By Hussaina Yakubu

Mr Chedi Wada, Comptroller, Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone “B”, Kaduna has lamented that smugglers have been using fake presidential number plates to deliver vehicles across the country.

According to Wada, they have also been dubiously using such fake number plates belonging to various state and local governments, MDAs, Emirate Councils, and other governmental institutions.

Wada disclosed this when he received Bashir Rabe-Mani, Zonal Manager (ZM), News Agency of Nigeria (NAN) Kaduna Zonal Office, who paid him a courtesy call in Kaduna.

He said,” Customs will not relent; we will continue to do our best by not allowing smugglers to use the old tactics of using the presidential number plates and other governmental institutions to smuggle luxurious vehicles into the country.

“This is one of the menaces we are having. It is saddening how vehicles smugglers are ridiculing the apex seat in the country by using presidential fake plate numbers using them on newly smuggled cars to deceive customs,”

According to him, customs are well trained personnel and can easily identify fake numbers and cannot be played by the old tricks.

The comptroller said, “We are not happy with them, it is too bad for them to be playing with the presidency, that’s why we always put a heavy hammer on those using the presidency on false instances on smuggled vehicles.

“Let them respect the presidency, we must respect the presidency that is leadership.”

Wada also disclosed that they have impounded lots of such vehicles with fake number plates including those of local governments, ministries, and lots of government institutions.

He said that the service was saddled with the responsibility of suppressing anti-smuggling activities, revenue and trade facilitation while implementing other governmental policies.

The comptroller said that the service was committed to saving Nigeria’s economy by bringing smugglers down to the ground by suppressing their activities.

Wada said that the media have been assisting them in extending what they were doing to the public, decrying,” many people do not understand how the rules of the customs are and why certain actions are taken.

“Some will say customs will come to their houses to take contraband, but all this will be amplified through the media on what the rules and regulations are.

‘According to the Act of Customs, on getting an intelligence, customs can enter the premises and take contraband away, possibly arrest and prosecute.

“People expect customs to notify them of any planned seizure at their houses or shops or arrest.

If I inform you that I am coming, what stops you from taking away the exhibit.”

He said that since his assumption of duty in the zone six weeks ago, they have made a lot of impact including seizure of various items.

While noting that, the system is working, Wada added that they undertake an investigation depending on what was obtained and possible prosecution.

The comptroller further called on Nigerians to be interested in customs jobs and know what was happening at the customs in all areas including its social media platforms.

Wada also appreciated the NAN ZM for the visit while assuring him of his continuous collaboration with the press and the agency.

Earlier in his remarks, Rabe-Mani said the visit was aimed at improving the already existing relationship between NAN and NCS.

Rabe-Mani also sought for continuous collaboration to ensure that smuggling and other nefarious acts of economic sabotage within the zone were successfully suppressed. (NAN)

Edited by Bashir Rabe Mani

By Olanrewaju Akojede

A Non-Governmental Organisation (NGO), GBS-Alliance for Africa Economic Development Initiative, (GBS-AAEDI), Florida, USA, on Tuesday called on Nigerians to support President Bola Tinubu in his economic recovery programmes.

The group’s Chairman/Chief Executive Officer, Mr Bola Shonekan, made the appeal in an interview with the News Agency of Nigeria (NAN)  in Lagos while presenting the signpost to Nigeria’s economic development project, initiated by the NGO.

According to Shonekan, the new administration will need series of ideas to navigate through the economic woes which required patience and support.

“I have no doubt about President Tinubu because he has started on a good note by raising a formidable economic team.

“One of the fantastic persons appointed by President Tinubu is Mr Olayemi Cardoso, a seasoned banker, as the Head of Central Bank of Nigeria (CBN); this shows that Tinubu means business”.

Shonekan listed other members of the Economic Team to  include the Minister of Finance, Mr Wale Edun, and the man in charge of harmonisation of tax, Mr Taiwo Oyedele, saying “these are set of people that mean business in pursuit of economic recovery.

“It is true that President Tinubu is not a magician, and that is the more reason we need to give him our full support, because things are not looking good for now,” he said.

Shonekan also said that Nigeria’s economy had been managed by previous administrations, especially with the adoption of Structural Adjustment Programme (SAP), but noted that there was more to be done.

“What we need now is a strong economic policy that will take us away from the shackles of the policies that came with SAP which has made our currency to face continuous devaluation.

“We cannot continue to devalue our Naira and think the economy will be bouyant; we need a strong currency for a strong economy.

“Another issue is about our borrowing policy: we need to put a plug to it. Nigeria might supposedly be a credit worthy country, yet if we place ourselves under the heavy yoke of debt, we won’t have room to attend to necessary things,” he added.

He stressed the need for consideration of other variables, including devaluation of the currency, when borrowing.

However, the subsidy removal is one of the most economic policies of the recent times,” he said.

Earlier, Shonekan alluded that Nigeria, as giant of Africa, would require a stronger currency for prosperous economy.

He equally posited that the free fall of the Nigerian currency could be a major setback to the economic development of the country.

“The unstable and fluctuating value of the Nigerian currency bears significant burden and a major setback that has negatively affected the nation’s ailing economy.

“The last quarter of 2022 till-date can attest to this effect. But, the solution is more paramount than nursing the damages it has caused the nation as a whole.

Shonekan traced the country’s economic strangulation to the 1986 adoption of International Monetary Fund-imposed Structural Adjustment Programme (SAP) without referendum by the then Armed Forces Ruling Council, AFRC, of the Babangida-led military regime.

He advanced the necessity to re-visit the IMF conditions by asking the National Assembly to re-evaluate the policy for possible reversal of the IMF to the value of the exchange rate of the 1980s.

Shonekan added that the Naira which was then $1.38 to N1 could be brought back the new currency value if Nigeria was to fully tap into her abundant God-given natural resources.

Shonekan further posited that African countries could have their own currency backed by cowrie.

“The relief of Cowrie currency, he noted “will bring unity and tranquility to Africa under one common and stable currency that assures sustainability and self-sufficiency to the Region.

“A global recognition, respect and equitable trade practices will replace the practices of the past centuries that Africa has experienced.

“This laudable plan and future plans to be implemented will refuse to accept any foreign currency for purchases.

“This will bolster a new and stronger economic relationship with the US Government and her US Federal Reserve Banks,” he said.

Shonekan added that if African countries could unite for the adoption of single monetary policy, the plan would automatically upgrade the African Cowrie to a convertible global currency status. (NAN)

Edited by Olawunmi Ashafa

By Ginika Okoye

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has highlighted non-interest and equity financing as viable solutions to the prevailing global debt crisis.

Edun said this at the maiden Securities and Exchange Commission (SEC) and the Islamic Financial Service Board (IFSB) international forum on non-interest capital markets in Abuja on Wednesday.

He emphasised the need for Nigeria to harness the substantial funds and opportunities present in equities and non-interest markets.

Addressing the forum, Edun stressed the importance of embracing green projects funded by equity to sustain the inclusive growth agenda set forth by President Bola Tinubu.

He underlined the urgency of financing green projects to alleviate the burden of the nation’s debt service ratio, which currently surpasses its revenue ratio.

Mr Lamido Yuguda, the Director-General of SEC, reiterated the forum’s focus on bolstering the development of the non-interest finance segment in Nigeria.

With Islamic finance accounting for an estimated $2.9 billion at the end of 2022, Yuguda emphasised the need for growth, stating that Nigeria constitutes just 0.9 per cent of the global non-interest market.

Dr Bello Danbatta, the Secretary-General of IFSB, expressed optimism about Nigeria’s potential to lead the continent in non-interest capital market development.

He identified opportunities to revive industries such as textiles and education through non-interest capital markets.

Dr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), represented by Mr Haruna Mustafa, Director, Financial Policy and Regulation of the Bank, said they would work with other stakeholders to evolve and foster development in the sector.

Other key figures, including Mr Sunday Thomas of the National Insurance Commission and Mr Bello Hassan of the Nigeria Deposit Insurance Corporation, echoed the call for policy actions to deepen the non-interest capital market.

The forum concluded with the signing of a Memorandum of Understanding (MoU) between SEC and IFSB, signaling a commitment to enhance the market’s growth through capacity building. (NAN) www.nannews.ng

Edited by Olawunmi Ashafa

By Lucy Ogalue

Equatorial Guinea has sought a partnership with Tiamin Rice, a leading rice mill in Nigeria, to foster sustainable agricultural development and enhanced food security across Africa.

The Ambassador of Equatorial Guinea to Nigeria, Francisco Mague, said this in a statement issued by the company’s Business Relations Manager, Mohammed Inuwa on Monday in Abuja.

Mague, during a visit to the Tiamin Rice  in Bauchi, commended the company for the cutting-edge technology it installed in its rice mill.

He said that such a facility, with its level of sophistication and scale, was a testament to Africa’s potential to achieve self-sufficiency and become a major player in global agricultural markets.

Mague also emphasised leveraging such advancements to enhance regional food security and economic development.

While conveying his country’s interest in establishing a strategic partnership with Tiamin Rice, he said the relationship would be mutually beneficial and strengthen ties between Equatorial Guinea, Nigeria and Bauchi State.

He said:” Tiamin is positioned to play a pivotal role not only as a key player in the Nigerian rice industry but in the African continent as a whole.”

In his response, the Group Managing Director of Tiamin Rice, Aminu Ahmed, expressed his gratitude for the visit and the encouraging remarks of the diplomat.

Ahmed reiterated Tiamin’s commitment to driving excellence and sustainable growth in the rice industry and welcomed the opportunity to explore collaborative initiatives with Equatorial Guinea.

He also expressed Tiamin’s dedication to contributing to the economic development of Nigeria and the broader African continent by advancing agriculture and agribusiness.

Ahmed said: “The Tiamin Group is looking forward to the potential collaboration with Equatorial Guinea and remains committed to fostering strong partnerships that will benefit all parties involved.

“The company believes that by working together, African nations can harness their collective strengths to build a more prosperous and food-secure future for the continent.”

Meanwhile, during a courtesy visit to the Governor of Bauchi State, Bala Mohammed, the governor expressed his admiration for Ahmed, describing him as a commendable ambassador of the state.

The governor endorsed Tiamin’s honesty, integrity, resoluteness, and business expertise.

He affirmed the State Government’s willingness to facilitate any collaborative endeavours for the mutual benefit of Equatorial Guinea and Nigeria.

“When you have an exemplary individual as your son, they will in turn, attract other outstanding individuals to your state.

“Tiamin is a credit to Bauchi State, and through his efforts, he has brought prestige and advancement to our state.

“He has brought honour and progress to our state by bringing an illustrious son of Africa in the person of Ambassador of Equatorial Guinea.

“By fostering a relationship with the distinguished Ambassador of Equatorial Guinea, he has further brought honour to our state,” he said.

Similarly, during a visit to the Emir of Bauchi, he expressed his deep pride in Ahmed and presented the esteemed visitor with traditional attire as a gesture of respect. (NAN)

Edited by Ese E. Eniola Williams