Author: Kenneth Jukpor

Nigeria’s crude oil production has tumbled and recorded a shortfall of 11.63 million barrels in five months leading to over N500.6billion lost between January and May this year. This is according to findings from various oil and gas statistical reports as at Wednesday, this week. Data obtained from different reports of the Organisation of Petroleum Exporting Countries (OPEC) showed that the country produced 1.399 million barrels of crude oil daily in January, translating to 43.369 million barrels in the entire month. This, however, nose-dived to 1.024 million barrels per day in May, according to crude oil production figures based…

 Why $3.2bn e-Customs project is a fraud As part of efforts to tackle the myraid of problems in Nigeria’s freight forwarding sector, a novel advisory and conflict resolving firm, International Trade Advisory Services (ITAS) Limited, has been birthed by the founder of Business and Maritime West Africa magazine, Mr. Okey Ibeke. The organization, which provides advisory services for freight forwarding companies, importers and exporters, seeks to help individuals and organizations curb the economic losses accruable from over-taxation, delays resulting to additional storage charges and demurrage, even as it provides training on the best approaches to handling shipments and ensuring compliance…

The Ogun 1 Area Command of the Nigeria Customs Service (NCS), yesterday revealed that it has made seizures with estimated Duty Paid Value (DPV) of N1,290,108, 608.00 including over 14 trailer-load of foreign rice, Premium Motor Spirit (PMS) and other prohibited items from anti-smuggling operations between the month of May and June, 2022. The Command intercepted a total of 8,417 bags of foreign parboiled rice which is an equivalent of 14 trailer loads with an estimated DPV of N131,145,277 during the period under review. On one occasion, two trucks laden with 882 bags/50kg rice was seized along Abeokuta axis of…

The Federal Republic of Nigeria has signed an Exchange of Note (E/N) with the Japanese government for an Economic and Social Development Programme involving the acquisition of $2.78 million High-Speed Boat to reinforce services for coastal security in Nigeria, with the Nigerian Maritime Administration and Safety Agency, NIMASA, as the implementing partner. The Minister of State for Budget and National Planning, Prince Clem Agba signed on behalf of Nigeria, while the Ambassador of Japan to Nigeria, His Excellency Kazuyoshi Matsunaga signed on behalf of Japan, with the Director General of NIMASA, Dr Bashir Jamoh also in attendance. Prince Agba noted…

Encourages practitioners to use Indemnity forms Following the arrest of a freight agent, Otunba Sunday Oyebola by the National Drug Law Enforcement Agency (NDLEA) over alleged drug Importation, the Association of Nigerian Licenced Customs Agents (ANLCA), has been engaging the NDLEA to resolve the quagmire. The acting National President of ANLCA, Dr Kayode Farinto revealed this during a press briefing in Lagos yesterday, even as he stressed that the arrested ANLCA chieftain, Otunba Oyebola, was a victim who failed to do proper diligence in the contract. According to Farinto, the name on the bill of laden…

Former Deputy Senate President, Ike Ekweremadu, and his wife, Beatrice, have sued the National Identity Management Commission (NIMC) and others over the controversy surrounding David Ukpo’s real age. Others mentioned in the suit are the Comptroller General (C-G), Nigeria Immigration Service (NIS); Stanbic-IBTC Bank; United Bank of Africa (UBA) and Nigeria Inter-Bank Settlement System Plc. In an originating summon marked: FHC/ABJ/CS/984/2022, filed June 27 by their counsel, Adegboyega Awomolo (SAN), before Justice Inyang Ekwo of a Federal High Court, Abuja, the Ekweremadus prayed the court for an order directing the NIMC to supply them with the Certified True Copy (CTC)…

Presidential candidate and National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, travelled out of the country early yesterday after meeting with President Muhammadu Buhari at the Presidential Villa in Abuja. According to a statement by his aide, Tunde Rahman, Tinubu jetted off to Paris, France to hold some important meetings and is expected back in the country, shortly. Before his departure, he attended the public presentation of a book, titled: ‘Mr. Speaker’, and launch of the legislative mentoring initiative in commemoration of the 60th birthday of Speaker of the House of Representatives, Femi Gbajabiamila. This…

Teddy Atlas believes Anthony Joshua’s huge wealth that he’s amassed during his nine-year professional career has eroded his hunger for boxing, reports boxingnews24.com. Unsurprisingly, the experienced former trainer, Atlas, is picking unified heavyweight champion, Oleksandr Usyk, to defeat Joshua in their rematch on August 20 in Jeddah, Saudi Arabia. The two fighters have a different outlook going into their rematch, and Atlas sees Usyk as wanting it more and willing to do what it takes to get the victory. Atlas feels Joshua (24-2, 22 KOs) is just going through the motions and disengaged mentally, having lost his hunger because of…

Air travellers on the international route may face fresh fare hikes as part of the ripple effects of foreign airlines’ unrepatriated $600 million in Nigeria. Travel agencies have said the upward adjustment would be inevitable should airlines withdraw promotional and least fares, coupled with the preference to sell Nigerian air tickets overseas (in foreign currencies) rather than in Nigeria (in naira). The International Air Transport Association (IATA) recently raised the alarm over the steady rise in the number of unrepatriated funds in Nigeria and other countries. The funds, which stood at $283 million as of March, increased to $450…

The amount spent as subsidy by the Federal Government on every litre of Premium Motor Spirit (PMS) consumed in Nigeria is currently above N600, oil sector operators stated yesterday. Also, the latest PMS evacuation data obtained from the Nigerian National Petroleum Company Limited on Sunday showed that the year-to-date daily consumption of petrol in Nigeria was 66.8 million litres. Going by the above figure from the NNPC, it implies that the Federal Government spends about N40.1bn daily when subsidizing every litre of petrol consumed in Nigeria by at least N600. This also means that the government is spending about…