Business
Seme Customs Intercepts N840m Worth Contraband …Arrests 18 Suspects
It has been a season of terror for unrepentant smugglers as the Seme border command of the Nigeria customs service recorded over 474 seizures in the first quarter of the year.
Briefing newsmen in Lagos on Tuesday, the Seme Command Area Controller, Comptroller Timi Bomodi, said a total of eighteen 18 suspects were arrested in connection with different seizures made between the months of January and May 2024.
Some of the seizures intercepted by the command within the period, totaling about 474 included: 12,448 Jerrycans x 30 liters each, equivalent to eight tanker loads; 6,467 bags of 50kg, which is equivalent to 10 trailer loads; 15 used vehicles as well as 1, 251parcels of cannabis sativa.
Others include: 20 live parrots, 2 honey badgers, 2 Pelican birds, 404 live tortoises, 3, 023 items, 149 packs of Codeine, and 45 pieces of used tyres.
Bomodi stated that 11 of the arrested suspects were granted administrative bails, three were handed over to the National Drug Law Enforcement Agency (NDLEA) for further agency action, one was handed over to the Nigerian Police, while four suspects were still in their custody.
He further revealed that the Command recently arrested a notorious smuggler whose reign of terror in this area had come to an end as he would be made to face the full wrath of the law.
He noted that there has been a marked increase in the illegal importation of Cannabis from Ghana, adding that different methods had been used by criminals in their effort to beat the officers, all of which, he said, had been neutralised.
The CAC, however, disclosed that all the seizures made within the period in review had a combined Duty Paid Value (DPV) of ¦ 840, 003, 646.00.
Speaking on revenue collection, Comptroller Bomodi stated that the Command had continued to sustain the tempo in revenue collection, adding that “In the period under review, we collected a total sum of N2, 634, 190, 645.53”.
This amount, the Controller said, surpassed that of 2023 for the same period by 272 percent.
On export, he said the Command facilitated 143, 468 metric tonnes of export produce, with FOB value of ¦ 35, 199, 971. 097.7 only, which is equivalent to $38, 461, 397.39.
He continued, “The NESS value paid is ¦ 174, 518, 464.82 only. A total of 406 SGDs were utilized from January to May 26 2024 for export alone”.
He stated further that the Command had also set-up a complaint desk to address issues concerning the molestation of females on this corridor saying, “We strongly frown at any act endangering the health and well-being of the vulnerable population of border stakeholders who go about their normal and legitimate businesses daily.”
Nkpemenyie Mcdominic, Lagos
Business
E-Commerce Platform Revolutionises Online Businesses, Empowers SMEs
A revolutionary online marketplace launched in December 2023, Naijamart.com, is shaking up the landscape for Nigerian businesses.
The multi-platform ecosystem is designed to empower businesses of all sizes and connect them with a wider audience at zero cost.
It offers diverse range of platforms on catering to specific business needs, and its product platform allows the buying and selling of a vast array of products, from electronics and fashion to home ware and groceries.
Naijamart Motors provides a dedicated space for seamless transactions, including buying, selling, or leasing a car, motorcycle, or any other vehicle, and also provides a dedicated space for seamless transactions.
According to the facilitators, Mr. Olalekan Emmanuel Odusanya and Mr. Moses Omhekono Owolabi, the platform was created to fill a significant void in the e-commerce industry, bridging the gap between vendors and buyers while providing enhanced security.
“Our vision is to create a platform where everyone benefits. We have meticulously designed the platform with an array of innovative tools and features to ensure that every user, regardless of their role, enjoys a seamless and rewarding experience.
“The platform is user-friendly, ensuring that even those with minimal technical skills can easily create and manage their online storefronts, and guarantees triple sales through its comprehensive support system and innovative features designed to maximise visibility and customer engagement.
“This multifaceted platform has also been the bedrock and backbone for many SMEs, providing support to the underserved and less privileged and grants to businesses”, Odusanya said.
Business
Analysts Fear Bank Recapitalisation May Worsen SMEs’ Funding
Analysts have said that the ongoing recapitalisation in the banking sector was pushing the industry towards greater consolidation, with significant implications for lending practices, especially for small and medium enterprises (SMEs).
They also noted that the Central Bank of Nigeria’s directive for banks to increase their capital base was not only reshaping the landscape by encouraging mergers among smaller banks, but also raising concerns about restricted access to credit.
According to the Head of Research at a financial market infrastructure group warehousing, FMDQ, Vincent Nwani, the recapitalisation was likely to lead to a wave of mergers and acquisitions, as smaller banks may find it difficult to meet the stringent capital requirements on their own.
“The recapitalisation will undoubtedly lead to further consolidation in the banking sector.
Smaller banks may struggle to meet the new requirements independently, prompting more mergers and acquisitions. This consolidation is likely to create a more competitive environment but may limit credit access for smaller enterprises,” Nwani explained.
Meanwhile, a Professor of Economics at Babcock University, Olusegun Ajibola, warned that while the recapitalisation might strengthen the overall banking sector, it could also result in tighter lending conditions, particularly for SMEs.
He noted that banks, in their effort to meet the new capital requirements, might prioritise capital accumulation over lending, which could temporarily reduce the availability of credit for SMEs.
“While the recapitalisation will strengthen the banking sector, the immediate effect will be a tightening of lending, particularly to small and medium-sized enterprises.
“Banks are focused on shoring up their capital, which could temporarily crowd out credit availability for SMEs, crucial to our economy,” the former president of the Chartered Institute of Banking of Nigeria noted.
The Tide’s source reports that the Association of Securities Dealing Houses of Nigeria(ASHON) has accused banks of bypassing licensed stockbrokers as receiving agents in the fresh recapitalisation exercise.
The Chairman of ASHON, Sam Onukwue, and its Secretary, Athan Ogbozor, stated that the association was empowering their staff members, including drivers and receptionists, to issue and receive share subscription forms.
Business
FCMB Moves To Empower Nigeria’s Female Tech Entrepreneurs
First City Monument Bank (FCMB) has launched a female friendly programme called “FCMB’s HERccelerate programme”, aimed at promoting startups’ growth, funding, mentorship, and training to help female founders.
FCMB’s Managing Director (MD), Yemisi Edun, who said this during the launch of the programme, said the initiative, which is driven by the Bank’s SheVentures and Hub One innovation hub, is executed in collaboration with 8th Gear Hub and Venture Studio.
The programme, according to the MD, seeks to equip female founders with the necessary skills, knowledge, and networks to secure funding and ensure sustainable growth.
She noted that applications for the programme, which targets women-led startups across various sectors, including Fintech, Agritech, Healthtech, Edtech, and E-commerce, offers them the chance to compete for funding and other strategic benefits and would be closing on September 30, 2024.
The MD said participants will undergo rigorous training, including office hours, site visits to successful local startups, and networking events with seasoned entrepreneurs.
“This robust support structure is designed to provide participants with access to knowledge, resources, investors, markets, and networks.
“The programme will culminate in a showcase event where winners will receive grant funding and gain exposure to potential investors.
“The bank is commited to fostering innovation and supporting women-led businesses, particularly SMEs in the tech sector.
“This initiative reaffirms our dedication to empowering women entrepreneurs to pursue their ambitions and make significant contributions to the tech ecosystem and Nigeria’s economic development.
“We understand the unique challenges faced by female-led tech ventures, from funding constraints to biases that hinder growth. HERccelerate is our platform to drive innovation and open more funding avenues for these businesses.
“We urge women entrepreneurs to take advantage of this opportunity to leave a lasting impact”, She said.
The Tide’s source reports that Nigeria’s tech sector has experienced notable growth in recent years, with women-led startups making significant inroads across various industries.
-
Featured4 days ago
New Pump Price Of Petrol Worrisome, Unfair -NECA D-G
-
Health4 days ago
COWA Inaugurates Transit Camp, Skills Acquisition Centre In Lagos
-
Niger Delta4 days ago
Police Neutralise Kidnap Kingpin In A’Ibom
-
News4 days ago
Traditional Ruler Pledges Support For Fubara, Slams Awuse
-
News4 days ago
Fubara, Canadian Envoy Synergise On Health Sector Growth, Investment Relations
-
Health4 days ago
Oyo, Osun Customs Seizes N713m Worth Drugs, Contraband
-
Niger Delta4 days ago
MOSIEND Hails Tinubu Over Ajayi’s Appointment As DSS DG
-
News4 days ago
Don Harps On PR Importance In Societal Dev