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    MarketForces Africa » MarketForces News » Tincan Island Command of Nigeria Custom Service Generates N1.04trn 

    Tincan Island Command of Nigeria Custom Service Generates N1.04trn 

    Julius AlagbeBy Julius AlagbeNovember 7, 2024 News No Comments3 Mins Read
    Tincan Island Command of Nigeria Custom Service Generates N1.04trn 
    First Right: The Tincan Island Area Controller, Comptroller Dera Nnadi while displaying the intercepted illicit drugs to the media in Lagos on Thursday
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    Tincan Island Command of Nigeria Custom Service Generates N1.04trn 

    The Tincan Island Command of the Nigeria Customs Service (NCS) says it has generated N1.046 trillion in revenue between January and October.

    It also intercepted 16 containers of illicit drugs. The command controller, Comptroller Dera Nnadi, made the disclosure in Lagos on Thursday.

    Nnadi said that it was the first time the command had crossed the trillion-naira mark since its establishment over 40 years ago.

    “The command, as of November 7, 2024, generated one trillion, forty-six billion, and four ninety-six million  between January 1 and November 7, 2024, into the Federated Account through the revenue generated by the command,” Nnadi said.

    He appreciated the leadership role of the Comptroller-General of Customs, Bashir Adeniyi, and his entire management for supporting the command to achieve prosperity.

    Nnadi said that a secured border would create more revenue for the seaport.

    “We are unveiling 16 containers of illicit substances of unregistered pharmaceutical products, such as codeine syrup, tramadols, cannabis, Tapentadol and Carisoprodol, Benzhexol Tablets, Broncleer, DSP with Codeine, and other items are intercepted.

    “The 16 containers were discharged between May 17 and October 23 while Countries of Origin of the intercepted illicit drugs are India (Barcadin, Diclofenac Tablets, Benzhexol, CSP with Codeine,  then  (BiomalArtesunate Injection) from United Kingdom and  (Cannabis Indica) from Canada.

    “The 16 40ft containers were inspected by multiple enforcement agencies including Customs, NDLEA, and NAFDAC.

    “We also recall that on October 2, 2024, the command officially handed over 684 packets of Cannabis Indica, weighing a total of 341.025 kg, with an estimated street value of N682 million.

    “These narcotics were discovered in three 40ft containers Nos: MSMU 518030/2, MSMU 602957/0, and FSCU 927461/3), as part of their ongoing efforts to strengthen interagency collaboration and coordination,” Nnadi said.

    He said that the command would be handing over additional 13 containers of unregistered pharmaceutical products to NAFDAC, adding that the Duty Paid Value for the 16 containers was N37 billion.

    Nnadi emphasised the importance of compliance, assuring stakeholders that compliant traders would experience smooth operations and timely cargo delivery, especially during the holiday season.

    He added that the command had improved its operations to facilitate trade for compliant entities and would not hesitate to sanction defaulters.

    Mr Michel Ofoyeju, Commander of Narcotics for the National Drug Law Enforcement Agency (NDLEA), commended the collaboration with customs, which led to the interception of these drugs just two weeks after his appointment to the Tincan Island Command.

    Ofoyeju reaffirmed the agency’s zero-tolerance policy toward drug smuggling, warning smugglers of inevitable arrests and prosecution.

    According to him, NDLEA currently has over 50 drug barons in custody, with 37 suspects recently convicted in connection with 330,835 kg of illicit drugs.

    Also, Mr Dangiri Ukashat, Assistant Director at the National Food and Drug Administration and Control (NAFDAC), said that the agency was working toward achieving Level Four regulatory status, which would allow local pharmaceutical manufacturing and reduce drug smuggling. #Tincan Island Command of Nigeria Custom Service Generates N1.04trn #

    Money Market Rates Mixed as Banking System Deficit Reduces

    Nigeria Custom Service Tincan Island
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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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