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MAN Calls For Civility In Operations By Government’s Agencies

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Manufacturers Association of Nigeria (MAN), has called for civility by the EFCC and the other operatives of the government agencies, when demanding documents from existing domestic investors in the country, rather than armed invasion.

The Association made the call, while reacting to the recent invasion of the Dangote Industries Limited (DIL) headquarters by dozens of Economic and Financial Crimes Commission (EFCC) operatives.

Segun Ajayi-Kadir,  it’s Director-General, noted that the fact that the Federal Government is currently actively engaged in activities aimed at attracting foreign investors should dictate a more circumspect and civil way to make enquiries and secure documents from existing/domestic operators.

” We  received the news with great shock. We also understand that about 50 other companies are also been investigated, probably with a likelihood of receiving the same ill treatment.
Not that any company is above investigation, but it is about the appropriateness of the method and the sheer brigandage we saw on display.

… this news has gone around the world and many, including would be investors, would be taken aback and anxiously awaiting how the story will end.

It is whether it will take an armed invasion by dozens of security operatives to get documents from a well-structured and clearly identifiable company like DIL.

What we understand is that it is part of EFCC’s ongoing investigation into forex allocations in the country.

We believe it is within the remit of EFCC to do so. But the question is: what is the wisdom in security operatives swooping on the headquarters of a leading African conglomerates only to demand for documents relating to allocation of foreign exchange to the Group in the last 10 years?
Is it that the company refused to respond to a request to present those documents?

Are those documents only available with DIL and not in the Central Bank or the relevant commercial banks? Was there a possibility of armed resistance, if the EFCC operatives had come unarmed and devoid of the gestapo style invasion?

Why hurt the corporate image and disrupt the business operations of the company?

There is no doubt that this news has gone around the world and many, including would be investors, would be taken aback and anxiously awaiting how the story will end.

This may not be the best way to show that Nigeria is committed to good corporate governance.

Because of the status of DIL within the Nigerian economy, Africa and the world, the outcome of this rather unfortunate incident may have great impact on how we are perceived as respecters of the right of business entities.

Government agencies should exercise restraints and be mindful of the wider implications of their actions on our fragile business environment.

I think it is important for the EFCC to take steps to clear the air on the negative interpretation being adduced to this action.

This is necessary to reassure existing business concerns and encourage would be investors.”

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Business

Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

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•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

  • The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
  • FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
  • * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
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Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

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The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent. 

He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.

The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.

He also disclosed that eight banks had achieved the new recapitalisation requirements.

The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.

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Business

NCS Replacing 4% import charges with 1% CISS import levy

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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