Business

BPE Hits N135bn In 2019 Budget Revenue Generation

Published

6 years ago

October 21, 2019

The Bureau of Public Enterprises (BPE) has so far contributed N135 billion out of the N220 billion it is expected to generate for the 2019 fiscal budget.
Director General of the BPE, Mr. Alex A. Okoh, made this known in a statement in Abuja, yesterday.
Speaking at an interactive forum with the Senate Committee on Privatisation at the National Assembly last Wednesday, the Director General said the Bureau was expected to contribute N220 billion in line with the Medium-Term Framework submitted by the Federal Government to the National Assembly for 2019 budget.
He said N135 billion was generated through the sale of the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited),re-privatisation of the Yola Electricity Distribution Company (YEDC) and sale of 29 percent Federal Government’s shares in the Geregu Power plant.
Okoh, while calling on the National Assembly to critically look at the funding framework for the Bureau, expressed optimism that BPE would meet its target for the 2020 fiscal budget.
He regretted that out of the N2 billion allocated to the bureau yearly from the national purse for its operations, N1.5 billion was for staff emoluments through the Integrated Pay roll and Personnel Information System (IPPIS), adding that “of the N500 millio that is supposed to come to the bureau for overheads and capital expenditure, only about 15 percent of the amount is eventually released to the bureau against what is obtained in other revenue generating agencies of the Federal Government”.
The Director General advised the Federal government to give consideration to the privatisation of federal Government-owned enterprises to fund the N10.33trillion 2020 budget, with a total deficit of N2.28trillion and decried a situation where the state-owned enterprises placed an undue pressure on the lean public purse by way of subventions.
He noted that there was no justification for the ritual of yearly budget deficit with local and external borrowings when there were national assets that could be converted into liquidity to fund the government’s fiscal programmes.
“It is not good to keep borrowing on a yearly basis to finance deficit budget when a lot of very valuable national assets are lying fallow and moribund.Proceeds from outright privatisation or concession of the moribund assets, should serve as veritable sources in funding the budget since the assets are more or less, becoming national liabilities”, he added.
Earlier, the Chairman of the Senate Committee on Privatisation,Chief Theodore Orji, had reiterated the importance of privatisation as the key driver of the Nigerian economy and pledged the support of the committee to the bureau.

Business

NIMASA Marks 2025 Customer Week, Pledges Service Excellence

Published

1 day ago

October 13, 2025

The Tide

The Nigerian Maritime Administration and Safety Agency, NIMASA has officially launched its 2025 Customer Service Week celebrations under the inspiring global theme, “Mission: Possible.”

The Agency is leveraging this annual celebration to reaffirm its commitment to transforming customer challenges into opportunities and consistently delivering exceptional service to grow the Nigerian Maritime sector.

In his remarks, the Director General/Chief Executive Officer (CEO) NIMASA, Dr. Dayo Mobereola, noted that effective service delivery remains central to the Agency’s mandate, stressing that excellence must begin internally before extending to external stakeholders.

“Providing service is paramount, both internally and externally. We must remain prepared, committed, and available to solve problems together as a team. Excellence in service delivery defines who we are and what we represent,” . Mobereola stated.

He highlighted teamwork, accountability, and continuous improvement as essential drivers of institutional growth and public confidence.

The Head, SERVICOM Unit, Hajiya Rakiyyah Lammai, appreciated the Director General for his continued support in strengthening customer service structures within NIMASA.

She noted that this year’s theme aptly reflects the dedication and resilience of the Agency’s staff in upholding service quality.

The 2025 Customer Service Week was commemorated across NIMASA offices nationwide with recognition programmes, engagement activities, and customer feedback sessions aimed at promoting a culture of responsiveness and efficiency.

As NIMASA continues to promote safety, security, and sustainability within Nigeria’s maritime domain, the 2025 Customer Service Week reinforces that service excellence remains the cornerstone of effective public service.

By: Nkpemenyie Mcdominic, Lagos

Business

SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn Contraband

Published

1 day ago

October 13, 2025

The Tide

The Seme Area Command of the Nigeria Customs Service (NCS) has intercepted five trucks conveying 10,000 bags of expired flour valued at N1.2billion.

The Command Controller, Comptroller Wale Adenuga, who disclosed this during his Maiden Press Briefing, at the Seme Krake border, last Thursday, said the consignment, which originated from Egypt and came through the Benin Republic border, was seized in a joint operation with the National Agency for Food and Drug Administration and Control (NAFDAC).

According to him, the interception was achieved through credible intelligence shared by the Comptroller General of Customs, Adewale Adeniyi and the NAFDAC Director General, Moji Adeyeye.

Displaying the seized goods, Adenuga said the flour, produced in March 2024, had expired in November, 2024, posing serious public health risk.

He said, “If these things find their way into the country, they change the bag, and it goes into the markets… the health risks associated with consuming such expired products could have led to severe infections, food poisoning, and long-term health complications.

“Beyond health implications, such unwholesome goods undermine local industries and erode consumer trust.”

Speaking on the command’s revenue performance and strides in trade facilitation, Adenuga said a total of N1.5billion was generated in the month of September 2025 alone.

The figure, he said represent an exceptional increase of over 182% compared to the N531.4million generated in August 2025, the month before his assumption of duty.

“This outstanding performance

reflects the effectiveness of the Comptroller General’s reform agenda, which emphasizes compliance, transparency, and data-driven monitoring of goods, as well as dedication of officers and men who continue to embody his vision of a modern, efficient and accountable Customs Service,” he said.

Adenuga said the command guided by the Comptroller General of Customs commitment to transparency and modernization has intensified effort to simplify procedures and ensure that legitimate traders enjoy the full benefits of Customs modernization and regional integration along the Lagos–Abidjan corridor.

“Upon assumption of duty, and in line with the CGC’s strategic vision anchored on the policy thrust of Consolidation, Collaboration and Innovation, I declared trade facilitation as the hallmark of our administration. We believe that when trade is facilitated, processes are streamlined, costs are reduced and more revenue is generated, ” he said.

Beyond the expired flour, Adenuga also showcased other contraband goods seized by the command within the month of September.

The items include 1,104 parcels of cannabis sativa, 98 parcels of 120mg Tramadol, with two suspects handed over to the NDLEA, 2,043 bags of foreign parboiled rice, 150 bales of second-hand clothing and 169 bottles of DSP cough syrup with codeine and five used vehicles with a total Duty Paid Value at N1,999billion.

“Under the guidance of the CGC’s zero-tolerance stance on smuggling, Seme Command remains unwavering in its commitment to suppress smuggling and protect national security, public health and economic stability.

“Our position is clear along the Lagos-Abidjan that any economic resource diverted into smuggling will be a colossal waste; it will be better to channel such resources into legitimate business that could empower thousands of Small and Medium Scale Enterprises (SMEs) and create jobs, ” Adenuga said.

The Customs boss also commended the Nigerian Navy, particularly the Forward Operating Base ( FOB) in Badagry for its support in the fight against smuggling, and handing over seized foreign parboiled rice intercepted on the waterways.

“We shall continue to enhance our operational efficiency through technology, stakeholder collaboration and proactive intelligence. Our collective mission is to ensure that the Seme-Krake border remains a gateway of prosperity not criminality.

“Together with our partners and stakeholders, we are building a smarter, safer and more prosperous border corridor in full alignment with the CGC’s modernization blueprint, ” he said.

By: Nkpemenyie Mcdominic, Lagos

Business

LASG UNVEILS GROUNDBREAKING OMI-EKO PROJECT AT FIVE COWRIES TERMINAL

Published

1 day ago

October 13, 2025

The Tide

The Lagos State Government, through the Lagos State Waterways Authority (LASWA), will officially launch the Omi Eko Project on Friday, 17th October 2025, at Five Cowries Terminal, Falomo.

The unveiling, to be performed by the Lagos State Governor, Babajide Sanwo-Olu, would feature key speakers and virtual project presentation.

According to a Statement, the event highlights the state’s dedication to advancing sustainable water transportation and smart city solutions.

The project aims to transform Lagos’s water transit with over 78 electric ferries, digital systems, and enhanced safety features, reducing commute times and promoting eco-friendly travel.

“The Omi Eko Project is poised to revolutionize Lagos’s water transportation landscape by integrating innovative technology, strengthening terminal infrastructure, and championing environmental sustainability..

“With the deployment of over 78 high-capacity electric ferries, digital ticketing systems, intelligent terminals, and safety innovations, the project will significantly reduce commute times and establish a reliable, modern transportation option for millions.”the statement added.

The Five Cowries Terminal, a key transport hub, underscores the integration of land and water mobility in Lagos’s Urban Mobility Plan.e Hotel, GRA, Ikeja, for the maiden summit of JustAlive Communications Limited, publishers of JustNet News to discuss infrastructural development trends in the sector.

By: By: Nkpemenyie Mcdominic, Lagos