Business
Manufacturers Raw Materials Spending Soars To N27bn in Three Months
FIVE firms in the manufacturing industry spent a combined N27.220 billion to procure raw materials in three months.
The companies cut across foam industry, breweries, pharmaceuticals and paints.
Data obtained from these companies shows that Vitafoam Nigeria Plc, topped the pack with N16.853 billion in quarter 1 of 2023, higher than the N16.501 billion spent in the corresponding quarter 2022.
In the breweries sector, Guinness Nigeria Plc’s raw materials spending wen up N8.758 billion from N8.562 during the period under review.
Furthermore, still in the same sector, Champion Breweries Plc also purchased raw materials valued at N798.225 billion compared to N1, 1 95 billion spent in the first half of 2022.
In the pharmaceuticals industry, Neimeth International Pharmaceutical Plc , expended N781 .154 million above the N734.778 million spent in the corresponding quarter 1 2022.
Next, Berger Paints Plc’s Raw materials sourcing also climbed to M69.25 million compared to N25.749 million procured in the first quarter of 2022.
What Needs To Be Done
In a position document, the apex body of the Manufacturers in Nigeria – Manufacturers Association of Nigeria ( MAN) said that the Federal Government shoukd adequately fund the Raw Materials and Research Development Council (RMRDC) so that it can develop more local raw materials for industries.
Segun Ajayi-Kadir, MAN Director-General, noted 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.
Also, 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.
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.
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
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