The Nigeria Customs Service has held a high-level meeting with excise traders and industry stakeholders in Oyo and Osun states, as part of efforts to improve compliance and boost government revenue.

The engagement, led by Assistant Comptroller-General (ACG) in charge of Excise, Free Trade Zone and Industrial Incentives, Eghosa Joy Edelduok, took place on Thursday at the Operational Headquarters of the Oyo/Osun Area Command.

Why it matters

Excise duties are a major source of non-oil revenue for Nigeria, especially as the government seeks to diversify income streams.

Officials say stronger collaboration with manufacturers and traders is key to meeting rising revenue targets and sustaining economic growth.

Speaking at the meeting, Ms Edelduok acknowledged the importance of excise factories to national revenue.

“Excise factories play a critical role in driving revenue generation for the Service,” she said.

She commended stakeholders for complying with regulations and urged them to maintain their support.

“Your continued cooperation will enable the Command and the Service not only meet but surpass their revenue targets,” she added.

Oyo/Osun’s contribution to national revenue

The ACG also highlighted the significant role of the Oyo/Osun Area Command, noting that it contributes about one-third of total excise revenue.

She called on officers overseeing excise factories to remain committed and ensure targets for the year are achieved.

Industry engagement and challenges

In his remarks, Acting Customs Area Controller, Deputy Comptroller Wale Moses Adewole, praised the initiative, describing it as a vital platform for collaboration.

He also commended the leadership of the Comptroller-General of Customs, Bashir Adewale Adeniyi, for setting up the engagement framework.

“This initiative provides a vital platform for engaging stakeholders, encouraging compliance with excise regulations, and identifying operational challenges affecting their businesses,” he said.

Stakeholders raise concerns

The meeting ended with an interactive session where traders and manufacturers raised concerns and sought clarification on regulatory issues.

Customs officials assured participants of continued support and collaboration to address operational challenges.

What’s next

The Nigeria Customs Service says it will sustain stakeholder engagements across commands to improve compliance and strengthen revenue collection nationwide.

Analysts say such dialogue could help reduce friction between regulators and businesses while improving efficiency in tax administration.

The Nigeria Customs Service (NCS), in partnership with the Presidential Enabling Business Environment Council (PEBEC), has unveiled a reform programme aimed at improving port efficiency and strengthening Nigeria’s trade competitiveness.

The initiative was announced at a three-day operational workshop in Apapa, Lagos, on 7 April 2026.

Officials say the reforms will focus on speeding up cargo clearance, reducing bottlenecks, and improving coordination among agencies operating at Nigeria’s ports.

Why it matters

Ports are critical to Nigeria’s economy, handling the bulk of imports and exports.

Delays, duplication of inspections, and manual processes have long increased the cost of doing business.

Authorities believe the new reforms could lower these costs, improve transparency, and make Nigeria more attractive to investors and traders.

Five-point re

The Comptroller-General of Customs, Adewale Adeniyi, outlined a five-pillar strategy.

These include joint cargo inspections, risk-based clearance systems, improved scanning infrastructure, enforcement of service timelines, and stronger inter-agency coordination.

He said the focus is now on implementation rather than policy design.

“This workshop is about closing the distance between knowing and doing. The Service must now focus on translating established best practices into consistent operational outcomes.”

Adeniyi added that customs operations are shifting towards intelligence-led cargo processing, supported by digital tools.

Push for accountability and execution

To ensure results, the NCS says it will introduce a reform execution matrix to track progress.

The customs chief warned that the plan would be actively monitored.

“The reform implementation matrix will not end up in a filing cabinet. It will be actively monitored, and I will personally follow the progress reports.”

He also urged officers to maintain professionalism and integrity.

“The professionalism, commitment, and integrity that this workshop asks of are qualities you need to acquire… deploy them consistently, not selectively.”

PEBEC calls for smarter inspections

The Director-General of PEBEC, Zahrah Mustapha-Audu, said reforms must prioritise efficiency and data-driven processes.

“We must move from inspecting everything to inspecting the right thing.”

She said smarter inspections would reduce delays and lower the cost of doing business.

Industry and policy context

Deputy Comptroller-General in charge of Tariff and Trade, Caroline Niagwan, said customs operations are central to economic growth.

She noted that efficiency improvements must be reflected across all commands.

The reforms also align with broader federal efforts to improve Nigeria’s business environment and attract investment.

National Single Window progress

As part of the programme, the delegation visited the National Single Window facility.

They met with the Chairman of the Nigeria Revenue Service, Zacch Adedeji, and other stakeholders to review progress and identify operational gaps.

The Single Window system is expected to streamline trade documentation and reduce human bottlenecks.

What’s next

The workshop is expected to produce a detailed reform implementation plan.

Authorities say performance will be monitored closely, with a focus on measurable improvements in clearance timelines and port operations.

If successfully implemented, the reforms could reshape how goods move through Nigeria’s ports.

Wema Bank has announced a profit before tax of ₦221.9bn for the 2025 financial year, more than double its 2024 figure, as the lender reported strong growth across loans, deposits and digital banking operations.

The bank also declared a dividend of ₦1.25 per share, signalling confidence in its financial position and future outlook.

Record Growth Across Key Metrics

According to its audited results, profit before tax rose by 116.4% from ₦102.5bn in 2024, while profit after tax climbed 125.4% to ₦194.5bn.

Total assets reached ₦5.07tn, up 41.5% from the previous year, reflecting what the bank described as a “resilient balance sheet”.

Gross earnings increased by 52.8% to ₦660.6bn, driven largely by a 62.7% rise in interest income.

Customer deposits also grew by 30.3% to ₦3.29tn, underlining sustained customer confidence in the bank.

Net loans and advances rose by 44.7% to ₦1.74tn, indicating increased lending to key sectors of the economy.

Why It Matters

The results come amid tightening regulations and recapitalisation requirements in Nigeria’s banking sector led by the Central Bank of Nigeria.

Wema Bank said it had already exceeded the ₦200bn recapitalisation threshold for nationally licensed commercial banks, positioning it strongly ahead of regulatory deadlines.

Analysts say strong capital buffers and rising deposits are critical for banks navigating inflationary pressures and foreign exchange volatility.

CEO: “Strongest Growth in Our History”

Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the performance as a milestone.

“Wema Bank has delivered one of the strongest growth trajectories in its history… In 2025, we have taken an even bolder step forward, recording a Profit Before Tax of ₦221 billion.”

He added that the bank’s total assets had grown from ₦1tn in 2021 to ₦5tn in 2025.

“This overall performance… reflects disciplined execution, a resilient business model, and the unwavering commitment of our people.”

Digital Banking Driving Growth

The bank credited part of its performance to its digital platform, ALAT, described as Africa’s first fully digital bank.

In 2025, Wema Bank launched an upgraded version, “ALAT: The Evolution”, aimed at improving personalisation and flexibility for users.

“We are not just redefining the digital banking experience… we are ushering Africa into a future filled with profound possibilities,” Oseni said.

Industry Perspective

Financial analysts say digital banking platforms are becoming key growth drivers for Nigerian banks, helping to reduce costs and expand customer reach.

The steady rise in deposits and loan growth also suggests increased economic activity, despite broader macroeconomic challenges.

What’s Next

Wema Bank said it aims to sustain its growth trajectory, deepen its digital offerings and expand support for businesses across sectors.

The bank, which marked its 80th anniversary in 2025, said it is positioning itself to “lead the future of banking in Africa”.