Standard Chartered Bank Nigeria Limited, a wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in the United Kingdom, announced it will reduce its branch network in Nigeria, effective January 15th, 2026.

The bank said the decision was taken after careful consideration and in line with ongoing efforts to optimise its services and customer value propositions.

The closures also build on the bank’s digitization efforts, which commenced a few years ago.

Following the Bank’s successful fulfilment of the Central Bank of Nigeria (CBN) ‘s minimum capital requirement of N200 billion for national commercial banks, the statement said the bank is confident of meeting all its customers’ needs.

A Step Towards Strengthening Local Content and the Patronage of Made-in-Nigeria Preamble

The Manufacturers Association of Nigeria (MAN) has commended the Federal Government for its recent approval of a 15% import tariff on petrol and diesel.

In a press release signed by Segun Ajayi-Kadir, Director-General Manufacturers Association of Nigeria, the association recognised gesture as a strategic step and patriotic policy that aligns with the Nigeria First agenda and MAN’s long-standing advocacy for local content development and patronage of Made-in-Nigeria.

It is heartening that this is coming less than one Month after the 53rd AGM of MAN with the theme: Nigeria First: Prioritizing Patronage of Made in Nigeria Products.

The association said the strategic policy has reassured domestic manufacturers that Government is attentive to the imperatives of growing indigenous manufacturing.

It exemplifies governments commitment to halting the perennial bleeding of our patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall wellbeing of Nigerians in this regards.

This is a sure step in the promotion of local value addition, strengthening domestic refining capacity, conserving foreign exchange, and advancing Nigeria’s long-term industrialisation objectives.

MAN’s Position:

1. Unfettered implementation of the domestic supply of crude and enshrined in the PIA. This will ensure the Naira for crude arrangement that will ensure effective and reliable supply of crude to the local refineries and reduce the pressure on our scarce foreign exhange.

It will also attract more investors, including the holders of the 30 refininery licenses to commit resources in the sector.

2. There is no better path to fixing Nigeria’s economy than protecting local industries, encouraging local patronage, fostering value addition, and promoting industrial development anchored on local content.

3. Nigeria is blessed with enormous oil resources. Unfortunately, scarce forex in billions of dollars is still being spent on importing refined petroleum.

Supporting local refining capacity through appropriate policy tools will conserve scarce foreign exchange, improve the stability of the Naira, and foster a more favourable macroeconomic environment for investment.

In view of above, MAN duly:

i. recognises the importance, significance, and necessity of the approval of the 15% import tariff on petroleum products — petrol and diesel.

ii. Acknowledges that the tariff is a rightful, deliberately designed policy instrument intended to protect and encourage domestic producers, curb dumping, and create a stable environment for local refiners to thrive.

iii. Notes that the tariff will accelerate operational readiness of domestic refineries, thereby reducing disruptions and stabilising energy supply to industries.

iv. Supports the 15% import tariff as an industrial policy instrument that will:

• Encourage the utilisation of local refining capacity and promote backward integration across the energy value chain.

• Conserve foreign exchange by reducing the nation’s dependence on imported refined petroleum products.

• Strengthen the manufacturing base through a more stable and predictable fuel supply.

• Generate employment opportunities, build technical expertise, and strengthen industrial linkages between refineries and manufacturers.

• Promote local content development and stimulate demand for Nigerian engineering, fabrication and logistics services.

v. MAN views this policy as a vital step in achieving energy independence and industrial sustainability, both of which are prerequisites for Nigeria’s economic transformation.

Call for Transparent and Balanced Implementation:

While supporting the 15% tariff imposition, MAN calls for transparent, efficient, and well-coordinated implementation to ensure its benefits reach both industry and consumers, safeguard competitiveness, and prevent unintended cost burdens.

Specifically, MAN calls for:

i. Transparent price monitoring: Government and regulators (PPPRA, NMDPRA, FCCPC) should closely monitor domestic pricing to prevent excessive mark-ups or anti-competitive behaviour.

ii. Stable transition period: During the initial months of implementation, the government should support local refiners to ensure adequate fuel availability and prevent supply shocks or speculative hoarding, particularly with the festive period approaching.

iii. Reinvestment of tariff revenue: Proceeds from the import duty should be reinvested into energy infrastructure, refinery efficiency, and power support schemes for industries, including credit facilities for industrial energy transition and renewable adoption.

iv. SMIs support measures: Provide targeted incentives or rebatesfor small and medium manufacturers reliant on diesel-powered generators during the transition period.

v. Support the development of more local refineries: The government should create an enabling environment and provide targeted incentives to attract investment in additional modular and conventional refineries, thereby strengthening domestic refining capacity, promoting competition, and ensuring long-term energy security.

vii. Ensure stakeholder harmony in the energy sector: The government should foster continuous engagement among refiners, marketers, regulators, and consumers to prevent disputes, ensure policy coherence, and sustain market stability.

viii. Move speedily to fully privatize the government owned refinery as it is evident that we may never succeed in restoring them to functionality under the current dispensation.

Selling off the refineries will stop the commitment of our scarce financial resources to an evidently irredeemable venture.

MAN acknowledges this major step in the implementation of Nigeria First policy of government. We are committed to supporting the Federal Government’s Nigeria First policy direction, especially on local content development and home grown industrialisation.

MAN believes that this tariff will accelerate the country’s journey toward energy sovereignty, industrial competitiveness, and sustainable economic growth — all anchored on the strength of Made-in-Nigeria.

Heineken will end its long-running sponsorship of the UEFA Champions League in August 2027, concluding a partnership that began in 1994 with the Amstel brand before transitioning to the flagship Heineken label in 2005.

The company confirmed the decision on 30 October following a strategic review of its global sponsorship portfolio, citing a renewed emphasis on investments tied closely to measurable value creation and return on spend.

The announcement follows news that AB InBev has entered exclusive negotiations with UEFA’s commercial arm, UC3, to become the global official beer partner across all men’s club competitions from 2027 to 2033.

The agreement, if finalised, would cover premier tournaments including the UEFA Champions League, Europa League, and Conference League.

Heineken stated that its exit from the competition aligns with an evolving global marketing strategy, focused on platforms that deliver high engagement and sustained brand impact.

The brewer confirmed continued investment in major global sports properties, including Formula 1, where it holds both title and sustainability partnerships, and Premier Padel, an international racket sport it joined as global beer partner earlier this month.

The company also extended its partnership with the UEFA Women’s Champions League earlier this month, securing rights for the 2025–2030 cycle.

Meanwhile, Heineken faces mounting pressure from investors to accelerate performance improvements. Industry analysts note that despite challenges faced across the global beer sector, the company has lagged behind market leader AB InBev in cost efficiency and volume momentum.

Investors argue that Heineken’s relatively larger brewery footprint and higher fixed costs in certain regions may require deeper operational changes, including potential facility rationalisation.

CEO Dolf van den Brink, who has led the €39 billion group since 2020, has outlined a dual-focus approach to sharpen efficiency and stabilise volume performance.

As part of its strategy presented earlier this year, Heineken committed to achieving up to €500m in annual gross cost savings through 2030, while concentrating growth initiatives on 17 priority markets and five core global brands.

The company aims to deliver mid-single-digit annual revenue growth with operating profit and earnings per share rising at a faster pace.

Van den Brink said he expects the beer market to return to approximately 1% volume growth annually once near-term macroeconomic pressures and geopolitical turbulence ease, with Heineken targeting performance ahead of the global category.