Nigeria’s Biggest Companies Post $385 Million Of Losses As Naira Weakens Over Tinubu’s Policy
The Nigerian Customs Service (NCS), Ogun Area 1 Command, has intercepted no fewer than 1,245 live cartridges concealed in some bags of rice.
The seizure was made at Tobolo community near Ijoun, in Yewa North Local Government Area of Ogun State.
The Area Controller, Bamidele Makinde, made this known during a press conference held in Abeokuta, the Ogun State capital, on Monday
Makinde told newsmen that the ammunition was loaded with 203 bags of foreign rice and abandoned in a bush path at Tobolo junction, near an exit point to the neighbouring Benin Republic.
According to him, the cartridges, 70mm (2¾), were of Lion, Trust, Supreme and Redstar brands.
The customs boss noted that the ammunition was intercepted on Saturday following intelligence gathered by the command on the planned smuggling of the prohibited items into Nigeria from Benin Republic.
President Bola Tinubu’s move to allow the nation’s currency to weaken has contributed to combined losses of $385 million at six of the nation’s biggest companies.
Airtel Africa Plc reported the biggest loss among the top Nigerian companies for the quarter ended June 30. The local units of Nestle SA and Mondelez International Inc. reported losses for the first six months of the year after revaluing overseas loans and letters of credit as the local currency depreciated 40%.