Business
Alcohol Manufacturers Seek Tinubu’s Intervention as Tension Persists with NAFDAC
“We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians.”
SACHETS alcohol manufacturers have again confronted the NAFDAC Lagos Office demanding that the agency reopen their sealed warehouses, indigenous factories and depots across the country.
Chanting “No Work for Us, No Work for You”, and “We are not criminals. We are workers. We are producers. We are taxpayers. We are Nigerians ,” the workers accused the agency, under the leadership of Mojisola Adeyeye, of shutting down entire manufacturing facilities instead of applying what the union termed “controlled and targeted regulation.”
They called for urgent intervention from Bola Ahmed Tinubu, the Senate, the House of Representatives, governors, traditional rulers, religious leaders, and civil society groups.
During the protest on Wednesday, Comrade Anthony Oyaga, Secretary of the Food, Beverage and Tobacco Senior Staff Association (FOBTOB), described the situation as one marked by “deep pain, growing fear, and a heavy sense of injustice.
According to the FOBTOB, multiple facilities producing sachet products and 10cl PET bottled beverages have been sealed nationwide, including warehouses containing other lawful products unrelated to the targeted items.
“This is not regulation; this is calculated economic suffocation,” said the union, adding that factories are not just buildings; they are ecosystems.”
The statement emphasised, listing transporters, raw material suppliers, distributors, retailers, market women, warehouse operators, artisans, and logistics workers as part of the affected chain.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
Brent crude slid to around $106 per barrel
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