Business

Concerns Over N142bn E-customs Contract Approval By Buhari’s Government

Published

3 years ago

May 6, 2023

Concerns of palpable wrongdoing have been raised over the recently approved N142.24 billion e-custom project by the Federal Executive Council.

Wole Badmus, the National Coordinator Forum of Non-Governmental Organizations in Nigeria, FONGON, disclosed this on Thursday while briefing journalists in Abuja.

FEC okayed the e-Customs modernization project at N142.24 billion despite controversy.

The project was awarded to Trade Modernization Project Ltd (TMPL).

But, Badmus claimed that the Minister of Finance, Budget and National Planning, Zainab Ahmed; Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN; and the Comptroller General of the Nigerian Customs Service, Col Hameed Ali, are collaborating to deplete the Comprehensive Import Supervisor Scheme (CISS) and Nigeria Export Supervision Scheme accounts.

He said the contract approval controversy is some of the clear landmines for the incoming administration.

He also alleged that Ali is collaborating with the Executive Secretary of Buhari Support Group, Hajia Zainab Jummai Ajijola, using TMPL to siphon the nation’s commonwealth.

He added that President Muhammadu Buhari, billed to exit the seat of power in less than 26 days, must come clean to Nigerians on why he allowed Ali to hijack the e-customs project in favour of TMPL.

“The fraudulent intention of the CG Customs further manifests in the fact that investigations at CAC show that Trade Modernisation Project Limited and Buhari Support Organization, BSO, are Siamese twins. Hameed Ali is the Chairman, while Hajia Zainab Jummai Ajijola is the Executive Secretary of BSO.

“The foregoing has exposed the intention of Hameed Ali, with the support of the AGF and HMOF, to deplete the CISS/NESS accounts with funds running into hundreds of billions of naira.

“These are clear landmines being laid in place for the incoming administration. The desperation to access the CISS/NESS accounts before the departure of the current administration is quite suspicious.”

However, in an interview with DAILY POST, CSC Abdullahi Aliyu Maiwada, the Public Relations Officer of the Nigeria Customs Service (NCS), described the claim as false and baseless.

According to him, the e-custom project, when actualized, would improve service delivery of Nigeria Customs.

“This is a distraction to the successful implementation of the e-customs project. The project would improve Nigeria’s customs service delivery and reduce corruption within the sector”.

“There is no truth in the claim”, he added.

Similarly, the Special Assistant on Media to the Minister of Finance, Budget and National Planning, Mr Yunusa Abdullahi, said the allegation is untrue.

Meanwhile, the Spokesperson to the Attorney General of the Federation and Minister of Justice, Mr Umar Gwandu, has yet to respond to a text and call by DAILY POST on Thursday.

The development comes amid some Nigerians’ concerns about the project’s hasty approval amounting to billions by the Buhari administration in the twilight of its exit.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.