Business

Food And Beverage Unions Join Forces With MAN To Battles NAFDAC Ban On Sachets Alcohols

Published

2 years ago

February 12, 2024

OCHEFA

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MEMBERS of the Food Beverage and Tobacco Senior Staff Association, a branch of the Trade Union Congress, the National Union of Food Beverage and Tobacco Employees, and the Nigerian Labour Congress paid a solidarity visit to the Manufacturers Association of Nigeria (MAN).

This was in protest against the ban on the production of alcohol in sachets and PET bottles of less than 200ml by NAFDAC.

The unions expressed their displeasure with the enforcement of the ban, stating it is unkind, illegitimate, and a threat to their livelihood.

They emphasized that the act is uncharitable, given the current economic challenges.

The DG of MAN welcomed the protesters and appreciated their peaceful approach.

He agreed that the government needs to consider the human impact of its policies.

Manufacturers have spent more than a billion naira in the last five years on campaigns that NAFDAC should have conducted.

He stated that the production of alcoholic beverages is legal, and the claim that underage individuals consume the products due to the small packaging lacks empirical data.

He assured the protesters that MAN supports their cause and has issued a press release urging NAFDAC and the government to reconsider their position.

He highlighted that manufacturers have spent more than a billion naira in the last five years on campaigns that NAFDAC should have conducted.

The DG emphasized that the two critical desires expressed by the stakeholders were to prevent underage access to the product and to allow businesses to survive.

He assured the unions that the association would do its best to persuade the relevant authorities to reconsider the ban.

He concluded by appreciating the unions for their commitment to protecting Nigerian jobs and further highlighted that The RENEWED HOPE AGENDA of Mr. President cannot be served by getting people out of jobs.

Related Topics:NAFDAC ban on sachet alcoholic drinks TUC and NLC solidarity visit to MAN

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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

7 hours ago

July 21, 2026

OCHEFA

18 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

16 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.