The Nigeria Customs Service (NCS) says the verification exercise for import duty on private jets has been extended to November 14.

In a statement signed by Abdullahi Maiwada, its public relations officer, on Monday, NCS said the extension, which starts today October 14 to November 14, is to further engage operators who have expressed willingness to regularise their import duties.

Earlier today, it was reported that the federal government will ground over 60 private jets owned by very important persons in the country over unpaid import duty running into several billions of naira.

“The Nigeria Customs Service (NCS) wishes to inform the general public, particularly operators of privately-owned aircraft, that the verification exercise for the recovery of import duties on illegally imported private aircraft has been extended by one month, from Monday, 14th October 2024, to Thursday, 14th November 2024,” Maiwada said.

“The Nigeria Customs Service (NCS) wishes to inform the general public, particularly operators of privately-owned aircraft, that the verification exercise for the recovery of import duties on illegally imported private aircraft has been extended by one month, from Monday, 14th October 2024, to Thursday, 14th November 2024,” Maiwada said.

“In light of this extension, the NCS encourages aircraft operators to take full advantage of the extended period to fulfill their obligations, avoiding sanctions that may arise from non-compliance after the deadline.”

Maiwada also said the service under the leadership of Adewale Adeniyi, comptroller general, is dedicated to enforcing the laws governing import duties and maintaining the integrity of Nigeria’s aviation sector.

On March 14, the Nigerian Civil Aviation Authority (NCAA) threatened to revoke the operating licences of private jet owners engaging in commercial flight operations.

Less than two months later, the authority directed that a re-evaluation of all holders of permits for noncommercial flights (PNCF) be carried out on or before April 19 to ascertain compliance with regulatory requirements.

On July 5, the NCAA said 10 private jet operators have been suspended over failure to undergo a recertification process.

Dapo Abiodun, governor of Ogun, has approved N77,000 as the minimum wage for workers in the state.

Tokunbo Talabi, secretary to the Ogun state government, said the payment of the new minimum wage takes immediate effect.

Talabi spoke after a meeting with the leadership of organised labour in Ogun state, comprising the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Joint Negotiating Council (JNC).

He said the meeting was at the instance of the governor, who directed that no worker in the state should earn less than N77,000 starting from October.

Talabi said the governor advised the private sector to dialogue with their relevant stakeholders to “arrive at a commensurate minimum wage” for their workers.

He said the government will set up a monitoring team to oversee the implementation of the new minimum wage in the private sector.

Hameed Benco, Ogun state NLC chairman, said organised labour was very pleased with the governor for approving “the highest minimum wage in the country”.

Benco said the governor also approved the submission of the labour that the new basic salary would not be taxed.

Transcorp Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business.

In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023.

Key Financial Highlights:

• Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153% increase from N88.4 billion in Q3 2023.

• Net Finance Cost: Reduced by 95% to N538.3 million, down from N10.4 billion in Q3 2023.

• Profit Before Tax: Rose by 198% to N81.1 billion, compared to N27.3 billion in the previous year.

• Profit After Tax: Achieved a 186% increase, rising to N58.5 billion from N20.4 billion in Q3 2023.

• Total Assets: Increased by 62% to N362.5 billion as of September 30, 2024, from N223.4 billion in FY 2023.

• Shareholders’ Funds: Grew by 82% to N105 billion as of September 30, 2024, up from N57.9 billion FY 2023.

• Operating Ratios: 36.3% net profit margin, 56% return on equity, and 16% return on assets

Commenting on the results, the Chief Financial Officer, Transcorp Power, Evans Okpogoro, expressed strong confidence in the company’s financial trajectory, stating:

“We are proud to announce significant growth across all our metrics. Our commitment to disciplined cost management and operational efficiency has not only enabled us to sustain robust margins but has also positioned us to outperform industry averages in key areas. This achievement reflects our strategic focus and dedication to excellence, and positioning as a leader in Nigeria’s power sector”.

In response to the results, Peter Ikenga, MD/CEO, Transcorp Power Plc, commented on the company’s performance this quarter, attributing it to a strategic vision, hard work, and relentless pursuit of operational excellence.

“Despite the distribution and transmission infrastructural challenges faced in the Power Sector, Transcorp Power has once again demonstrated exceptional financial growth, as reflected in our impressive results. We continue to strive to bridge the energy gap in Nigeria, in line with our purpose to improve lives. I am proud to report that we have sustained our remarkable growth trajectory and maintained our position as a leading contributor to the country’s power sector, accounting for approximately 10% of total power generated on the national grid. As the market transitions into the bilateral contracts, as contained in the Electricity Act, we are optimistic about sustaining the momentum by capitalizing on more strategic investment opportunities and providing additional value to our shareholders.”

Transcorp Power Plc is one of the electricity generating subsidiaries of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate.

Transcorp Power is committed to improving electricity supply in Nigeria and contributes over 20% of the country’s installed power capacity. The company is creating value across Nigeria and driving economic growth, demonstrating its mission to improve lives and transform Africa.

www.transcorppower.com