The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

Power generation companies (GenCos) have kicked against the Enugu Electricity Regulatory Commission’s new tariff order to MainPower Electricity Distribution Limited, which adjusted the electricity cost for Band A customers from N209 per kilowatt-hour to N160/kWh, effective August 1, 2025.

In a statement issued on Monday by the Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, the GenCos stated that the tariff revision sets a precedent for all other states and fails to reflect the true cost of electricity generation.

MainPower is the utility that succeeded Enugu Electricity Distribution Company after the state got the approval of the Nigerian Electricity Regulatory Commission to control its electricity market.

The new tariff was contained in the Enugu commission’s Order No. EERC/2025/003 entitled ‘Tariff Order for MainPower Electricity Distribution Limited 2025’, and was issued by the commission on Sunday.

It said “its decision was cost reflective, insisting that the tariff must reflect the power generation subsidy by the Federal Government for the benefit of electricity consumers.”

L-R: Former Economic Secretary to the Treasury of the United Kingdom, Ed Balls; Head of Multinationals and Financial Institutions, Zenith Bank (UK) Ltd, Natalie Andrew; Manager, Wealth Management, Zenith Bank (UK) Ltd, Noelia Pinto; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa; CEO, Zenith Bank (UK) Ltd, Udu Ovbiagele; and Euromoney’s Head of Banking for US & Europe, Dominic O’Neill during the presentation of Nigeria’s Best Bank Award to Zenith Bank Plc at the Euromoney Awards for Excellence 2025 at The Peninsula, London.

Zenith Bank Plc has been named “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025.

The award was presented to the bank on Thursday, July 17, 2025 in London.

The annual awards celebrates financial institutions that demonstrate leadership, innovation, and resilience in their markets, with this year’s edition seeing a record number of over 770 entries from financial institutions including HSBC, Morgan Stanley, CitiBank, Barclays, Standard Bank and Development Bank of Singapore (DBS), among others.

Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Adaora Umeoji said, “We are absolutely thrilled to be recognised as Nigeria’s best bank by Euromoney.

“This award is not just a testament to our relentless pursuit of excellence, but also a validation of the unwavering trust and confidence our customers have placed in us.

We are once again reminded that our success is not just about us, but about the impact we continue to have on the financial ecosystem.

We will continue to work tirelessly to support the growth and development of our economy and uphold the highest standards of governance, integrity and transparency that has earned us this recognition.”