Business
MAN Ties Local Raw Materials Development To Adequate Funding of RMRDC
The Manufacturers Association of Nigeria ( MAN) says that the Federal Government should adequately fund the Raw Materials and Research Development Council (RMRDC).
This is to enable it develop more local raw materials for industries.
The Association made the call through it’s Director-General, Segun Ajayi-Kadir.
He cites for instance, that the development and production of Active Pharmaceutical Ingredients (APIs) has continuously eluded due to limited funding of the RMRDC by the government.
” The absence of local production of APIs has been having dire consequences on the pharmaceutical production, particularly in the current situation of acute shortage of forex,” he said.
Corroborating to this, Mr. Ken Onuegbu, the National Chairman of Industrial Pharmacists of Nigeria (NAIP), said that foreign exchange has placed over 20 percent hike on production of drugs locally and that is why achieving medical security is the core topic of NAIP’s conference coming up next week in Enugu.
Coal City 2023
He said that the conference, tagged ‘Coal City 2023’, has the theme ‘Role of Pharmaceutical Industry Towards Achieving Medicines Security in Nigeria.’
Onuegbu highlighted negative impact of importing over 80 per cent of medicines into Nigeria.
He attributed acute inadequacy of local manufacturers to an unsuitable working environment.
He lamented that while the country continues to worry over shortage of local investors and high cost of imported drugs, few surviving manufacturers are being shut down.
He said that the NAIP is not against government policies intended to sanitise the sector and called for mutual engagement and understanding between the association and authorities.
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CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
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SWISS FRANC (CHF) ₦1,1705.44
JAPANESE YEN (JPN) ₦8. 51
CHINESE YUAN (CNY) ₦201. 80
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98
SAUDI RIYAL (SAR) ₦364.91
SOUTH AFRICAN RAND (ZAR) ₦84. 32
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.
The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.
The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.
Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.
The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.
The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.
The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.
Current status
The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.
As the case is pending before the court, the allegations remain subject to judicial determination.
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