LFTZ CUSTOMS RECORDS N54 BILLION IN Q1 2024!
The Lagos Free Trade Zone Command (LFTZ) of the Nigeria Customs Service (NCS) celebrated a monumental achievement – a record-breaking revenue collection of N54 billion in the first quarter (Q1) of 2024. This impressive feat signifies a significant increase in revenue generation compared to previous quarters.
The revenue breakdown highlights the strong performance of both the Free Zone and Lekki Port. The Free Zone contributed N25,094,030,014.00, while Lekki Port generated N29,671,886,266, bringing the cumulative total for Q1 to a staggering N54,765,916,280.
This accomplishment marks a fitting conclusion to the tenure of Mohammed Babandede, the outgoing LFTZ Customs Area Comptroller (CAC). During a handover ceremony held in Lagos to welcome Comptroller Olanrewaju Olumoh as the new leader, Babandede proudly presented the command’s remarkable achievements.
Reflecting on his successful seven-month tenure, Babandede emphasized the significance of fostering collaboration between various agencies and actively engaging with stakeholders. He identified these collaborative efforts as the most valuable takeaway from his time at the LFTZ Command. This focus on building strong partnerships undoubtedly played a key role in propelling the Command towards achieving such exceptional revenue collection in Q1.
The LFTZ Customs’ success story serves as a testament to the effectiveness of strategic collaboration and stakeholder engagement. As Comptroller Olumoh assumes leadership, this positive momentum paves the way for continued growth and even greater accomplishments for the LFTZ Command in the quarters to come.
Outgoing CAC Highlights Collaboration and Stakeholder Engagement
Mohammed Babandede, the outgoing LFTZ Customs Area Comptroller (CAC), presided over the handover ceremony to welcome his successor, Comptroller Olanrewaju Olumoh. During the ceremony, Babandede proudly presented the command’s exceptional performance in Q1 and emphasized the key factors that contributed to this success.
Collaboration as the Cornerstone of Success
“When I arrived in September,” Babandede recounted, “the free zone was only generating revenue of about N2 to N3 billion per month. However, through collaborative efforts, we are now able to generate N15 to N25 billion monthly.” He attributed this significant progress to actively engaging with stakeholders and fostering strong working relationships with other government agencies.
“We understood that we couldn’t achieve this alone,” Babandede stressed. “By establishing a collaborative spirit and building a sense of community with stakeholders and other agencies, we’ve been able to make substantial strides.”
A Legacy of Integrity and Open Communication
In his departing remarks, Babandede offered valuable advice to both stakeholders and the incoming CAC. He urged stakeholders to maintain the highest standards of integrity when dealing with customs procedures and cargo declarations. Additionally, he encouraged Comptroller Olumoh to continue the practice of open communication and inclusivity within the command.
Incoming CAC Pledges to Build on Success
Comptroller Olanrewaju Olumoh expressed his appreciation for Babandede’s exceptional leadership and dedication. He acknowledged the strong foundation that has been laid and pledged to build upon it. “I’m fortunate to be taking over the LFTZ Command at a time of such achievement,” Olumoh remarked. “I’m confident that we can continue to build on this momentum.”
Collaboration Remains a Priority
Comptroller Olumoh reiterated the importance of stakeholder engagement, stating, “I acknowledge the tremendous support you’ve provided the command over the years. Our primary goal will be to make this command even more robust, efficient, and economically beneficial to the nation. Just like my predecessor, I will maintain an open-door policy and ensure clear communication channels.”
Stakeholders Applaud Outgoing CAC, Look Forward to Continued Growth
Representatives from various stakeholder groups and sister agencies lauded Babandede’s leadership and commitment to integrity. They expressed their confidence in Comptroller Olumoh’s ability to continue this legacy. One stakeholder, Oladunni Kareem, expressed his expectations for the future: “The bar has been set very high. I believe the new Comptroller will double his efforts and ensure the continued integrity and positive reputation that Babandede has established for the LFTZ.”
The LFTZ Customs’ success story serves as a powerful example of the positive impact that collaboration and stakeholder engagement can have on revenue generation and overall efficiency. As Comptroller Olumoh takes the helm, the LFTZ Command is well-positioned to continue achieving exceptional results and contributing significantly to Nigeria’s economic growth.
Source:Tecgeconomy
