Business

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

Published

3 years ago

June 9, 2023

321 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

Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

8 hours ago

June 9, 2026

OCHEFA

12 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

11 hours ago

June 9, 2026

OCHEFA

19 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.