Business
MAN Asks FG to Implement single -use plastic ban in phases
The Manufacturers Association of Nigeria (MAN), on Tuesday, has called on the Federal Government government to put in place a phased implementation policy for the proposed single-use plastics ban.
This is to allow the operators in the sector sufficient time to adapt and mitigate disruptions that will arise from the ban.
The Association also advocates for an adequate government-stakeholders engagement and collaborative efforts on the journey to the eventual elimination of single use plastics.
‘MAN supports a balanced approach in addressing the challenges posed by single-use plastics. While recognizing the need to protect the environment, we also emphasize the importance of mitigating economic disruptions for our members,” said MAN.
The association, assures it’s committed to collaborating with government agencies, environmental groups, and other stakeholders to develop sustainable solutions that balance environmental concerns with the need to protect jobs and guarantee the survival of businesses.
The statement further reads: “In this regards, adequate incentive should be given to offset the costs of adopting alternative materials, including tax breaks to encourage investment in sustainable technologies, and comprehensive training programmes to equip the workforce with the necessary skills.
Furthermore, we proposes the establishment of a dedicated fund to support Research and Development into sustainable packaging solutions.
This would foster innovation and create new business opportunities within the manufacturing sector.
It is also important to state that many manufacturers have already commenced the implementation of extended producer responsibility (EPR) schemes, which hold producers responsible for the entire lifecycle of their products, including end-of-life management.
“By working collaboratively with the government and other stakeholders, MAN is ready to play crucial role in shaping a win-win transition to a single-use plastics free environment.
The one that minimizes business closures and job losses, and ensures a smoother transition to a circular economy.”
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Chinese Yuan Buy ₦190 Sell ₦205
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West African CFA Buy ₦2, 300 Sell ₦2, 400
Central African CFA Buy ₦2,150 Sell 2,250
Australian Dollar Buy ₦800 Sell ₦900
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Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
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