Business

MAN Calls for FTZs Sanitizing, Following Smuggling Finds

He cited a shocking case of 6,000 metric tonnes of wire coil imported into Calabar FTZ at $11 per ton, instead of the global $500 per ton, describing it as “blatant under-invoicing and economic sabotage.

Published

11 months ago

December 8, 2025

OCHEFA

Manufacturers Association of Nigeria MAN 2

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The Basic Metals, Iron and Steel Group of the Manufacturers Association of Nigeria (MAN) has accused some operators in the Free Trade Zones (FTZs) of having turned the scheme into a smuggling corridor, importing finished and substandard products under the disguise of raw materials.

The Chairman of the Group, Prince Lekan Adewoye, who raised the alarm told journalists in Abuja that these activities are crippling local industries and threatening the country’s economic backbone.

MAN is demanding a 10-year audit, recovery of lost revenue, prosecution of offenders, and the establishment of an immediate task force to sanitise FTZ operations.

Nigeria Economic Zones Association (NEZA) and the Standard Organisation of Nigeria (SON) have responded, with SON confirming the rollout of SEZCAP to check FTZ products entering the Nigerian market.

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Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

20 hours ago

November 5, 2026

OCHEFA

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

128 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.