat to the painstaking engagement with the critical stakeholders through several forms of sensitization programs and training particularly on issues of Non-conformity with statutory clearance procedures even as he emphasized that the feedback he got could be attributed to some of the successes recorded so far.
Comptroller Wada maintained that the Command also insisted that all unpaid assessment must be paid noting that in terms of additional value through interventions, the Command generated over ₦1.762 Billion in the period under review. These interventions according to him were derived from Demand Notices (DN) issued to importers with infractions on their importations.
Still in the period under review, he said “the Command had organized several capacity building programs for her officers and men through Pep-Talks which tackled sensitive issues such as Import and Export Procedures, Bond on Customs Procedures, NCS Fast Track 2.0, Customs related Commercial Fraud and the role of Intelligence investigation and Memo writing among others.”
In the area of Export, he stated that the Command had facilitated the exportation of 30,000mt of Charcoal, and 26,000mt of Zinc and Lead through the Ibeto Wharf even as he reiterated that ” it is strongly believed that with the take-off of the Ibeto Wharf, the Command will sustain a good import and export hub, as well as a sustainable revenue base.”
On Anti-Smuggling activities, the Command said it had put more emphasis on 100 percent physical examination policy of the service, and as a result, some containers suspected to have falsely declared had been placed under detention, pending further investigation. He therefore warned any would-be smuggler to avoid Area 1 Command, because according to him, their containers would be seized and culprits arrested and prosecuted in the court of law.
Comptroller Wada also stated that in the period under review, his command had embarked on a working tour to their Bayelsa and Ahoada Out-Stations to appraise the Customs activities in those areas. According to him, the visit to Bayelsa State also afforded his command the opportunities to pay courtesy visits to the heads of other Government Security agencies with the aim to seek further collaboration and synergy with them in order to foster a better working relationship and to achieve National interest in line with the extant guidelines.
“I am very optimistic that with the Command’s strategy of maximizing the collection of Customs duties, other levies, and payment of all unpaid assessments, the Command will surpass the revenue collected in 2022.” Wada said.
Continuing, he averred “under my administration, the Command organized interactive sessions with all the Government agencies operating in the port with the aim of fostering inter-agency collaborations and synergy. These interactive sessions were extended to Customs licensed Agents through sensitization programs.
I recalled that I reported to duty on Tuesday 27th January, 2023, and despite my short but eventful stay here, I must admit that I met and worked with some of the most resourceful set of officers and men of the service here in Area 1.”
“The cooperation, support and brilliant contributions received from members of my management team had been very pivotal to our successes recorded, especially in the areas of capacity building, value addition and revenue generation.”
“I am also convinced that with the right leadership in place, with more synergy with our critical stakeholders, the Command will record more successes.”
Comptroller CD Wada used the opportunity to thank Comptroller General of Customs (CGC) BA Adeniyi MFR and his management team for their support and encouragement even as he equally thanked the Zonal Coordinator, Customs Zone C, Port Harcourt, (ACG) O Peters for a harmonious working relationship.
Some Goodwill messages were delivered by the critical stakeholders and the Customs management team, who eulogized Comptroller CD Wada as a top breed Customs officer who has brought a lot of positive changes in the Nigeria Customs Service administration especially in Area 1.
The chapter Chairman, Association of Nigerian Licensed Customs Agents (ANLCA) Area 1, Pastor Jerry Opara said if he was to move a motion for Wada to stay, he would have done that but the essence of Labour is mobility hence Wada has to go, but regretted that the Area would lose a man who did not only come to collect revenue but to impact knowledge to the agents and other stakeholders.
He equally used the opportunity to solicit for cooperation and synergy from the incoming Area controller, Comptroller YM Hashim.
In his contribution, a representative of Max shipping /Ibeto Ports and Business Development executive of the company, Chief Ukachukwu Ejikeme applauded the harmonious working relationship between his company and the outgoing Comptroller Wada. He said Wada was not only a customs officer, but also a teacher who brought his wealth of experience to bear on the job, stakeholders and the entire Maritime industry.
He said, though the Command and the entire Maritime community would miss him but God will continue to protect and guide him in his future endeavour.
The high point of the event was the official handover of the Area Command to the incoming Area controller, Comptroller YM Hashim who Comptroller Wada described as a very trusted and well experienced customs revenue administrator with vast experience in Customs Tariff and trade, enforcement and intelligence.
In his acceptance speech, Comptroller Hashim thanked CD Wada for uplifting the revenue generation of Port Harcourt Area 1 command. He said he was familiar with the Command having left just two years ago.
While promising to run an open door policy and inclusiveness he however said all hands must be on deck to achieve the desired objectives of uplifting the Command. He said Comptroller Wada has raised the bar in Revenue generation and collection but he would comfortably fit into his shoes by adopting most of the operating systems and procedures already in place.
He therefore solicited the cooperation of the Officers and men of the Command as well as other critical stakeholders to move the Command to a higher level. Present at the event include, other sister government agencies, such as NDLEA, NPA, Immigration, ANLCA, NAGAFF, shipping companies among others.
Adebayo Adelabu, minister of power, says Nigeria will generate and distribute 8,000 megawatts (MW) of electricity before the end of President Bola Tinubu’s first term in 2027.
The minister spoke during a ministerial press briefing hosted by Mohammed Idris, minister of information and national orientation, on Thursday.
Adelabu explained that the Tinubu administration increased power generation by 1,700 megawatts in two years, whereas it previously took the country 35 years to achieve a 2,000 megawatt increase.
He assured that if the new trajectory is sustained, before the end of the Tinubu administration in 2027, the power ministry will generate and distribute 8,000 megawatts of power or more.
“In the country’s history of the power sector, let me thank our agencies, our operators, that this was achieved during our time,” Adelabu said.
“We have crossed the bar of 6,000 megawatts for the first time in the history of Nigeria’s power sector.
“That is not enough, this achievement was followed by a peak generation evacuation of 5,801.44 megawatts on 4th of March 2025, which also saw an impressive daily energy output, the highest ever, 128,370.75 megawatts per day on that very day.
“We’ve always been at 118,000 to 119,000 megawatts on a daily basis, but we achieved 128,000. That is the highest energy ever consumed in a day since the power sector came to being in Nigeria, and we are proud to achieve this.
“In summary, the average daily power generated and distributed in the first quarter of 2025 was 5,700 megawatts.
“Compared with what we met when we resumed office, average of 4,100 megawatts achieved in the third quarter of 2023, this indicate a growth of 1,600 megawatts, nearly 40% growth since we assumed office at the ministry.
“This is very important to us. I came into office August 2023, and between July, August, and September, what we achieved was 4,100 generated, evacuated, transmitted, and distributed, and it’s always been like that. Even though there were spikes in the past, it would go up, it would come down.
“It was not sustainable, and it took the country about 40 years. In 1984, when Alhaji Rilwanu Lukman was the federal minister of power, we achieved 2,000 megawatts of power generation.
“We took this to 4,000, about 2016-2022, so it took the country between 35 to 40 years to achieve 2,000 incremental generation.
“But this administration, thanks to our Mr. President for his support, in one and a half years, we grew this from 4,100 to a peak generation of 5,800; 1,700 increase in one and a half years.
“What we are saying is that past administrations have their own positives, creation of the NIPPs, a lot of things that they achieved.
“If they have been adding at least 1,000 megawatts of power since 1999, we’d be talking about 26,000 megawatts, plus 4,000, that would be about 30,000 megawatts of power in Nigeria today, but we cannot keep dwelling in the past.
“It’s the way forward. Now that we have created the trajectory, if we sustain this trajectory, I can assure you that before the end of this administration in 2027, we should be able to generate and distribute nothing less than 8,000 megawatts of power.
“So, given that it took the country almost 40 years to achieve an incremental 2,000 megawatts average energy, we accomplished this.”
‘NATIONAL GRID STRONGER IN TINUBU’S ADMINISTRATION’
Adelabu explained that the national grid has been stronger in Tinubu’s administration, as the Transmission Company of Nigeria (TCN) strengthened the critical network by commissioning 61 new transformers.
“It is a huge grid to cover over 200 million people, and it’s been there for so long, and we know that the maintenance history has been poor, replacement history has been poor, expansion history has been poor,” the minister said.
“It is old, so collectively enabling our grid 8.7 gigawatt operational capacity, as of today, if we grow our generation to 8,700 megawatts, the grid can still carry it, thanks to the activities of the TCN and the FGN power company.
“Two years ago, once it gets to 5,000 megawatts, the grid collapses, then we have evacuated 5,800 megawatts successfully without the grid blinking, it was still stable, so we can transport 8,700 megawatts.
“To strengthen this critical network, TCN commissioned 61 new transformers, totalling 5,589 MVA in 2024. Followed by nine additional transformers in quarter one of 2025 across key locations in Lagos, Benin, Bauchi, Oshogbo, Kano and Kaduna, we have the list of the sites, I once mentioned that TCN had over 100 unfinished projects.
“In the 2025 appropriation, we already have N25 billion to support TCN to complete some of these projects and that will also improve power supply.
“Beyond TCN, we have the activities of the presidential power initiative, which is being executed by the FGN power company. The pilot phase delivered infrastructure across 13 locations, adding 700 megawatts to the national grid.
“We experience a number of grid disturbances towards the end of last year; but since January up till today, four months into the new year, we have not seen any major disturbance to the grid.
“I can assure you, we do everything possible to maintain and sustain the current scenario. If there’s any little disturbance, our turnaround time is being worked upon, within one to two hours, the grid will be up.”
Adelabu said another remarkable initiative is the progress made towards regionalising the national grid, adding that the eastern and western supergrid approvals currently in progress will revolutionise the national grid and reduce failures.
The minister added that Nigeria needs regionalisation of the national grid so that if there is a problem in one part of the country, it will not affect other parts.
… Reminds Public to always verify registration status
The Securities and Exchange Commission has stated that Crypto Bridge Exchange also known as CBEX was not granted registration by the Commission at any time to operate as a Digital Assets Exchange.
In a Circular dated April 17, 2025, the Commission stated that its attention has been drawn to recent media reports/publications on the activities of CBEX (Crypto Bridge Exchange). CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.
According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.
Preliminary investigations carried out by the Commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.
The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The Commission uses this medium to remind the public to REFRAIN from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models. Prospective investors are advised to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
SEC Director General, Dr. Emomotimi Agama, had recently said the Commission is launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.
Agama said with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the Commission now has enhanced powers to prosecute Ponzi schemes and their promoters.
He said investigations were ongoing on CBEX, adding that promoters of the failed scheme will not go scot-free.
Agama said the new law has given the Commission more powers and blocked loopholes in emerging areas of virtual and digital assets.
“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” Agama said.
He said that while the apex capital market regulator would continue to support innovations in finance and investments, the Commission would maintain strict oversight in line with its enhanced investor’s protection mandate.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.
He recalled that SEC had even with the limited scope of the repealed Act maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters like Fahmzi Interbiz jailed for defrauding Nigerians.
According to him, with the ISA 2025 that gives the Commission more powers to deal with issues, the Commission will ensure that promoters of such schemes are not allowed to operate.
The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank.
At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value.
The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share. Other laggards included Industrial and Medical Gases, which fell by 10 per cent, Guinea Insurance, which dropped by 9.52 per cent, and UPDC Real Estate Investment Trust, which declined by 8.2 per cent.
Despite the bearish outing, 124 listed equities participated in the day’s trading, out of which 24 recorded gains while 21 posted losses. Abbey Mortgage Bank led the gainers’ chart with a 9.99 per cent increase to close at N8.15 per share. It was trailed by Sovereign Trust Insurance with a gain of 7.69 per cent, the Nigerian Exchange Group rose by 7.3 per cent, and Deap Capital Management and Trust appreciated by 6.67 per cent.
Market activity also showed mixed sentiments. A total of 351.66m shares valued at N13.71bn were exchanged in 12,141 deals. Compared to the previous trading day, this represented a five per cent decline in trading volume, a 26 per cent increase in turnover, and an eight per cent drop in the number of deals.
Access Holdings led in terms of volume with 68.2m shares traded, followed by GTCO with 36.8m shares, FCMB Group with 28.8m shares, and United Bank for Africa with 26.4m shares.
On the performance of key indices, the NGX Top 30 Index fell by 0.72 per cent. The NGX Oil and Gas Index slipped by 0.05 per cent, while the NGX Industrial Index was marginally flat. However, some indices posted gains: the NGX Insurance Index advanced by 0.8 per cent, the NGX Consumer Goods Index rose by 0.34 per cent, and the NGX Pension Index edged up by 0.09 per cent.
In terms of broader market performance, the NGX has recorded a one-week loss of 0.32 per cent and a four-week loss of 1.84 per cent, although it retains a modest year-to-date gain of 0.9 per cent.
On Tuesday, the Nigerian equities market rebounded, with investors recording a gain of N19bn, pushing the market capitalisation of the Nigerian Exchange to N65.7tn at the close of trading.