Business
Reps pass bill to prevent non-customs officers from emerging NCS CG
The House of Representatives on Tuesday passed a bill seeking to stop non-serving officers of the Nigeria Customs Service (NCS) from being appointed as comptroller-general of the agency.
A report on the bill was adopted after the Chairman of the Committee on Customs and Excise, Leke Abejide, moved a motion for the consideration of its 283 clauses at the “committee of the whole” presided over by Idris Wase, deputy speaker of the house.
The proposed legislation seeks to repeal the Customs and Excise Management Act, 2004 and reenact the Nigeria Customs Service (Establishment) Bill, 2021.
Hameed Ali, the current comptroller-general of the NCS, is a retired military officer.
Since his appointment in 2015, Ali has been carrying on his duties in civilian attire, and in March 2017, when he appeared before the senate committee on customs and excise duties, he was asked to explain why he refused to wear the customs uniform. Ali said as a retired army officer it was against military tradition for him to wear the uniform of another organisation.
Briefing journalists after plenary, Abejide said the proposed legislation was aimed at transforming the operations of the NCS to make it more efficient and value-driven.
He said the bill proposes “legislative input into the appointment of comptroller-general of customs similar to other organisations like inspector-general of police, Nigeria Immigration Service, and the service chiefs”.
The lawmaker said the existing act did not provide that only customs officers be appointed to head the service.
“The passage of this bill is a step in the right direction, especially in view of the fact that the bill is the first major reform in the Nigeria Customs Service legal framework in 63 years,” he said.
“The old Act has become obsolete in today’s competitive global world. A review of the Act seeks to reposition the NCS for improved efficiency and service delivery. Full automation of the NCS with modern reality will facilitate trade, improve revenue generation and more importantly expose illegal importation of arms and ammunition into the country. All of these would be made possible when this bill becomes an act.
“This bill, when it becomes an act, will position the Nigeria Customs Service to be financially stable and this will enable NCS to recruit the required number of officers they need to man our porous border stations.
“The current seven percent cost of collection from the duties payment is not enough to pay salaries of officers, not to talk of improving the infrastructures. For this reason, this bill provides for a funding system based on four percent FOB according to international best practices to address funding problems and to reposition the service for improved efficiency and service delivery.”
The bill, according to the legislator, proposes “stiffer punishments” for serious customs offences and will encourage more revenue in the area of payment of fines.
The bill also makes provision for “the arbitration panel for the purpose of dispute resolution to reduce multiplicity of cases at the court of law relating to customs issues; introduction of new excise collectable revenue avenues in line with the recently enacted Finance Act 2021; and provides legal backing for the collection of excise duties on all carbonated drinks”.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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