Business
MAN Raises Concerns About Astronomical Charges Imposed By Financial Reporting Council on Private Companies
For publicly quoted companies, the maximum payment earlier was N1 million per annum. Now, that amount is hiked to N25 million.
The Manufacturers Association of Nigeria (MAN) has expressed grave concerns over the implementation of certain provisions of the Financial Reporting Council of Nigeria (Amendment) act, particularly those relating to charges on non-listed entities, like most members of MAN.
The Director-General of MAN, Segun Ajayi-Kadir, said that these provisions, as currently implemented, pose significant challenges to the manufacturing companies, the majority of whom are non-listed entities and are categorized under the current definition of Public Interest Entities (PIEs) of the said Act.
For instance, a new section 33 introduced under the FRCN Amendment Act, 2023 mandates annual charges for non-listed entities, calculated as a percentage of their annual turnover (maximum being 0.05% of the annual turnover for companies with turnover of more than N10 billion).
For publicly quoted companies, the maximum payment earlier was N1 million per annum. Now, that amount is hiked to N25 million!
Quite incredibly, for non-listed companies, who were previously excluded, there is no cap, and it is linked to the turnover, irrespective of whether the company is profitable or not.
The FRCN Amendment Act, 2023, Section 33 Clause 3, imposes heavy penalties on a person or an entity failing to pay annual dues with 10% of the annual due for every month of default cumulatively until payment, liable to sanctions prescribed by the Council for any default of its agents, officer or personnel engaged in the financial reporting process for failure to comply with the provision of the act and in case of chief executive officer to a penalty as may be prescribed by the Council, or on conviction to imprisonment for a term not exceeding 6 months.
The strict penalties and possible conviction to imprisonment could be construed as having the nature of a criminal law. Generally, non-payment of fees/dues typically results in other penalties or fines, and imprisonment provisions are applicable only in cases where non-payment is seen as an act of defiance or fraud.
The Section 34 of the Principle Act stipulates that the proceeds of the Fund established under Section 33 of the Act is to be applied for the expenditures of the Council, which incentivizes excessive generation of revenue and makes collection of the fees purely for administrative purposes.
Criminalizing non-payment of dues/fees, the utilization of which is more administrative in nature, makes the FRNC Amendment Act, 2023 a draconian law with no choice left for the entities to contest the charge, but to comply and pay the dues.
Ajayi-Kadir further posits that this is a direct assault on the government’s commitment to ease of doing business.
Apart from the reservations against its application to private companies, the astronomical increase for listed companies, the excessive charge on non-listed companies turnover, particularly for loss-making companies, and the commencement of implementation at this difficult time for manufacturers and other businesses amounts to yet another form of aggravated tyranny of regulation.
The investments in the productive sector of the economy will be negatively impacted if the continued implementation of this annual charge and the strenuous efforts of FRCN to execute the same are not halted.
MAN, therefore, implores the FRCN to be mindful of the potential negative impact of its continued administration of the fees on businesses and put it on hold.
As the umbrella body for manufacturers in Nigeria, we admonish the FRCN to await the enactment of the tax reform laws and realign its operations with the relevant provisions.
Urgent consideration and swift action from the government are needed to avert the unpleasant consequences of this annual fee. This will bring relief to anxious and long-suffering manufacturers and other business owners.
Quite importantly, it will boost our commitment to ease of doing and align with the broader objectives of the fiscal policy and tax reforms agenda of President Tinubu, which is primarily aimed at streamlining regulatory requirements, harmonizing taxes and revenue collection agencies, promoting business growth and cultivating a competitive landscape.
Business
Oil marketers to begin paying 15pct tariff on imported fuel – FG
Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.
President Bola Tinubu has given the green light for the implementation of a 15 percent ad-valorem import duty on petrol and diesel brought into Nigeria.
The move is expected to protect domestic refineries and promote stability in the downstream oil sector.
In a directive dated October 21, 2025 — made public on Wednesday — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”
The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji.
The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.
Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.
“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.
The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.
“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.
Adedeji pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.
He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”
Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.
Business
BREAKING: Dangote Refinery Set to Dominate Global Oil Production with Massive Capacity Boost
In a stunning development that’s sending ripples through the global energy market, the Dangote Refinery in Nigeria is dramatically expanding its production capacity.
Originally designed to process 650,000 barrels of crude oil per day, the refinery is now slated to reach a staggering 1.4 million barrels per day, making it, by far, the largest refinery in the world.
This ambitious expansion marks a significant milestone for the African continent and promises to reshape the landscape of oil refining.
The increased capacity is expected to:
***Boost Nigeria’s Economy
***Generate substantial revenue and create numerous jobs.
***Reduce Reliance on Imports
***Significantly decrease Nigeria’s dependence on imported refined petroleum products, saving billions of dollars
***Impact Global Oil Supply
***Contribute significantly to the global supply of refined products, potentially influencing prices and market dynamics
***Catalyze Industrial Growth
***Spur further industrial development and investment in related sectors.
The announcement has been met with excitement and anticipation, as the world watches the Dangote Refinery solidify its position as a key player in the global energy arena.
Dangote Group has denied owning the truck that crushed a pregnant woman, a child, and six others to death in an accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
The company issued the clarification in a statement on its X account on Wednesday.
The statement followed reports that a cement-laden truck suffered brake failure and rammed into traders and other road users.
Reacting, Dangote Group said the truck involved in the tragic incident does not belong to the group or any of its subsidiaries.
It added that vehicle registration records confirm the truck is owned and operated by an independent logistics company with no affiliation to Dangote Group.
“Dangote Group has refuted reports circulating on social media and in some online platforms linking it to a truck involved in a road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
“The company wishes to make it categorically clear that the truck involved in the unfortunate incident does not belong to Dangote Group or any of its subsidiaries.
“Verified vehicle registration details confirm that the truck with Plate No. JJJ 365 XB is owned and operated by an independent logistics company with no affiliation to Dangote Group,” the statement reads.
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