Business
Customs adopted 28 exchange rates to clear goods in Q1 – CG
Customs adopted 28 exchange rates to clear goods in Q1 – CG
The Nigeria Customs Service says it adopted 28 different foreign exchange rates in the clearance of imported goods at the ports based on the directive of the Central Bank of Nigeria.
Comptroller General of Customs, Adewale Adeniyi, disclosed this at a press briefing, where he said the agency also generated a total of N1.3 trillion during the period.
The fluctuations and frequent Forex exchange rates, he said, sent negative signals and disrupted activities at the ports.
He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per $1 in January 2024 to a peak of N1,662.35 per $1 in February 2024.
“While a singular exchange rate of N951.94 per $1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per $1 to N1,662.35 per $1.
“March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per $1 in the clearance of Customs goods during the quarter.
“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”
Adeniyi also said a total of N1.3 trillion was generated in revenue by the Customs Service in the first quarter of 2024.
The CG added that over 572 seizures were made with a duty-paid value of N10bn.
He said, “The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where N606,119,935,146.67.
“When compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion.”
The CG also said a total of N1.6 billion was earned through its electronic auction platform launched in the first quarter of the year.
Business
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
The Nigerian Communications Commission (NCC) has directed major mobile network operators (MNOs), including MTN, Airtel, Glo, and 9mobile, to compensate subscribers affected by poor network quality in areas where performance falls below regulatory standards. The move is part of a broader shift toward a consumer-focused approach aimed at protecting users and strengthening accountability in Nigeria’s telecommunications sector.
In a statement on Sunday, Nnenna Ukoha, Head of Public Affairs at the NCC, emphasized that subscribers should not bear the full burden of service disruptions caused by operators’ failure to meet prescribed benchmarks. She explained that compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and the duration of service outages in affected areas.
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“Erring operators will compensate affected users directly for breaches of quality of service key performance indicators within specified time frames,” Ukoha said. She added that while regulatory fines have traditionally served as a deterrent against poor service delivery, the commission is now adopting a more consumer-centric approach that ensures users directly benefit from enforcement actions.
Under the directive, tower companies and network providers are also required to reinvest fines and penalties into infrastructure upgrades, aimed at addressing coverage gaps and improving overall network quality. Subscribers are encouraged to report service interruptions to their operators and the NCC to ensure timely compensation.
Industry observers have welcomed the move, describing it as a significant step toward empowering telecom users, improving quality of service (QoS), and holding operators accountable for network performance failures. The NCC will monitor compliance closely and take further action against any operators that fail to meet the compensation and service standards.
NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service
Auto
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World marks 30 years, set to rally industry leaders in Lagos
Motoring World, one of Nigeria’s foremost automotive publications, will celebrate its 30th anniversary on June 4, 2026, with a high-profile event at the MUSON Centre.
The milestone gathering is expected to draw policymakers, industry leaders, diplomats and innovators to commemorate three decades of impactful journalism, advocacy and contribution to the growth of Nigeria’s automotive sector.
Founded on June 12, 1996, as a syndicated radio magazine programme, Motoring World pioneered automotive broadcasting in Nigeria before expanding into print in 1998. It has since evolved into a multi-platform brand at the forefront of promoting industry development, modernization and policy reform.
Over the years, the publication has gone beyond news reporting to play an active role in shaping regulatory frameworks, encouraging local content development and promoting industry standards.
Publisher and Chief Executive Officer, Femi Owoeye, said the organisation was driven by a clear vision from inception.
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“Motoring World started with a simple vision: to give voice and structure to Nigeria’s automotive industry. Over the years, we have gone beyond reporting to actively advocate policies that support industry growth, local production and a more structured ecosystem,” he said.
Activities lined up for the anniversary include the unveiling of a special 30th anniversary edition of Motoring World magazine, chronicling the evolution, milestones and future of the industry. Distinguished stakeholders with three decades of contributions to the sector will also be honoured.
A keynote lecture titled, “Reporting the Road Ahead: Automotive Journalism as a Catalyst for Nigeria’s Auto Industry Development,” will underscore the critical role of the media in shaping the nation’s automotive landscape.
Dignitaries expected at the event include the Minister of Industry, Trade and Investment, Jumoke Oduwole; the Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin; state governors, transport commissioners and members of the diplomatic corps.
Owoeye noted that the anniversary represents more than a celebration.
“This is a tribute to resilience, strong partnerships and the collective drive that has sustained the industry. As we honour key players and reflect on our journey, we are also setting the tone for the next phase of mobility in Nigeria,” he added.
The event promises a blend of reflection, recognition and renewed commitment to advancing Nigeria’s automotive industry.
Motoring World marks 30 years, set to rally industry leaders in Lagos
Auto
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai unveils flagship SUV Palisade, rolls out strong line-up in Lagos showcase
Hyundai Nigeria has unveiled the all-new Hyundai Palisade in Lagos, headlining a media showcase that also featured the Hyundai Accent, Hyundai Creta, Hyundai Tucson and Hyundai Santa Fe, as the automaker intensifies its push across key segments of the Nigerian market.
The event, held at the company’s Victoria Island showroom, offered journalists a first-hand view of Hyundai’s expanding portfolio, ranging from entry-level sedans to premium three-row SUVs.
Taking centre stage was the debut of the Palisade, Hyundai’s flagship SUV, positioned to strengthen the brand’s foothold in the premium segment.
With its bold exterior styling, spacious three-row layout, upscale interior and advanced safety and convenience features, the model is targeted at families and executive buyers seeking comfort, space and strong road presence.
Across the line-up, Hyundai showcased a broad spectrum of offerings. The Santa Fe reinforces its appeal as a refined, family-oriented SUV with generous cabin space and premium detailing, while the Tucson stands out for its blend of modern design, practicality and everyday versatility.
In the compact SUV category, the Creta was highlighted for its mix of style, efficiency and urban functionality, while the Accent sedan retains its positioning as a practical and cost-effective option for young professionals, fleet operators and first-time buyers.
Speaking at the event, Brand Head, Hyundai Nigeria, Gaurav Vashisht, said the launch underscores the company’s commitment to deepening its footprint in Nigeria with globally competitive products adapted to local needs.
“This introduction of the all-new Palisade strengthens our premium SUV offering while complementing a well-rounded line-up that delivers on design, safety, innovation and everyday usability,” he said.
The showcase also provided an avenue for media interaction with Hyundai executives and product specialists, alongside detailed vehicle walkarounds covering design, technology and safety features.
Hyundai Nigeria reaffirmed its focus on delivering globally benchmarked vehicles with strong local relevance, even as competition intensifies in Nigeria’s evolving passenger vehicle market.
The event also marked the launch of Hyundai’s Easter campaign, offering customers value-added benefits such as complimentary delivery, accessories, registration and service packages.
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