Business

Confiscated undeclared cash at airports hits $2.2m – Report

Published

7 hours ago

August 25, 2025

The Nigeria Customs Service has made significant seizures of undeclared cash at various airports across the country between January and July 2025, totalling $2.209m.

The interceptions were made at the Murtala Muhammed International Airport in Lagos, Nnamdi Azikiwe International Airport in Abuja, and Mallam Aminu Kano International Airport in Kano.

An analysis of various reports obtained from the service showed that in March, the NCS intercepted $1,154,900 and SR135,900 in Saudi Riyals at the Kano airport from a passenger arriving from Saudi Arabia.

The undeclared funds were concealed in packs of palm dates. The suspect was arrested, and the funds were handed over to the Economic and Financial Crimes Commission, resulting in a court conviction and forfeiture to the Federal Government.

Other notable interceptions include the one in Abuja Airport, which was $193,000 in undeclared cash hidden in a carton of yoghurt from an inbound passenger arriving from Jeddah in March.

At the Lagos airport, $578,000 in falsely declared cash was intercepted from an inbound passenger arriving from South Africa in March. The passenger declared $279,000 but had an additional $299,000 concealed in multiple packages.

At the Kano airport, foreign currencies totaling approximately N653.99m, including $420,900, 3,946,500 West African CFA francs, 224,000 Central African CFA francs, and €5,825, were intercepted from a suspect arriving from Saudi Arabia in July. Also at the Lagos Airport, an outbound passenger was intercepted with $29,000, but only declared $6,000, violating currency declaration requirements.

Reacting to the development, a chieftain of the Association of Nigerian Licensed Customs Agents, Mr Pius Ujubuonu, attributed the surge in undeclared cash seizures to fiscal policy issues.

“It’s a fiscal policy issue. Anywhere you have high rates of circumvention, there is something that does not add up there,” he said. Ujubuonu advised the government to review its fiscal policy to encourage people to declare their cash.

Deputy National President of the National Association of Government Approved Freight Forwarders, Dr. Segun Musa, expressed concern that the campaign against undeclared cash is not enough.

“We need to do more rigorous campaigns to make the general public aware of the rules,” he said. Musa urged the government to conduct thorough investigations into the funds to determine appropriate punishments.

The Nigeria Customs Service has reiterated the importance of declaring cash when traveling. Travelers are required to declare any cash exceeding $10,000 or equivalent in other currencies. The service has also provided forms at airline counters for passengers to make lawful declarations.

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Business

NNPCL boss links crude oil theft to international syndicates

Published

8 hours ago

August 25, 2025

Newsbreak365_Admin

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Ojulari, has revealed that crude oil theft across Africa is driven by specialised international and continental gangs exploiting security lapses.

Ojulari made this known on Monday at the opening of the Africa Chief of Defence Staff Conference in Abuja.

According to him, oil theft is not a localised crime but a sophisticated operation requiring cross-border collaboration to tackle effectively.

He stated, “Crude theft and its attendant illegal activities are by no means a purely localised occurrence; rather, these operations involve specialised international syndicates that take advantage of gaps within the state, national and continental security architecture to conduct illegal activities.”

He declared that crude theft and pipeline vandalism, especially within the oil-rich Niger Delta area of Nigeria, have become old occurrences because of the efforts of security agencies.

He declared, “Security forms a key pillar of the energy business and therefore plays a very important and strategic role in achieving national, regional and continental energy security goals.”

Ojulari said as the head of the largest national oil company on the continent, “We have seen the benefit of the collaboration within the energy space, with significant improvement in our operating environment”.

Post Views: 49

Business

Forbes: Aliko Dangote’s wealth surges by almost 100% to $23.9bn, now 86th richest in the world

Published

2 days ago

August 23, 2025

Oluwagbenga Olaoye

Nigerian business tycoon, Aliko Dangote’s net worth has surged by nearly 100%, reaching an impressive $23.9 billion, Forbes reports.

This leap positions the Nigerian industrialist as the richest person in Africa and the 86th wealthiest individual in the world.

Just last year, Forbes ranked Dangote 144th globally with a net worth of $13.4 billion. The sharp rise in his fortune is largely attributed to his 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals.

At 67, Dangote has returned to the top 100 list for the first time since 2018, according to the Forbes Real-Time Billionaires List.

His nearest African rival, Johann Rupert of South Africa, holds the 161st spot with an estimated $14.4 billion. Fellow Nigerian tycoon Mike Adenuga ranks 481st with $6.8 billion.

Dangote’s wealth surge is driven by the operational launch of his landmark $23 billion petroleum refinery—Africa’s largest and one of the biggest globally. Spanning 6,200 acres in the Lekki Free Zone, Lagos, the facility can process up to 650,000 barrels of crude oil per day, ranking seventh worldwide. It also houses a petrochemical complex capable of producing 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.

Dangote said the refinery is part of a bold vision to industrialize Africa. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he told Forbes.

Reflecting on the decade-long project, he added:“It was the biggest risk of my life. If this didn’t work, I was dead.”

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Post Views: 110

Business

Tinubu unveils tax calculator to show impact on incomes

Published

3 days ago

August 22, 2025

Newsbreak365_Admin

President Bola Tinubu on Friday urged Nigerians to try a newly launched Personal Income Tax calculator that estimates how much would be paid under the tax reforms his administration recently signed into law.

In a post on his official X account, the President said the calculator allows citizens to compare their estimated tax under the proposed reforms with current rates, and ensure a clear understanding of the impact on individual incomes.

Tinubu said the reforms, which take effect from January 2026, are intended to establish a fair tax system, one that never punishes poverty or weighs down the most vulnerable.

He said, “A fair tax system must never punish poverty or weigh down the most vulnerable.

“With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy.

“A Personal Income Tax Calculator has been developed. It allows you to check your estimated tax under the new laws against what you currently pay.

“It shows clearly how these reforms protect low-income earners, ensure progressivity, and simplify compliance in order to deliver a transparent system that works for all.”

Tinubu stated further, “Together, we are renewing hope in the Nigeria of our dreams.

“Take a bet on our country. Bet on Nigeria to work for you, your family, and your community.”

The Personal Income Tax calculator can be accessed on https://fiscalreforms.ng/index.php/pit-calculator/.

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