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    Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

    Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

    FG fines Multichoice N766m over privacy breaches

    FG fines Multichoice N766m over privacy breaches

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

    Food inflation: NSA, 36 states launch joint action

    Food inflation: NSA, 36 states launch joint action

    Petrol imports drop 54% as Dangote boost supply

    Petrol imports drop 54% as Dangote boost supply

    World Bank retains Nigeria’s growth at 3.6%

    World Bank retains Nigeria’s growth at 3.6%

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Petrol: 6 depots slash prices as competition heightens in downstream sector

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Market capitalisation hits N70.89tr as 36 stocks close in green

    Sixteen years after meltdown, NGX market cap surges by 347.5%

    Sixteen years after meltdown, NGX market cap surges by 347.5%

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      Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

      Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

      FG fines Multichoice N766m over privacy breaches

      FG fines Multichoice N766m over privacy breaches

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

      Food inflation: NSA, 36 states launch joint action

      Food inflation: NSA, 36 states launch joint action

      Petrol imports drop 54% as Dangote boost supply

      Petrol imports drop 54% as Dangote boost supply

      World Bank retains Nigeria’s growth at 3.6%

      World Bank retains Nigeria’s growth at 3.6%

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Petrol: 6 depots slash prices as competition heightens in downstream sector

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Market capitalisation hits N70.89tr as 36 stocks close in green

      Sixteen years after meltdown, NGX market cap surges by 347.5%

      Sixteen years after meltdown, NGX market cap surges by 347.5%

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        Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

        Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

        FG fines Multichoice N766m over privacy breaches

        FG fines Multichoice N766m over privacy breaches

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

        Food inflation: NSA, 36 states launch joint action

        Food inflation: NSA, 36 states launch joint action

        Petrol imports drop 54% as Dangote boost supply

        Petrol imports drop 54% as Dangote boost supply

        World Bank retains Nigeria’s growth at 3.6%

        World Bank retains Nigeria’s growth at 3.6%

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Petrol: 6 depots slash prices as competition heightens in downstream sector

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Market capitalisation hits N70.89tr as 36 stocks close in green

        Sixteen years after meltdown, NGX market cap surges by 347.5%

        Sixteen years after meltdown, NGX market cap surges by 347.5%

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          Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

          Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

          FG fines Multichoice N766m over privacy breaches

          FG fines Multichoice N766m over privacy breaches

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

          Food inflation: NSA, 36 states launch joint action

          Food inflation: NSA, 36 states launch joint action

          Petrol imports drop 54% as Dangote boost supply

          Petrol imports drop 54% as Dangote boost supply

          World Bank retains Nigeria’s growth at 3.6%

          World Bank retains Nigeria’s growth at 3.6%

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Petrol: 6 depots slash prices as competition heightens in downstream sector

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Market capitalisation hits N70.89tr as 36 stocks close in green

          Sixteen years after meltdown, NGX market cap surges by 347.5%

          Sixteen years after meltdown, NGX market cap surges by 347.5%

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            Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

            Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

            FG fines Multichoice N766m over privacy breaches

            FG fines Multichoice N766m over privacy breaches

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

            Food inflation: NSA, 36 states launch joint action

            Food inflation: NSA, 36 states launch joint action

            Petrol imports drop 54% as Dangote boost supply

            Petrol imports drop 54% as Dangote boost supply

            World Bank retains Nigeria’s growth at 3.6%

            World Bank retains Nigeria’s growth at 3.6%

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Petrol: 6 depots slash prices as competition heightens in downstream sector

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Market capitalisation hits N70.89tr as 36 stocks close in green

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            Sixteen years after meltdown, NGX market cap surges by 347.5%

            Trending Tags

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              Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

              Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

              FG fines Multichoice N766m over privacy breaches

              FG fines Multichoice N766m over privacy breaches

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

              Food inflation: NSA, 36 states launch joint action

              Food inflation: NSA, 36 states launch joint action

              Petrol imports drop 54% as Dangote boost supply

              Petrol imports drop 54% as Dangote boost supply

              World Bank retains Nigeria’s growth at 3.6%

              World Bank retains Nigeria’s growth at 3.6%

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Petrol: 6 depots slash prices as competition heightens in downstream sector

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Market capitalisation hits N70.89tr as 36 stocks close in green

              Sixteen years after meltdown, NGX market cap surges by 347.5%

              Sixteen years after meltdown, NGX market cap surges by 347.5%

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                Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                FG fines Multichoice N766m over privacy breaches

                FG fines Multichoice N766m over privacy breaches

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                Food inflation: NSA, 36 states launch joint action

                Food inflation: NSA, 36 states launch joint action

                Petrol imports drop 54% as Dangote boost supply

                Petrol imports drop 54% as Dangote boost supply

                World Bank retains Nigeria’s growth at 3.6%

                World Bank retains Nigeria’s growth at 3.6%

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Petrol: 6 depots slash prices as competition heightens in downstream sector

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Market capitalisation hits N70.89tr as 36 stocks close in green

                Sixteen years after meltdown, NGX market cap surges by 347.5%

                Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Banking Sector Strengthens as Capital Adequacy Ratio Hits 15.2%, Liquidity 49.06%

                  Amid 27.50% MPR, Economic Challenges, Prime Lending Rate Rise to 18.19%

                  FG fines Multichoice N766m over privacy breaches

                  FG fines Multichoice N766m over privacy breaches

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Despite Economic Downturn, Nigeria’s Non-pension AuM Up 71% to N10.1trn

                  Food inflation: NSA, 36 states launch joint action

                  Food inflation: NSA, 36 states launch joint action

                  Petrol imports drop 54% as Dangote boost supply

                  Petrol imports drop 54% as Dangote boost supply

                  World Bank retains Nigeria’s growth at 3.6%

                  World Bank retains Nigeria’s growth at 3.6%

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Petrol: 6 depots slash prices as competition heightens in downstream sector

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Market capitalisation hits N70.89tr as 36 stocks close in green

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

                  Sixteen years after meltdown, NGX market cap surges by 347.5%

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                  Customs ban exports, imports via land borders indefinitely

                  NIS denies 1,111 foreigners entry into Nigeria

                  Punch | October 15, 2019
                  Nigeria Customs Service records higher seizures of rice, petrol
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                  The Nigeria Customs Service on Monday announced an indefinite ban on importation and exportation of goods through the land borders.

                  Comptroller-General, NCS, Col. Hameed Ali (retd), who stated this at a press conference in Abuja, also said Niger Republic had placed a ban on export of rice to Nigeria as a result of Nigeria’s border closure.

                  This came as the Nigeria Immigration Service said it had stopped 1,111 foreigners from entering Nigeria since August 20, 2019 when the country’s land borders were partially closed.

                  Ali said, “For now, all goods, whether illicit or non-illicit, are banned from going and coming into Nigeria. Let me add that for the avoidance of doubt, we have included all goods because all goods can equally come through our seaports.

                  “For that reason, we have deemed it necessary for now that importers of such goods should go through our controlled boarders where we have scanners to verify the goods and how healthy they are to our people.”

                  The closure of borders is being enforced by the NCS and NIS, in collaboration with the Nigerian armed forces and the Nigeria Police Force. It is being coordinated by the Office of the National Security Adviser.

                  Ali said the aim of the exercise was to better secure Nigeria’s borders, address trans-border security concerns and strengthen the economy.

                  The customs boss said it was disturbing that some neighbouring countries were circumventing the ECOWAS protocol on transit.

                  He said, “For clarity, the ECOWAS protocol on transit demands that when a transit container berths at a seaport, the receiving country is mandated to escort same without tampering with the seal to the border of the destination country.

                  “Unfortunately, experience has shown that our neighbours do not comply with this protocol. Rather, they break the seals of containers at their ports and trans-load goods destined for Nigeria.”

                  Ali said the closure of the borders had curbed the smuggling of foreign rice into Nigeria and addressed the diversion of petroleum products from Nigeria to neighbouring countries.

                  According to him, 10.2 million litres of petrol had been stopped from being diverted out of the country since the borders were closed, while producers of local food were making increased earnings.

                  On security, the customs boss stated that so far, 317 suspected smugglers and 146 illegal migrants had been arrested.

                  He said, “Also, some items seized are 21,071 pieces of 50kg bags of parboiled foreign rice; 190 vehicles; 891 drums filled with petrol; 2,665 jerry cans of vegetable oil; 66,000 litre-tanker of vegetable oil; 133 motorcycles; 70 jerry cans of petrol and 131 bags of NPK fertiliser used for making explosives. The estimated monetary value of the intercepted items is about N1.43bn.”

                  He explained that 95 per cent of illicit drugs and weapons used for acts of terrorism and kidnapping in Nigeria came through the porous borders.

                  He said following the closure of Nigeria’s borders, “Niger Republic has already circulated an order banning exportation of rice in any form to Nigeria.”

                  According to him, no date has been fixed to reopen the borders, adding that Nigeria will only end closure when its neighbours have fully complied with the Economic Community of West African States Protocol on Transit.

                  He said, “The government, through diplomatic channels, will continue to engage our neighbours to agree to comply with ECOWAS protocol on transit.

                  “Goods that are on the prohibition list in Nigeria, such as rice, used clothing, poultry products and vegetable oil should not be exported to the country.

                  Meanwhile, the NIS said it had stopped 1,111 people from entering Nigeria since August 20, 2019 when the country’s land borders were partially closed.

                  It also declared that any foreigner living in Nigeria that failed to register their biometrics with the NIS before January 19, 2020, would be deported.

                  The Comptroller-General, NIS, Muhammed Babandede, who disclosed this during a joint press briefing in Abuja, stated that these resolutions were in accordance with the Economic Community of West African States Protocol on Transit.

                  He said, “The law is very clear and it says ‘Do not enter any ECOWAS country unless you have a valid travel document’. So, it is important to state that if you don’t have travel documents, we cannot allow you to enter or leave Nigeria.”

                  Babandede said the NIS stopped 142 Nigerians from departing the country during the period, adding that over 1,000 immigrants from other nations had been denied entry into Nigeria

                  He said, “We have refused entry of 1,111 people who wanted to enter our territory, but because they don’t have the required travel documents we turned them back.

                  “We have also removed people who had already entered. In fact, 728 people have been removed. We have arrested Pakistanis and North Koreans at the borders and they are meant to be deported.”

                  On why foreigners staying in Nigeria must register their biometric, the NIS boss said, “Mr President approved an amnesty for all migrants staying in this country. And this means that any migrant that has overstayed in this country can have their biometrics registered between now and January 19, 2020.”

                  Stakeholders have assumed different positions concerning the total border closure. While palm oil producers applaud it, freight forwarders have condemned it.

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