Business

MAN Demands Inclusion of OPS Inputs on New Finance, CEMA Bill, Before Presidential Signatures

Published

3 years ago

June 9, 2023

434 Views

The Manufacturers Association of Nigeria (MAN) has urgently requested President Bola Ahmed Tinubu not sign the Finance Bill 2022 and the Customs and Excise Management Act (CEMA) Bill into law without the inclusion

of the critical inputs of the Organized Private Sector (OPS).

The OPS is made up of five strong economic advocacy group, namely MAN, NACCIMA, NECA, NASME, and the NASSI.

In a statement by the Director-General of MAN, Segun Ajayi-Kadir, said that for a balanced Finance Bill 2022, and the CEMA Bill , recommendations made by the OPS should also be taken on board before the amendment bills are signed into law.

“The new government should revisit these Bills to ensure they includes the critical inputs of the OPS,” he said.

Other Expectations

We also expect the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & machinery (in the Company Income Tax Act, section 32).

Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have the capacity to produce locally and quite importantly, exclude raw materials that are not locally available.

I would like to add other low hanging ripened fruits for Mr. President:

In addition to pursuing the unification of the exchange rate, the CBN should be prevailed upon to take effective action to give priority to the allocations of foreign exchange to the productive sector, particularly to manufacturers to import raw materials, spares, and machinery that are not locally available.

2. Direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005.

Direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
Announce a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60% of our member companies have closed.
Craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.

Business

Oil Rises As US Rejects Iran Proposal

Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

Published

17 hours ago

September 28, 2026

OCHEFA

16 Views

Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.

Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.

Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.

Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.

In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.

Business

NGX Debuts Invest WhatsApp Channel

The channel provides investors with an additional, convenient way to participate in public offers.

Published

19 hours ago

September 28, 2026

OCHEFA

24 Views

Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.

The channel provides investors with an additional, convenient way to participate in public offers.

Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.

They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.

As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.

(VANGUARD)

Business

SEC Highlights Focus of National Capital Market Conference 2026

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.

Published

19 hours ago

September 28, 2026

OCHEFA

24 Views

The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.

In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.