Business
Customs Destroys N70m Poultry Products
The Nigeria Customs Service (NCS) destroyed about 20,000 cartons of smuggled poultry products worth over N70 million impounded by both Federal Operations Unit (FOU) and Seme Command of the service.
The Customs Public Relations Officer at FOU, Zone ‘A’ Ikeja, Mr Uche Ejesieme, told newsmen on Tuesday that the unit seized 16,391 cartons of the poultry products between June and November.
He said that Dr Abdullahi Dikko, the Comptroller General of Customs, had passed a circular on zero tolerance on poultry products, adding that Comptroller Dan Ugo, the Head of the Unit, was determined to ensure strict compliance.
Ejesieme said that the duty paid value of the seized poultry products was N62.3 million.
“Between Monday and Saturday, we made total seizure of 1,117 cartons of poultry products and we made sure that we seized the means of conveyance,” he said.
The Seme Command of NCS also said it impounded over 3,000 cartons of poultry products in the last three months valued at between six to eight million naira.
The Public Relations Officer of the command, Mr Ernest Olotta, told nesmen on telephone that the controller of the command had fortified the anti-smuggling team.
He said that some officers of the command had been strategically positioned in various places to check smuggling.
Olotta said the efforts of the controller had suppressed smuggling to the barest minimum.
“If smuggling stops, Nigeria stands to gain through job opportunities for the youths and there will be more foods and we can export our poultry products to other countries, “ he said.
“We have the capability to produce for local consumption and to export,’’ Olotta said.
Mr Jonathan Nicol, the Secretary General, Shippers’ Association of Lagos State, told newsmen that local supply of poultry production had not met the demand.
“Smuggling is rampant, either because the supply to the mega hotels is high or because the ordinary man in the street does not have access to the few available local poultry products.
“The cost of buying chicken locally is twice the amount one buys from smugglers,” he said.
Nicol urged government to remove the ban placed on poultry products, adding that such measure would reduce smuggling.
A freight forwarder, Mr Ben Ndee, suggested that the National Assembly should recommend in the new Customs and Excise Management Act (CEMA) (Amendment) death penalty for smugglers.
“Smuggling, in whatever guise, is condemnable and a heinous crime against the economy of any nation, particularly ours in Nigeria.
“More so, the inherent danger to the lives of officers and men of the Nigeria Customs Service, many of whom have lost their lives in preventing poultry products smuggling and outright duty evasion, “ he said.
The maritime expert suggested that government should also encourage local poultry farmers by granting soft loans to increase production of poultry farmers and discourage smuggling.
A freight forwarder, Mr Lucky Amiwero, said that smuggling of poultry products had killed the local industries, adding that there should be protection for local industries.
“The restriction is to protect the local industries. If they have gone through NAFDAC clearance, it means there are no health issues, but this is not the case with smuggled poultry products.
“Government should look critically at this area of the economy, refocus and possibly set up a committee to address the problem in the poultry sector,” Amiwero said.
He said that smuggling was thriving in Nigeria because demand for poultry products was high and local production could not meet the demand.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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