Business

Customs Exceeds Monthly Revenue Target, Generates N343bn In August

Published

3 years ago

September 28, 2023

The Acting Comptroller-General (CG), Nigeria Customs Service (NCS), Mr Adewale Adeniyi, says the service has exceeded the revenue target for the months of July and August.

Adeniyi, who spoke while presenting the scorecard for his 100 days in office on Thursday in Abuja, said that the NCS generated N307 billion in July and N343 billion in August

“One of our early achievements has been a remarkable boost in monthly revenue collection.

“We have witnessed a substantial increase, with an average monthly collection of 202 billion in the first half of the year that concluded in June, surging to an impressive 343 billion in August.

“This outstanding growth amounts to a remarkable 70.13 per cent increase in revenue collection.

“I am delighted to announce that we have consistently exceeded the monthly target collection, marking a remarkable departure from previous performances,” he said.

He said that the ongoing revenue recovery review activities hadl contributed an additional eight billion Naira during the period.

“This underlines our commitment to revenue generation. Subject to unforeseen circumstances, our aim is to sustain and even expand this momentum until the end of the year.

“This commitment is driven by our resolve to minimise the deviation from the target, especially in light of the substantial shortfalls recorded during the first half of the year,” Adeniyi said.

He said that the NCS had recorded appreciable results in its ongoing battle against smuggling.

“We have successfully intercepted various contraband items, including arms, ammunition, illicit drugs, substandard pharmaceuticals and other prohibited goods that pose grave risks to our citizens.

“These seizures accompanied by the apprehension of 62 suspects undergoing legal procedures, underscore our commitment to tackling smuggling and safeguarding our communities.

“ Notably, a significant surge in impactful seizures, especially involving arms, ammunition, and drugs, has occurred in the past two months, reinforcing our resolve to combat these illegal activities,” he said.

He said that NCS had forged stronger alliances and fostered an environment of trust and cooperation among stakeholders in the public and private sectors., as well as international partners.

The acting CG said that NCS was at the verge of introducing multiple cutting-edge solutions to support the enforcement strategies, starting with the signing of an Memorandum of Understanding (MoU) that seeks to put vehicle smugglers out of business for good.

“As we reflect on the achievements of the first 100 days in office and the journey we have embarked upon, it is essential to look ahead with a clear vision for the future.

“The next phase builds upon the foundation we have laid, and it is characterised by unwavering dedication to our policy thrust of consolidation, collaboration, and innovative solutions.

“ Looking forward, we envision a service that is not only the most efficient and service-driven government organ but also a pivotal driver of national economic growth and border security.

“ There are also challenges we face but we are working hard to overcome it and get a better result,” he said.

According to him, the NCS plays a pivotal role in facilitating international trade and economic growth and equally serves as a bridge connecting the nation to the global marketplace.

He expressed commitment to aligning with President Bola Tinubu’s agenda on economic growth and development.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

17 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.