Business
Customs and NLNG Join Forces to Enhance Economic Growth
The Comptroller-General of Customs (CGC), Adewale Adeniyi, has reaffirmed the Nigeria Customs Service’s (NCS) commitment to collaborating with Nigeria LNG Limited (NLNG) to bolster the Nigerian economy. This pledge was made during a recent courtesy visit by a delegation from NLNG, led by Managing Director Philip Mshelbila, to the Customs Service Headquarters in Abuja.
Adeniyi expressed his gratitude for the visit and underscored the significance of the enduring partnership between NCS and NLNG. He remarked, “Your organisation’s contributions to our nation’s energy sector are invaluable. We greatly value our productive partnership and are committed to continuing this collaboration to support national growth and development.”
The CGC praised NLNG’s proactive approach and commitment to compliance, highlighting that such engagement is crucial for the effective operation of Nigeria’s trade and economic systems. He noted, “It is commendable that NLNG not only interacts with the Nigeria Customs Service when issues arise but also takes the initiative to visit us out of courtesy. This demonstrates the mutual respect and understanding that underpin our relationship.”
Philip Mshelbila, NLNG’s Managing Director, thanked the CGC and his team for their warm reception and reiterated NLNG’s dedication to strengthening its partnership with NCS. He stated, “At NLNG, we recognize the essential role of the Nigeria Customs Service in facilitating trade and ensuring the smooth operation of our activities. Our relationship has been mutually beneficial, and we are committed to continuing our collaboration to promote Nigeria’s economic well-being.”
Mshelbila also expressed gratitude for the steadfast support from the Customs Service, emphasizing that the visit was a testament to their intent to deepen their partnership. “We believe that our joint efforts are vital for the nation’s development,” he added.
The meeting concluded with an exchange of souvenirs, symbolizing the goodwill and mutual respect that characterizes the relationship between Nigeria Customs Service and Nigeria LNG Limited.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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