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Business News

Over 60,000 litres of petrol seized from smugglers in two months– Customs 

The Nigeria Customs Service has disclosed that over 60,000 litres of petrol have been seized from smugglers by its officials since last year. 

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Over 60,000 litres of petrol seized from smugglers – Customs 

The Nigeria Customs Service has disclosed that since the ban on supplying petrol to border filling stations became effective, over 60,000 litres of petrol have been seized from smugglers by its officials.

The disclosure was made by the Public Relations Officer, NCS Ogun 1 Command, Abdullahi Maiwada.

Over 60,000 litres of petrol seized from smugglers – Customs 

Maiwada said that at least 1,000 litres of fuel were seized from smugglers daily through the joint efforts of security agencies.

“We are working as directed by our corporate headquarters. The number of vehicles that are used in conveying fuel is increasing geometrically and this has increased the number of vehicles that pass through illegal routes. What I can say is that we are doing our best to suppress smuggling to its barest minimum and we are suppressing it.

 “The seizure of petroleum products is on and we do that every day and we do auction them as enshrined in the law. The number of seizures we have shows that we are effectively manning the borders against smuggling of petroleum products outside the country.

 “On a daily basis, we seize about 1,000 litres of petrol on the average. So we are suppressing smuggling,” Maiwada told Punch.

READ MORE: Customs redeploys officers at border)

Nairametrics reported when the NCS suspended the supply of petroleum products to filling stations located within 20 kilometres to the nation’s borders with other countries. The filling stations located close to the borders had been accused of illegal export of petroleum products following the closure of Nigeria’s borders to neighbouring countries.

Meanwhile, the NCS had taken the ban seriously as it constituted a special task force to man the borders against smuggling of petroleum products. The task force ensured the smooth implementation of the directive.

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The special task force comprised of members who were delegated with responsibilities and tasks of managing the inflow of petroleum products for the basic needs of border communities particularly the Idiroko and Ajilete axis in Ogun State.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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