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CBN Tasks MFBs On Expansion, Control

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The Central Bank of Nigeria (CBN) has charged micro-finance banks (MFBs) to marry expansion with effective control.

The CBN said this was necessary to prevent backfire effects such as loss of focus, inability to effectively bring network of branches under effective control and management. The CBN gave this admonition at an occasion to mark the third anniversary of AB Microfinance at Protea Hotels, Lagos.

The CBN represented by Deputy Director, Other Financial Institutions Department (OFID), Mr. Bola Durojaiye commended the bank for its ability to combine expansion with effective control and solid management, describing it as a model for other microfinance houses.

Durojaiye noted that with the success story of the financial house in just three years of existence, it had shown that with strategic thinking, which he said its board was noted for and an effective management of human resources, microfinance operation could truly play its role as the engine room for the small and medium scale sector of the economy.

AB Microfinance, one of the new German investments in Nigeria has Access Holding from Germany International Financial Corporation in Belgium and African Development Bank Group as some of its major shareholders. Addressing the gathering made up of the bank’s shareholders, customers, members of staff and friends, its Managing Director, Susanne Hiefholzer said within three years of commencing operation, the bank had opened eight branches across Lagos and would open the ninth branch before the end of the year.

In addition to the newly planned one, Mrs. Heifholzer announced that the bank would open two more branches early next year at Alaba International Market and the Lagos Trade Fair Complex on Badagry-Mile 2 Express Way.

In the spirit of its mission to focus on and develop the SMEs, the managing director informed the gathering that the financial house gave loans to at least 2,500 entrepreneurs monthly. She stated that the bank had 26,000 clients, 16,000 outstanding loans and N3.4 billion portfolio.

Also speaking at the occasion, Chairman of the firm’s board, Dr. Bernd Zattler in retrospect declared that it was a well taken decision to invest in Nigeria, judging by what he called the huge achievement and contribution to the Nigerian economy, the bank had made.

Zattler described Nigeria as a great market with immense opportunity to control the African economy. The German investor announced plan to open microfinance banks in Zambia, Rwanda and Kenya soon, using Nigerian staff to train workers to use in these African countries.

One of the bank’s frontline customers, Alhaji Taofeek Adelekan expressed delight in the services provided by the firm. Adelekan, who re-called an occasion when he was trying to show appreciation for a good service rendered by one of the members of staff, he offered monetary gratification, and the worker bluntly refused, said it was encouraging such a thing was still found in a country labeled as one of the most corrupt globally.

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

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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

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Illegal PMS Trading Booms In Lagos

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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

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Customs Board Appoints Five DCGs, Eight ACGs

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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

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