Business
MAN Calls For Civility In Operations By Government’s Agencies
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.”
Business
Royal African Society marks 125 years of Africa – Britain Businesses
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
• Arunma Oteh, Chairperson of the Royal African Society
The Royal African Society has marked 125 years anniversary of Africa and Britain businesses and investments at a ceremony held at the London Stock Exchange.
The Wednesday event brought together the Emir of Kano, Muhammadu Sanusi II; President and Chief Executive Officer of Africa Finance Corporation, Samaila Zubairu; Chief Executive Officer of British International Investment, Leslie Maasdorp; Founder and Chief Executive Officer of Flutterwave, Olugbenga “GB” Agboola; Director and Chief Executive Officer of the Royal African Society, Stella Okotete; and other business, diplomatic and policy leaders.
Chairperson of the Royal African Society, Arunma Oteh, said that the organisation had spent 125 years fostering partnerships between both regions.
Oteh said that the celebration was aimed at deepening collaboration between Africa and the UK while promoting investment, innovation and shared prosperity.
The anniversary featured the Closing of Markets Ceremony and ringing of the exchange’s closing bell, alongside high-level sector discussions, fireside chats, the presentation of philanthropy awards and the unveiling of the Top African Brands in the UK and Top British Brands in Africa.
Business
US subjects imports from Nigeria to 12.5% tariff
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour.
The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on the importation of goods produced with forced labour.”
The measure was announced in a statement posted on the website of the Office of the United States Trade Representative on Thursday.
Nigeria is among the countries subject to the 12.5 per cent tariff, while India, Indonesia, Malaysia, Mexico and the United Kingdom will face a lower 10 per cent rate after adopting or committing to implement bans on imports linked to forced labour.
The move follows investigations launched by the USTR in May 2026 into 60 of the United States’ largest trading partners under Section 301 of the Trade Act.
According to the agency, it received more than 1,600 written submissions, held public hearings involving over 100 witnesses, and consulted more than 45 governments before announcing the tariffs.
Business
MTN Nigeria asks customers to trade old SIM packs for prizes
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
MTN Nigeria has invited customers to bring in old SIM packs, recharge cards, booster cards, dongles, and MTN-branded phones in exchange for prizes.
The telecom giant is running the campaign the under the hashtag #YelloMoments.
MTN launched the campaign on Wednesday, July 23, via its official social media pages, telling followers that items kept in drawers over the years could be worth something.
Customers who participate will also be featured on what MTN described as a “Memory Wall.”
Collection centres across Nigeria
MTN named eight collection centres across the country where customers can deposit their items. The locations cover Lagos, Abuja, Kano, Jos, Delta, Port Harcourt, and Ibadan.
In Lagos, customers can visit MTN Plaza at No. 1 Awolowo Road, Falomo, Ikoyi, or the office at 43 Allen Avenue, Ikeja. In Abuja, the collection point is at No. 4, Medeira Street, Maitama.
In Kano, it is at 2, Civil Centre Road. In Jos, Plateau State, the centre is at Plot 3119, Royalfield Road.
In Asaba, Delta State, the location is KLM 129, Benin–Asaba Expressway. In Port Harcourt, Rivers State, customers can go to 234, Old Aba Expressway, Opposite Hannah Fast Food.
In Ibadan, Oyo State, the drop-off point is at MTN Regional Office 1, Olubadan Avenue and Up/Zartech Road, Oluyole Estate.
Security Forces Rescue 9, Neutralise Terrorist in Kwara
Nigeria’s Enang Presents Credentials to German President Steinmeier (Images)
Zamfara LG Chairman Abduction: Security operatives intensify rescue efforts
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business3 days agoNaira Exchange Rates Thursday, 23 July
-
Sports3 days agoNigeria’s NSC Chiefs Lead Team to 2026 Commonwealth Games in Glasgow
-
News2 days ago311 lawmakers say “YES!” to establish state police
-
Business2 days agoNaira Exchange Rates Across Black Market, CBN, Commercial Banks Friday, July 24
-
Politics3 days agoFashola declares, “I’m not interested in becoming President of Nigeria”
-
Politics3 days agoTimi Frank says Trump’s letter not political ‘endorsement’ of Tinubu
-
News2 days agoSoludo’s daughter bags First Class from UK university
-
Business2 days agoUS subjects imports from Nigeria to 12.5% tariff