Business

MAN Ties Local Raw Materials Development To Adequate Funding of RMRDC

Published

3 years ago

June 30, 2023

Charles Flames

Segun Ajayi-Kadir, Director-General of MAN

629 Views

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.

Related Topics:Industrial Pharmaceutical Ingredients Raw material research and development

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Dangote Performs Opening Gong Ceremony At NGX, Present Facts Behind the Offer

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

Published

4 hours ago

September 14, 2026

OCHEFA

11 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

He is currently making the Facts Behind the Offer Presentation and unpacking the numbers, the offer and the significance of this transaction for Nigeria and the continent.

Details soon..

Business

Naira Exchange Rates To Dollar, Pound , Euro… September 14

Published

5 hours ago

September 14, 2026

OCHEFA

16 Views

BLACK MARKET

US DOLLAR ₦1385

POUND (GBP) ₦1880

EURO (EUR) ₦1580

CANADIAN DOLLAR (CAD) ₦1000

SOUTH AFRICAN RAND (ZAR) ₦90

UAE DIRHAM (AED) ₦370

CHINESE YUAN (CNY) ₦190

GHANA CEDI (GHS) ₦100

Central Bank of Nigeria Rates

DOLLAR (USD)₦1326.52

POUND (GBP)₦1794.52

EURO (EUR)₦1540.22

SWISS FRANC (CHF)₦1627.83

JAPANESE YEN (JPN)₦8.64

CFA FRANC (XOF)₦2.34

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58

CHINESE YUAN (CNY)₦197.74

SAUDI RIYAL (SAR) ₦353.20

SOUTH AFRICAN RAND (ZAR) ₦82.24

Business

Dangote Refinery’s IPO Officially Opens Today On NGX

Published

6 hours ago

September 14, 2026

OCHEFA

16 Views

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.

The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”