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    MarketForces Africa » MarketNews » Customs Intercept 280,135 Litres of Petrol in 7 days

    Customs Intercept 280,135 Litres of Petrol in 7 days

    Ogochukwu NdubuisiBy Ogochukwu NdubuisiJune 10, 2024 MarketNews No Comments2 Mins Read
    Customs Intercept 280,135 Litres of Petrol in 7 days
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    Customs Intercept 280,135 Litres of Petrol in 7 days

    The Nigeria Customs Service (NCS), seized 280,135 litres of Petroleum Motor Spirit (PMS) valued at N115 million, its Comptroller-General, Bashir Adeniyi, has said.

    Adeniyi stated this at a news conference, on Monday in Yola, Adamawa. He said that personnel of the Service seized the products in the last seven days across the country.

    The feat, he said was achieved through intensive operations by the Operation Whirlwind which seized 105,950 liters while the Federal Operating Units and Marine Commands seized 120,185 liters, respectively.

    According to him, smuggling is sabotage to the Nigerian economy hence the need for cooperation of security agencies and individuals to curb the menace. These activities, if left unchecked, could further deteriorate the country’s economic situation and exacerbate current foreign exchange challenges.

    “The influx of unaccounted foreign currency could be channelled into funding illegitimate activities, including the support of non-state actors engaged in criminal activities against the Nigerian state.

    “These issues have serious implications for national security, making it imperative to check, curtail, and dismantle. Achieving this requires the cooperation and collaboration of patriotic agencies,” he said.

    Adeniyi said that Operation Whirlwind of the Customs Area Commands remained vigilant against illicit activities of smugglers targeting petroleum products.

    The Customs boss said the nationwide operation was aimed at ensuring that Nigerians enjoy the full benefits of fuel price deregulation in line with the vision of President Bola Tinubu.

    “Defend the national currency and reduce pressures that may be attributed to the activities of smugglers.

    “Identify, dismantle and disrupt cartels of smugglers operating within the ecosystem. Raise awareness of the local communities and solicit their support to achieve these objectives,” he said.

    Also speaking, Ogbugo Ukoha, Executive Director, Distribution System, Storage and Retailing Infrastructure (DSSRI) of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), lauded the personnel over the development.

    While describing cross border diversion of petrol as economic sabotage, Ukoha reitrated commitment of the Sevice to collaborate with security agencies to end smuggling in the country Equities Market Climbs by N323bn on Fresh Rally

    CBN Central Bank of Nigeria Customs Investors Naira NGX Nigeria Nigerian Stock Exchange
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    Ogochukwu Ndubuisi
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    Ogochukwu Ndubuisi is an editorial content strategist and financial news writer at MarketForces Africa, covering a broad range of topics including Nigeria's equity markets, infrastructure development, energy, government policy, corporate finance, and digital economy.With over 2,400 published articles on MarketForces Africa, Ogochi brings depth and consistency to the publication's daily news coverage.Her reporting spans Nigerian Exchange Group market movements, Lagos State infrastructure projects, and federal government economic policies, oil and gas developments, and emerging sectors shaping Nigeria's economic landscape.She also covers Africa-wide stories, including East African market indices, continental investment trends, and cross-border economic developments.Ogochi works closely with MarketForces Africa's editorial and corporate communications teams to deliver accurate, timely, and well-researched content to the publication's professional readership.Ogochukwu Ndubuisi is based in Lagos, Nigeria.

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