Business
CRFFN Targets N5bn Revenue 2024
The Management of Council For the Regulation of Freight Forwarding in Nigeria (CRFFN) says the Council targets to generate over N5 billion as its revenue in 2024.
The Acting Registrar/ Chief Executive Officer of CRFFN, Mrs Chinyere Uromta, said this at the two-day workshop for the staff of the Council on Friday in Abuja.
The News Agency of Nigeria (NAN) reports that the workshop is with the theme “signed Performance Bond 2024 to 2027 by Acting Registrar/CEO of CRFFN, Mrs Chinyere Uromta’’.
According to Uromta, every agency under the Ministry of Marine and Blue Economy came with its mandate to sign the bond and it is no longer business as usual.
“We have three areas, where we collect our revenues, such as the Land border, the Cargo Airport and the Seaport.
“We are now only collecting at the sea port and our field officers are monitoring our collections.
“We also have a training centre for training, enforcement and regulation that is where we get our revenues. We as well have a Register that registers all that met our qualifications,” she said
She stressed that when the enforcement officers were well trained, they would be able to collect more revenues.
She said the usual signing of APPER FORM for staff not coming to work would not be tolerated, as each staff must have done his or her job before the form could be signed by the departmental head.
She added that for any staff to be promoted to the next level he must have done what was expected of him to do, before he could be promoted.
Uromta said all enabling requirements had been put in place by CRFFN to ensure that members of staff deliver on what was expected of them.
She noted that various department heads had been directed to monitor the performance of staff of their units.
The Head Research Development of the CRFFN, Dr. Ben Ojumah, said the training would impact meaningfully on the staff, as it would enable them to give their best having undergone the two-day training.
On whether the Council would be able to achieve its mandate looking at its staff strength, Ojumah said such was no problem as CRFFN had enough staff to achieve its mandate.
The Unit Chairman Senior Staff Union, Dr Temitope Hamzat, expressed appreciation to the Acting Registrar, adding that the Council would want more of such training every year.
Hamzat noted that the agency had provided the enabling environment for the staff to achieve its goals, stressing that the only challenge facing CRFFN was scarcity of funds.
Mr Folarin Akinsoni, a Monitoring and Evaluation Specialist, who anchored the workshop, said specifically he came to train the staff on what they intended to do as their jobs.
Akinsoni noted that the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, was the first person that signed the bond with the heads of the agencies under the ministry
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.
Emomotimi Agama, the director-general (DG) of the Security and Exchange Commission (SEC), says the CBEX digital trading platform is not registered with the agency.
Agama spoke on Arise Xchange on Wednesday, responding to questions on the loss of investors’ funds after the recent collapse of the CBEX trading platform.
The CBEX had reportedly promised investors a 100 percent returns, before it suddenly crashed — leading to the looting of its Ibadan office on Monday.
The director-general said the commission has repeatedly warned that any investment scheme that is not registered is illegal.
He said investors must always check if schemes are registered with the SEC, noting that the ISA 2025 defines ponzi schemes and prescribes sanctions for those involved.
“For us at the SEC, our primary responsibility is investor protection, and investor protection stems out of registration and regulation,” he said.
“When a scheme is not registered with the SEC, it becomes illegal; and is important that whoever is interested in investing in such scheme must ask the question, Are you registered with the SEC?
“If that is not the case, then it is automatically stated and known that such is an illegal activity and will not be condoned even by the SEC.”
‘SEC HAS NOT RECEIVED OFFICIAL COMPLAINTS REGARDING CBEX’
Agama said the commission was unaware of CBEX’s illegal operation, stressing that no official complaints were made regarding the scheme.
“Often times with schemes like this, most people will always try to keep it away from the regulator and even keep it away from their friends, except a few group of persons whom they are interested in,” he said.
“So for us, at the SEC as we speak today, at this hour, we have not received any complaints from anyone regarding CBEX.
“If we had received any formal complaint regarding CBEX, the team at the SEC will have actually swung into action trying to get who is involved.
“However, we sympathise very much with the people, the victims, because they are Nigerians, and of course, at SEC, we will commence investigation as to where these people are, and make sure we hunt them down, because the law actually has given us the power to take them down, find them, sanction them by fining, and also sending them to the prisons for 10 years, that is the provision of the law.”
‘WE’ll CONTINUE TO EDUCATE NIGERIANS’
The director-general said the SEC has persistently cautioned Nigerians against investing in schemes that seem too good to be true.
He noted that the commission uses paid advertisements, videos uploaded on the SEC website, interviews, and newspaper articles to enlighten the public.
“Ponzi scheme didn’t start today, it is a global malaise. It started in the 20th century by a man called Charles Ponzi, who clearly, at that point in time, promised that he was going to give every investor 50 percent in returns, and from then on, it became a practice by so many people to defraud people from their hard-earned resources,” Agama said.
“It is very clear that the choices made by people must be dictated and regulated by the law of the land.
“The SEC will continuously educate people. We have in the process of doing that, agreed to various forms of interview.
“We’ve also launched a podcast at the SEC providing more information towards our long term goal of launching a capital market radio, we will continue, because we know that it is not enough.
“We will continue to educate Nigerians onto the last milestone to make people understand and know the value of proper investment.”
The director-general urged Nigerians who want to invest to make sure they verify the registration status of investment schemes from the SEC.
Agama reiterated that the commission has taken several actions against Ponzi schemes in the country, resulting in the imprisonment of culprits.
He added that the SEC is collaborating with the Economic and Financial Crimes Commission (EFCC) to rid the country of “unscrupulous individuals who have malicious intentions towards citizens”.
Nigerians are voicing outrage over unexpected deductions from their bank accounts by NIRSAL Microfinance Bank, which they claim were linked to COVID-19 grants disbursed during the administration of former President Muhammadu Buhari.
Beneficiaries, particularly in Kwara State, allege they were misled into providing their Bank Verification Numbers (BVN) and account details under the impression they were receiving grants, not loans.
The controversy has sparked accusations of mismanagement and calls for intervention from President Bola Ahmed Tinubu, as well as oversight bodies like the National Human Rights Commission and the Consumer Protection Council.
According to the Global Information Team, a monitoring group, many beneficiaries were unaware that the funds were loans requiring repayment.
Anabel Crown, the group’s head of investigation, described NIRSAL’s deduction practices as “unacceptable,” arguing that the bank should hold accountable politicians who facilitated the disbursements rather than penalizing recipients.
In Kwara State, some beneficiaries claim aides of former Senate President Bukola Saraki collected their BVN and account details, presenting the funds as grants to support indigenes during the pandemic.
At NIRSAL’s Area 10 Post Office branch in Abuja, frustrated beneficiaries gathered to protest, but their complaints have reportedly gone unaddressed.
“I was told it was a grant to help us survive COVID-19,” said Aisha Muhammed, a trader from Kwara. “Now they’re taking money from my account without warning. How is this fair?”
The Central Bank of Nigeria (CBN), which oversees NIRSAL, is said to have authorized the recovery of the funds without considering how they were disbursed.
He argue this approach disregards the circumstances under which beneficiaries received the money, many of whom were not informed of repayment obligations.
The deductions have fueled speculation of political motives, with some suggesting the controversy could tarnish President Tinubu’s image ahead of the 2027 elections.
“This is a ploy to undermine the president’s reputation,” claimed Adebayo Olanrewaju, a civil society activist.
“The government must step in to protect citizens.”
The National Human Rights Commission and the Consumer Protection Council have been called upon to investigate NIRSAL’s practices, particularly the lack of prior notice before deductions.
“Withdrawing money without consent violates people’s rights,” said Funmi Adeyemi, a legal advocate.
“This must be addressed urgently.”