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Sterling Bank PLC; a leading commercial bank in Nigeria and Africa’s Most Agile Company, has chosen to celebrate this year’s Valentine season by gifting 50,000 young customers with an audacious bouquet of stocks in 14 of the top performing equities currently listed on the Nigerian Stock Exchange.

 

With the Valentine-4-A-Lifetime campaign, Sterling is giving the gift of continuing returns with a portfolio of stocks from the best performing companies on the Nigerian bourse. This unique gift, comprising carefully selected shares from leading companies in the telecommunications, manufacturing, construction and infrastructure, consumer-packaged-goods, and financial services sectors, has been curated based on the equities’ proven records of outperforming the market and delivering value to shareholders, regardless of economic conditions. Some equities in the bouquet include Sterling Bank, Dangote, MTN Nigeria, AXA Mansard, Fidson Pharmaceuticals, Unilever, Cadbury, UAC Nigeria, RT Briscoe and Julius Berger. 

 

Speaking on the first-of-its-kind Valentine’s gift in Corporate Nigeria’s history, Chief Marketing Officer of Sterling, Ibidapo Martins, said that recent thoughts on the true meaning of love were the inspiration for this unique gift. 

 

According to Martins, “Real love is more than just an expensive dinner, flowers and perfumes.  When the dinner is eaten, the flowers withered, the music stopped and the lights are out, what will be left of Valentine’s Day?” He concluded by saying that, “This is why the leadership at Sterling has chosen to give something much like true love, that grows every day, appreciating in value for the receiver with each passing day. This gift lays a foundation for a life of value; by starting the young customer on a path for continuous earnings tomorrow and beyond with an investment in today’s best stock options.”

 

“The first 50,000 youth to apply and complete the process will receive the equities within 48hrs of having their BVN validated, and will be free to transact in the equities once their portfolios are set up. Like most opportunities that come knocking, some will embrace it and commence a life of saving and investing, ultimately leading to their financial freedom.  While others will squander the gift.” Martins added.

Chief Executive Officer of I-Invest, a leading tech-based investment firm and creators of Nigeria’s first treasury bills investment mobile app, Mr. Seye Olusoga, commented that each bouquet comprises shares combined from these top-performing companies. The selected companies have a combined valuation of over 8 Trillion Naira on the NGX as of 11 February 2022, with recipients of this special gift given the opportunity to create a better future by making the right choices today. 

In a statement about the campaign and partnership, Mr. Olusoga said, “The path to wealth runs through investing and entrepreneurship. In many cases, the foundation for the entrepreneurs is their investment portfolios with which they can break free and live out their dreams because the right choices for tomorrow have been made today with shrewd investments.”

To enjoy this special gift of a lifetime, interested recipients are encouraged to download and register on the OneBank mobile app on iOS and Google Play Stores with additional details of the special gift being made available on sterling.ng/truelove.

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Business

Bashir Adewale Adeniyi: adeptly navigating customs complexities with commitment and proficiency

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By Oladapo Sofowora

 

 

Whether admired or criticized, Comptroller General of Customs, Bashir Adewale Adeniyi MFR, is unwavering in his mission to transform the Nigeria Customs Service. His primary focus is to safeguard the nation’s borders against economic sabotage while boosting revenue and facilitating seamless trade relations between importers and exporters, ultimately fostering economic growth and stability for Nigeria.

 

Since his appointment by President Bola Ahmed Tinubu’s administration last year, Bashir has utilized his exceptional acumen and strategic insight to elevate this crucial law enforcement agency. Many initially doubted his ability to succeed, but he is decisively silencing his critics with impressive outcomes that have solidified the customs agency as one of the largest revenue-generating bodies in the country, channelling trillions of Naira into government coffers annually and enhancing trade facilitation.

 

Adeniyi, often dubbed the “new sheriff in town,” is unyielding in his approach, having made it clear to those who previously exploited systemic weaknesses that their days of advantage are numbered. A natural team player, he leads not from behind a desk but from the forefront, diligently ensuring that every loophole is sealed. Those who have profited at the country’s expense feel the consequences, as Adeniyi pursues them relentlessly.

 

He believes that for the customs service to function optimally, it must not only focus on revenue generation but also strive to portray Nigeria positively on the global stage. To that end, he has streamlined the cargo release and evaluation processes through cutting-edge technology, significantly reducing the bureaucratic red tape that plagued the service. While his reforms have drawn ire from some quarters, he remains undeterred. Adeniyi has equipped all commands and zones, preparing them to combat both internal and external corruption. Smugglers, in particular, now view him as a formidable obstacle.

 

In a resolute effort to protect Nigeria’s agricultural sector, Adeniyi has strategically assigned capable personnel to the nation’s borders, issuing a stringent directive that anyone attempting to undermine the Nigerian economy is seen as an enemy and will face no leniency. This has resulted in tighter border security and has enabled local producers to flourish, attracting increased investment in vital sectors, especially agriculture. Internally, CGC Adewale is effecting a groundbreaking reform of the customs workforce by emphasizing professionalism and ethical standards. He has initiated extensive training programs focused on customs law, risk assessment, and technology, aiming to cultivate a skilled workforce equipped to tackle contemporary customs challenges.

 

His unwavering stance against corruption, coupled with a strong emphasis on accountability, seeks to restore public confidence in the Nigeria Customs Service. By fostering a culture steeped in ethics, CGC Adewale aspires to elevate the agency into one that commands respect for its integrity and fairness. Adeniyi also recognizes the significance of collaboration; thus, he actively partners with other agencies to forge a synergistic relationship, sharing intelligence that effectively combats smuggling and enhances the interception of illegal goods. The agency has recently reported seizures worth billions while intercepting arms and ammunition, marking a significant turn in fortunes as he strives to solidify the Customs’ reputation as a reputable agency, reversing the negative narrative that has long surrounded it.

 

Under his stewardship, he has prioritized the welfare of staff, the development of women, and the motivation of officers, fostering a dedicated workforce eager to protect the nation from economic sabotage. Significant seizures from petroleum products to endangered species parts, such as pangolin scales, donkey skins, and elephant tusks, alongside smuggled vehicles, have underscored Adeniyi’s commitment to elevating the agency above others. The digitalization of key customs processes has made trade more efficient, decreasing unnecessary human interaction to minimize corruption.

 

Despite the considerable challenges faced, during Adeniyi’s tenure, Customs has remarkably generated an impressive N5,079,455,088,194.38, exceeding the 2024 target of N5 trillion. As part of ongoing reform measures, six beneficiaries of the Authorized Economic Operators (AEO) program have been selected, with an additional 21 requests processed under an advance ruling initiative designed to expedite customs decision-making on import and export cargoes before they arrive at the ports. Adeniyi’s significant strides, alongside streamlined cargo alerts, have begun to reshuffle the customs landscape in Nigeria, introducing hope and renewed purpose to this vital service.

 

Beyond the realm of security, the collaborative efforts extend into vital economic initiatives such as the African Continental Free Trade Area (AfCFTA). This ambitious project aims to create a cohesive market across the continent, fostering seamless trade among African nations. Adewale’s significant involvement in the development of AfCFTA-related policies highlights his unwavering commitment to transforming the Nigeria Customs Service (NCS) into an agency that not only facilitates economic integration but also harmonizes customs standards across Africa.

 

This harmonization is crucial for streamlining trade flows and unlocking a plethora of economic opportunities. Despite facing fierce opposition and deliberate campaigns aimed at undermining his reputation, Adeniyi has remained resolute, undeterred by the negative tactics employed by his detractors. He continues to focus on his responsibilities with diligence and integrity. While some have resorted to disparagement, Adeniyi has made sizable advancements toward realizing his ambitious vision of elevating the customs service to an esteemed position on a global scale.

 

This commitment to progress is exemplified through the ongoing Comptroller of Customs conference, aptly themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.” This conference, which had been previously halted for several years, has been revived since Adeniyi took the helm, offering the NCS a platform to engage in meaningful discussions. It serves as an opportunity to reassess strategies, ensuring the agency remains afloat and true to its potential in enhancing trade facilitation while also safeguarding our local economy.

 

True to the adage that the reward for a job well done is more work, Adeniyi is prepared to meet the challenges head-on, ready to deliver exceptional results regardless of the circumstances. The Nigeria Customs Service has never experienced such a level of organization and efficiency since its inception, earning it recognition as one of the most structured agencies in Nigeria today. This achievement is a testament to Adeniyi’s dedication and commitment to promoting excellence and prosperity within the service.

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FG spent N19bn on presidential planes in 15 months

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At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, we learnt.

 

Checks on Gov Spend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year.

 

Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements

 

Strategy, Mr Bayo Onanuga, said, adding that it “will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.”

 

The new Airbus A330 is just one of several aircraft currently on the Presidential Air Fleet, arguably one of Africa’s largest, with around 11 aircraft of various makes and models. Until August, it comprised the 19-year-old B737-700 and a 13-year-old Gulfstream Aerospace G550.

 

The BBJ was acquired during the tenure of former President Olusegun Obasanjo at $43m but became a money guzzler as it aged.

 

Onanuga, defending the purchase of Airbus A330, argued that the new Airbus 330 aircraft and the costs of maintaining the air fleet were not for the president but in the interest of Nigerians.

 

It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet – it has been used by somebody else before he got it, but it is a much newer model than the one President Buhari used.

 

The one President Buhari used was bought by President Obasanjo some 20 years ago. There was a time when the President went to Saudi Arabia, and the plane developed some problems. The President had to leave the Netherlands with a chartered jet.

 

“Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our president to go and crash in the air. We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said.

 

The presidential aide said he discussed with the National Security Adviser, Mr Nuhu Ribadu, on the faulty plane [Boeing 737 jet] and he said the maintenance costs were excessive because of the age of the aircraft, hence the need for another plane.

 

The presidential fixed-wing fleet includes a Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605.

 

Three of the seven fixed-wings are reportedly unserviceable. Meanwhile, the rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser.

 

Former President Buhari promised to reduce the number of aircraft in the PAF to the absolute necessary.

 

In April 2023, three jets were put up for sale, but there were no specifics on which.

l

However, efforts to sell one of the Dassault Falcon 7x and the Hawker 4000 in October 2016 stalled when a potential buyer reduced their initial offer from $24m to $11m.

 

Since 2017, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020.

 

In 2018, the fleet’s budget rose significantly by 66.13 per cent to N7.26bn, driven by a substantial increase in capital project allocations while maintaining similar levels for recurrent costs. This upward trajectory continued into 2019, slightly increasing the total allocation to N7.30bn.

 

The exception came in 2020, when the budget dropped by nearly seven per cent to N6.79bn, primarily due to decreased overhead costs, a reflection of the global economic impacts of lockdowns and disruptions in operations.

 

By 2021, however, the budget surged dramatically to N12.55bn—a record increase of 84.83 per cent from the previous year.

 

In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually.

 

The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively.

 

On his way to the 2024 Commonwealth Heads of Government Summit in Samoa, a foreign object damaged the cockpit windscreen of Vice President Kashim Shettima’s GulfStream aircraft during a stopover at JFK Airport in New York.

 

According to Lee Aerospace, manufacturers of the Gulfstream, jet windshields consist of thick multilayered structures of varying layers of glass and transparent acrylic built to withstand collision with a 2kg object.

 

However, damage to the windshield must have affected its inner layers. While specific prices for replacement can vary based on supplier, labour rates and regional costs, estimates suggest that a single windshield replacement for a G550 can range from $50,000 to $70,000 for part and labour costs.

 

 

 

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