Business

Jonathan Reassures Investors On Security, Investments

Published

11 years ago

March 18, 2013

President Goodluck Jonathan has re-assured the international community that his administration would continue to do everything possible to enhance security of lives and investments.

Jonathan, gave the assurance when he received a 45-member U.S. trade delegation at the State House. He said the Federal Government was working very hard to overcome the country’s current security challenges, stressing that efforts were being made to curb terrorism and other criminal acts such as kidnapping and hostage-taking.

Jonathan assured the delegation that his administration would continue to empower the private sector to serve as the main drivers of the Federal Government’s agenda for national economic growth and development.

He also assured the company executives on the delegation of the safety of their current and future investments in the country.

The President told the delegation that Nigeria had one of the most liberal legal regimes for the movement of capital and profits, adding “we welcome your interest and commitment to Nigeria’’, stressing that “You are coming at a time when sectors previously dominated by government monopolies are being opened up to the private sector.

“ He said we fully believe that that is the best way forward and the best way to create greater efficiency, employment and economic prosperity. You all know Nigeria’s potential adding “With its very huge market and the conducive investment climate we are working hard to foster, it is a country where your companies can do very fruitful business.

“He said I assure you of the full encouragement and support of the Federal Government for your investments.’’

The delegation was led by the President and CEO of the Corporate Council on Africa, Mr Steve Hayes and the Executive Vice President of the Overseas Private Investment Corporation, Ms Mimi Alemayehou.

Hayes thanked Jonathan for his efforts to promote greater trade and economic cooperation between Nigeria and the U.S.

He assured Jonathan that the Corporate Council on Africa and its members fully recognised Nigeria’s immense economic potential and that they would do their best to support his agenda for national transformation.

Also speaking the U.S. Ambassador to Nigeria, Mr Terrence McCulley, said Nigeria needed to diversify its economy away from oil and gas.

He said that the delegation was looking at expanding U.S. presence in the manufacturing and agro-allied, entertainment and ICT sectors.

He said the energy delegation came last year, we are hoping to follow-up later this year with a delegation in the health sector stressing that “I think there are enormous opportunities in this very important market’’.

Also speaking to newsmen, Nigeria’s Ambassador to the U.S., Mr Ade Adefuye, said the visit by the delegation was a follow-up to the investors’ forum held in Washington.

He said there were representatives of 17 U.S. high tech companies in the delegation and that the emphasis would be on the non-oil sectors.

The company executives expressed interests in aviation, power, food processing, ICT, construction, housing, textiles, infrastructure and finance sectors.

Meanwhile, the Minister of Works, Mr Mike Onolememen, said the Federal Government would go into partnership with the U.S. on infrastructure development.

Onolememen stated this at an interactive session with the American Corporate Council on Africa’s Infrastructure Trade Mission to Nigeria that the partnership would help to grow the Nigerian economy stressing that the partnership would help to narrow the infrastructure gap in Nigeria as infrastructure development remains the major key to national development.

He commended the trade mission for keying into Nigeria’s vast investment as Nigeria remained destination choice for investors.

In his speech at the session, the Minister of Foreign Affairs, Mr Olugbenga Ashiru, said Nigeria had continued to attract investment from various countries stressing that“Nigeria is one of the topmost emerging markets for now and for the future.

“The challenges the country is facing in terms of security are isolated and they will not affect the overall inflow of investments into the key sectors of the economy,’’ he said.

Ashiru said the trade delegation’s visit “coincided with the currency of the Federal Government’s Transformation Agenda, especially as it affected infrastructure development’’.

He called on the delegation to harness sectors that would promote job creation.

He said the area that Nigeria would want to see more investment in the key sectors of agriculture and power, adding “you have quite a lot of experience in the power sector and with General Electric now opening a factory in Nigeria.

Business

Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

Published

2 days ago

May 17, 2024

The Tide

For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

Business

Illegal PMS Trading Booms In Lagos

Published

2 days ago

May 17, 2024

The Tide

Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

Business

Customs Board Appoints Five DCGs, Eight ACGs

Published

2 days ago

May 17, 2024

The Tide

The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos