Business
Customs Generates N185.76bn In Seven Months
The Tin-Can Island Com
mand of the Nigeria Customs Service (NCS), said it collected N185.7 billion revenue from January to July 2015.
The Public Relations Officer (PRO) of the command, Mr Chris Osunkwo, made this known in an interview with newsmen in Lagos, recently.
He described the sum collected as a remarkable improvement over the N162.3 billion collected in the corresponding period of January to July 2014.
“ Last year in Tin-can Island Port command, we made N162.3 billion between January and July.
“This year, so far we have had N185.7 billion within the same period of January to July 2015.
“If you look at it, it’s approximately N20 billion difference and that is a remarkable improvement, intensifying effort and quality leadership.
“Above all, we do not believe that the volume of cargo translates to collectable revenue. No! but rather the quality of cargo – the value.
“Looking at that and taking it from there, you can agree with me that officers improved on their performance because they have been more dedicated.
“From the available cargo, we do not need the whole of Europe or U.S. or Asian market to relocate to Nigeria before we can get maximum revenue for government.
“So from the available cargo, the job is done procedurally and the way most appropriately it should be done.
“From there, the accruable revenue to government is realised and accounted for.“
He explained that the improvement in the amount of revenue collected was the result of the dedication and commitment of officers of the command.
The command’s spokesman said that the volume of imported new and used vehicles dropped sharply because of the new policy on automobiles importation.
Osunkwo said that the command also made remarkable collection from the massive influx of general cargo.
He explained that seizures dropped, an indication that the level of traders’ compliance to import regulations had improved.
Osunkwo said that officers of the command were on the alert and ready to impound smuggled poultry products in line with its operation `Hawk Descend`.
He spoke of the need for terminal operators to provide adequate equipment to facilitate cargo examination at the port.
“This issue of minimum equipment and machinery to conduct examination is still hampering seamless operations; still we have devised strategies to surmount that.
“That notwithstanding, the other day, my Area Controller called the terminal operators for a meeting and read the riot act; that look, all of them must be up and doing.
“They must live up to expectation. They must get the equipment that are very, very necessary.
“Because of that, I think most of them are working round the clock to ensure that they improve on the available equipment and machinery for customs operations.“
Osunkwo said that the command seized 11 containers between February and June, adding that the Duty Paid Value (DPV) of the seized goods was N460.1 million.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.