Business
MAN Articulates Benefits of Amending FTZs Tax Bill
An example that is not farfetched is the situation in nearby Ghana. Ghana only allows up to 30% of sales into the customs territory subject to payment of duties and taxes, including CIT.
The Manufacturers Association of Nigeria (MAN) said on Tuesday that the National Assembly should go on with the proposed reform of the free-trade zone operations in the country.
The leadership of the MAN expressed their conviction that the amendments will ensure equitable tax treatment for companies operating in the customs territory and those licensed to operate within the free zones with respect to sales into the customs territory, thereby enabling fair competition while protecting the country’s tax base.
In the position statement, signed by the association’s Segun Ajayi-Kadir, Director-General, MAN noted that licensed entities will also enjoy similar incentives available to entities within the customs territory with respect to their sale of goods and services into the Customs Territory, a win-win outcome.
“It is important for us to situate this conversation within the context of what export processing zones and export free trade zones were created to achieve and the value they are purposed to deliver to the economy.
It is clear from the enabling laws and in the 3rd Schedule to the NEPZA Act with the first listed approved activity stated as “manufacturing of goods for export”, while other activities relate to international services, transshipment and services within the zones.
The emphasis here is “within the zones,” he said.
He argued that for instance, banking is listed as an approved activity but it does not mean that a bank can set up in the zone and render banking services across Nigeria without paying taxes, rather it refers to banking within the zone and exports.
So, this should explain how other activities (apart from manufacturing for export) should be viewed.
“The concern of my members and the contention here are obviously pertaining to tax incentives.
In specific terms, Section 8 on exemption from taxes only applies to approved enterprises operating within a Zone.
They are exempted from all Federal, State and Local Government taxes, levies and rates. Sales to the customs territory is neither an approved activity nor is it within the zone.
“However, section 18 permits the sale of goods and services to the customs territory, but this does not confer tax exemption on the sales, but rather a regulatory matter regarding what is permissible.
“Over time, the provisions of sections 8 and 18 have been misinterpreted as not only permitting the sale into the customs territory but also as tax exemption.
“So again, I say this is where the concern of my members and the contention lies: This position is not consistent with the law and it undermines tax-paying entities operating within the customs territory and producing similar goods and services.
Where does the tax exemption enjoyed by the companies operating within the zones, leave my more than 2,500 members who operate outside the zone, in terms of level playing field, competitiveness, fairness and equity?
They find themselves in a disadvantaged position and are rendered less competitive”, he stated.
Ajayi-Kadri said that he believed that the tax reform bill before the National Assembly has actually come to the rescue.
“The bill seeks to bring clarity and equity by stating that sales to the customs territory are taxable, not just for import duties and VAT, but also for CIT purposes.
That is to say that all sellers in the customs territory should be subject to the same tax obligations.
“Subsequently, I don’t think the relevant provisions of the tax reform bill amount to a reversal of the incentives, not at all. It is actually a clarification to align with the intent and letters of the enabling laws.
This is in line with global best practice for free zones. In fact, Nigeria will continue to be more generous even after the proposed amendments.
An example that is not farfetched is the situation in nearby Ghana. Ghana only allows up to 30% of sales into the customs territory subject to payment of duties and taxes, including CIT.
Whereas we allow 100% sales. Exports by a zone entity are tax-free only for 10 years after which up to 8% CIT will apply. Nigeria offers indefinite tax exemption on exports.”
Business
NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees…
• NAFDAC DG, Prof Mojisola Christianah Adeyeye
The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday gave the conditions for the reopening of sealed factories of alcoholic beverages manufacturers nationwide.
At a press briefing in Lagos, the agency’s Director – General, Prof Mojisola Christianah Adeyeye, also directed the Distillers and Blenders Association of Nigeria (DIBAN), the Association of Food, Beverage and Tobacco Employers (AFBTE), and their member companies who have not comply with the ban on alcoholic beverages packaged in sachets and PET (plastic) bottles below 200ml to do so.
“Affected manufacturers are required to immediately commence a nationwide recall of all alcoholic drinks packaged in sachets and PET bottles below 200ml from distributors, warehouses, and other points within the supply chain and submit to the agency for destruction,” she said.
Emphasising on reopening sealed factories, she said: ” NAFDAC imposed investigative charges on defaulting companies found to have violated regulatory directives relating to the manufacture and distribution of alcoholic beverages in prohibited package sizes.
The affected companies are required to settle the applicable charges within the stipulated period and comply fully with all regulatory directives issued by the Agency.
The Agency wishes to emphasize that all recalled alcoholic products shall be subjected to inventory verification and destruction under NAFDAC supervision in accordance with the terms of the enforcement undertaking. Manufacturers shall bear the full cost of such destruction exercises.
Furthermore, before any sealed facility involved in the production of alcoholic beverages in sachets or PET bottles below 200ml can be reopened, NAFDAC will require satisfactory evidence that the production lines used for the prohibited package sizes have been dismantled, permanently disabled, or reconfigured to prevent the manufacture and packaging of alcoholic products in sachets and PET bottles below 200ml.
Such dismantling or reconfiguration shall be carried out under the direct supervision and verification of NAFDAC officers.
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees.Successful destruction of recalled products under NAFDAC supervision. Verification of the dismantling, reconfiguration, or decommissioning of equipment used for prohibited package sizes.Satisfactory inspection and certification by NAFDAC that the facility is compliant with all regulatory requirements.”
Business
Cybercriminals cloning DStv, other brands to steal bank accounts across Africa
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.
More than 100 fake websites linked to the malware campaign have been identified since August 2025.
Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.
NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.
The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.
Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.
The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.
Business
Cement price hits N16,000 per bag
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
• Chairman of BUA cement, Abdul Samad Rabiu (ASR)
Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.
The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.
By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.
Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.
Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.
Reinforcing steel now costs N1.15 million per tonne, up from N850,000.
NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers
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