Four agents forged my signature to clear vehicles - Customs controller – Newstrends
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Four agents forged my signature to clear vehicles – Customs controller

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Area Controller at the TinCan Island Command of the Nigeria Customs Service (NCS), Adekunle Oloyede, has accused four clearing agents of forging his signature to clear imported vehicles.

He stated this while briefing journalists on the half-year report of the command, adding that the agents wanted to clear four trucks and some cars.

He said the agents were arrested and would be prosecuted even though they had been granted administrative bail.

Oloyede said, “We discovered an incident of forgery of the signature of the area controller, which is why you have this here. The standard procedure for the clearance of non-standard vehicles identification number is that the CAC must approve the use of that particular code. So, their papers were still on my table but they went ahead to forge my signature on another application.

“They were trying to escape and get out of the terminal. The officers that were supposed to release the goods were vigilant enough because I sent to all the terminals a sample of my signature. So, these four trucks belong to four different people and they actually forged my signature. They were apprehended and locked up for some time, but for the sake of human rights, they are on administrative bail for now. But as we go ahead, definitely, we are going to prosecute them.”

He, however, said the command had strengthened the risk management structure to drastically reduce the consistent attempts by some non-complaint agents to abuse the process through acts of commercial fraud.

He said, “At the command level, we faced challenges at the early stages of the deployment due to the degrees of understanding of the process, most especially on the part of stakeholders.

“Nevertheless, we have been able to overcome them as we put into force Article 2 of the trade facilitation agreement through continuous engagement and consultations with the relevant stakeholders which led to updates and upgrades of the service to address some of these challenges.”

He added that there was an increase in export activities within this period.

Oloyede said between January and June 2022, the command collected a total sum of N274. 320bn a figure which he said represented a 27.50 percent increase from what the command collected within the same period in 2021.

According to him, the command recorded an outward throughput in export cargo of 138, 245.50 metric tons, representing an increase by 73 percent from 100, 500 recorded in 2022.

“With a ‘free on board’ of N100 447, 304, 814.00 this represents an increase of 69percent from N66, 294, 630,421.00 recorded in the fiscal year of 2022,” he concluded.

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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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