Bauchi Customs seize N70m contraband goods in seven months – Newstrends
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Bauchi Customs seize N70m contraband goods in seven months

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Nigeria Customs Service CG Hameed Ali

The Federal Operations Unit (FOU) Zone D Bauchi of the Nigeria Customs Service has seized contraband goods worth over N70.1 million between September 2020 and March 2021.

The FOU Zone D comprises Bauchi, Borno, Gombe, Adamawa, Taraba, Yobe, Plateau and Nasarawa.

Comptroller of the FOU Zone D command, Mr Adesanmi Omiye, spoke to newsmen at a briefing on Thursday, in Bauchi, saying the seizures included 573 bags of (50kg) foreign rice.

Others are 25 jerry cans of 25 liters each of vegetable oil valued; 45 bales of used clothing value at N8.83 million; 50 bags of foreign mosquito coils valued at N450,000 and 175 cartons of foreign soap valued at N2 million.

Omiye also said there were 674 rounds of 70mm cartridges; 12 bags of marijuana, valued at N30 million; 12 vehicles used for the conveyance of the contraband valued at N8 million; 25-litre jerry cans of petrol, numbering 105 and valued at N294,000.

“The total value of the seizure by the FOU Zone D Bauchi is worth N70,199,200. Two suspects were apprehended in respect of Marijuana,” he said.

He noted that all operations were carried out in line with Section 147 of the Customs Act which empowered the service to search premises and Section 158 which empowered it to patrol freely.

The comptroller said the command had improved on its anti-smuggling profile, with the magnitude of seizures made so far in areas under its jurisdiction.

 

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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