Business

MAN Calls for FTZs Sanitizing, Following Smuggling Finds

He cited a shocking case of 6,000 metric tonnes of wire coil imported into Calabar FTZ at $11 per ton, instead of the global $500 per ton, describing it as “blatant under-invoicing and economic sabotage.

Published

10 months ago

December 8, 2025

OCHEFA

507 Views

The Basic Metals, Iron and Steel Group of the Manufacturers Association of Nigeria (MAN) has accused some operators in the Free Trade Zones (FTZs) of having turned the scheme into a smuggling corridor, importing finished and substandard products under the disguise of raw materials.

The Chairman of the Group, Prince Lekan Adewoye, who raised the alarm told journalists in Abuja that these activities are crippling local industries and threatening the country’s economic backbone.

MAN is demanding a 10-year audit, recovery of lost revenue, prosecution of offenders, and the establishment of an immediate task force to sanitise FTZ operations.

Nigeria Economic Zones Association (NEZA) and the Standard Organisation of Nigeria (SON) have responded, with SON confirming the rollout of SEZCAP to check FTZ products entering the Nigerian market.

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Naira To Dollar, Pound ,Euro …Rates For Monday, October 12

Published

28 minutes ago

October 12, 2026

OCHEFA

3 Views

Black Market (parallel market) Rates

₦1370DOLLAR (USD)

₦1825POUND (GBP)

₦1520 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAEDIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 CFA F.(XOF)

₦2200CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1331.19

POUND (GBP)₦1759.16

EURO (EUR)₦1490.80

SWISS FRANC (CHF)₦1600.37CBN

JAPANESE YEN (JPN)₦8.41

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1800.11

CHINESE YUAN (CNY)₦198.91

SAUDI RIYAL (SAR)₦354.51

SOUTH AFRICAN RAND (ZAR)

Business

Kenyan Presidential hopeful threatens to stop Dangote refinery’s project if he wins 2027 election

The presidential hopeful argued that Kenya had capable businesspeople who could undertake the refinery project, adding that the country needed a facility capable of meeting its energy requirements.

Published

13 hours ago

October 11, 2026

OCHEFA

13 Views

Kenyan presidential candidate, Patrick Osoi, has warned the President of Dangote Group, Aliko Dangote, against rushing the proposed construction of a 700,000-barrel-per-day refinery in Kenya, insisting that the Nigerian billionaire could be forced to leave the country if he becomes president in February 2027.

Osoi issued the warning in a video shared by AM Media, declaring that he would ensure Dangote returned to Nigeria after his inauguration.

“I want to tell Dangote, please, don’t hurry up to start the refinery, because by next year, February, the time I’m sworn in as the president of this country, you’ll be back going to Nigeria,” he said.

The presidential hopeful argued that Kenya had capable businesspeople who could undertake the refinery project, adding that the country needed a facility capable of meeting its energy requirements.

“Because we are asking a refinery which can do that job. We also have business people in this country who can do that job,” Osoi said.

Business

Juhel CEO-Dr Ifeanyi Okoye, Becomes MAN President

Before he was elected President, Dr. Okoye served the Association in various capacities, including as Chairman of the Enugu, Anambra and Ebonyi States Branches from 1998 to 2005, and as Vice President from 2006 to 2010.

Published

23 hours ago

October 11, 2026

OCHEFA

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The Manufacturers Association of Nigeria (MAN) has elected Dr. Ifeanyi Eric Okoye, as its 12th President at its just-concluded 54th Annual General Meeting held on Wednesday, 7th October 2026 at the Lagos Oriental Hotel, Lagos.

He succeeds Otunba Francis Meshioye, OFR, who completed his four-year tenure.

Dr. Okoye is the Chief Executive Officer of Juhel Nigeria Limited, a wholly indigenous pharmaceutical manufacturing company headquartered in Enugu, Enugu State.

Ifeanyi Eric Okoye holds a Bachelor’s degree in Pharmacy from the University of Ife (now Obafemi Awolowo University) with a Bachelor’s degree in Pharmacy and an M.Sc. and PhD in Pharmaceutical Technology and Industrial Pharmacy from the University of Nigeria, Nsukka, graduating as the best student in his class.

He established JUHEL Nigeria Limited in 1987, a wholly indigenous pharmaceutical manufacturing company with headquarters in Enugu, Enugu State. In December 1989.

JUHEL moved to its permanent site in Emene, Enugu, in 2001 and expanded its facilities to include syrups and capsules. In 2010, JUHEL opened a major parenteral manufacturing facility in Awka, Anambra State.

He is a Fellow of the Pharmaceutical Society of Nigeria and an alumnus of Harvard Business School in Boston, USA.

He is also a Member of the National Institute (mni), having attended the National Institute for Policy and Strategic Studies in Kuru, Plateau State.

In 2012, he was conferred the national honour of Officer of the Order of the Federal Republic (OFR).

He has served on several committees, including the Ministerial Committee on the Establishment of World-Class Hospitals and Diagnostic Centers from 2013 to 2015; Member of the Governing Council of the Standard Organization of Nigeria (SON) – 2009 to 2022.