Business

NAFDAC scolds fake manufacturers: “You are killing Nigerians in order to make money”

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.

Published

23 minutes ago

October 14, 2026

OCHEFA

4 Views

“You are killing Nigerians in order to make money,which is not good.”

That’s the National Agency for Food and Drug Administration and Control (NAFDAC) scolding Nigerians caught in the act of counterfeiting drinks.

The occasion was at Zamfara Plaza, BBA Trade Fair Complex, along the Badagry Expressway, Ojo, Lagos State.

The Assistant Director of the Investigation and Enforcement Directorate of NAFDAC, Mr Kunle Ojo, who led the enforcement said the agency caught some of the suspects in the act and recovered drums, filters, packaging materials, a heating device and other equipment allegedly used in the illicit production process.

The suspects, identified as Okafor and John, were arrested during an enforcement operation in a two-storey building where equipment and materials allegedly used to repackage and produce counterfeit alcoholic and energy drinks where discovered.

The raid, according to NAFDAC, followed credible intelligence and surveillance on suspected counterfeiters operating within the Trade Fair International Market.

He warned that the circulation of counterfeit drinks posed a serious public health concern, urging suspected manufacturers to abandon the illegal trade.

Business

Oyedele Chairs G-24 Call for Fairer Global Financial System, Affordable Development Financing

The meeting concluded that domestic reform alone will not shield developing economies from external shocks — affordable finance, effective debt resolution, fairer representation in international institutions, and sustained cooperation are equally necessary.

Published

8 minutes ago

October 14, 2026

OCHEFA

2 Views

BANGKOK, Thailand — 14 October 2026

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, chaired the G-24 Board of Governors meeting on the sidelines of the IMF and World Bank Annual Meetings, leading calls for reform of the global financial architecture to deliver more affordable financing, fairer representation and faster sovereign debt resolution for developing economies.

IMF Managing Director Kristalina Georgieva and World Bank Senior Managing Director Axel van Trotsenburg, representing President Ajay Banga, joined other G-24 Governors in commending Oyedele’s leadership of discussions that addressed mounting financing pressures on emerging and developing economies amid geopolitical tension, volatile commodity prices, climate shocks and tighter global financial conditions.

Oyedele said rising interest rates, widening fiscal deficits in advanced economies and growing financing demand for artificial intelligence and energy infrastructure had made borrowing more expensive for developing countries.

He called for progress on IMF quota and governance reform, stronger representation for developing countries at the World Bank, improved access to development finance, and more predictable, coordinated debt restructuring involving all creditors.

He also urged expanded climate financing, stronger international tax cooperation against avoidance and illicit flows, and a greater voice for developing countries in global decision-making, including the G-20.

In his closing remarks, Oyedele drew three lessons from the discussions: that resilience must be built before a crisis, through proactive policy preparation; that artificial intelligence must be adopted and regulated responsibly to support inclusive job-rich growth; and that international cooperation remains essential to managing shared risks such as energy insecurity, food price volatility, supply-chain disruption, debt vulnerability and climate change.

Georgieva described the global economy as resilient, with growth projected at about 3.1 percent through 2026, but cautioned that the figure masked a widening gap between economies benefiting from digital transformation, AI investment and critical-mineral supply chains, and those constrained by high energy costs, conflict or limited access to technology.

She warned that persistent energy and food price pressures were keeping interest rates and debt-servicing costs elevated, and urged governments to rebuild fiscal buffers, preserve central bank independence, invest in digital infrastructure and skills, and push for faster debt treatment under the G-20 Common Framework alongside further IMF quota reform.

Van Trotsenburg reported that the World Bank had mobilised about US$27.4 billion in crisis-related financing, with ten countries activating dedicated crisis-response instruments and nineteen others redirecting existing resources to urgent needs.

He flagged El Niño-related risks to food security and grain prices, and said the Bank remained focused on electricity access, healthcare, digital connectivity and job creation — in tourism, healthcare, food systems and manufacturing — alongside mobilising private capital and climate finance.

Member interventions reinforced the reform agenda: Brazil, China and Pakistan backed stronger Global South representation and Bretton Woods reform.

The Philippines called for deeper regional financial integration; Kenya urged building policy buffers and expanding local-currency financing; Egypt cited supply-chain disruption and capital outflows.

Lebanon and Syria raised the financing challenges facing conflict-affected economies.

Incoming G-24 Chair Pakistan pledged to keep development at the centre of the agenda.

Business

BREAKING: Shell to Exit Nigeria’s Domestic Gas Distribution Business

Published

12 hours ago

October 13, 2026

Charles Flames

11 Views

Shell has agreed to sell its entire interest in the Shell Nigeria Gas Group, which runs a domestic natural gas distribution network, to Nigerian energy firm Vaaris Energy Limited.

The deal, announced on Tuesday, October 13, 2026, covers Shell Petroleum B.V.’s full stake in the business. Shell Nigeria Gas, established in 1998, operates about 170 kilometres of pipelines across Ogun, Abia and Rivers states and supplies more than 130 industrial and commercial customers. Financial terms were not disclosed. Completion remains subject to regulatory approvals and other conditions.

Shell said the business will continue operating as normal and serving customers until the transaction closes. The company does not participate in upstream production, LNG or international gas trading through this unit.

Elohor Aiboni, Shell’s Country Chair in Nigeria, said: “Shell Nigeria Gas has served industrial and commercial customers in Nigeria for more than 25 years, supported by the commitment and expertise of its people. We believe this agreement provides a much stronger platform for the business’ next chapter under new ownership. Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria.”

The sale forms part of Shell’s broader strategy under CEO Wael Sawan to simplify its portfolio and concentrate on higher-return assets. It follows the company’s completed exit from onshore oil production in Nigeria, when it sold the Shell Petroleum Development Company to the Renaissance consortium in 2025.

Vaaris Energy is a privately held Nigerian company with interests across the oil and gas value chain and an existing operational presence in the country.

Business

FAO Names 22 African Women Agrifood Heroes, Nigeria Missing

The UN agency recognises women from 22 African countries for contributions to agriculture, food security and rural development under its global Women Heroes initiative.

Published

15 hours ago

October 13, 2026

OCHEFA

18 Views

Image credit : FAO

By Ochefa

The Food and Agriculture Organization of the United Nations (FAO) has recognised 22 African women among its 100 Women Heroes in Agrifood Systems and Rural Development, with Nigeria conspicuously absent from the list.

The initiative, launched to mark the International Year of the Woman Farmer 2026, celebrates women whose contributions are advancing agriculture, strengthening food security and transforming rural communities worldwide.

The honourees represent diverse segments of the agrifood value chain, with achievements spanning market access, job creation, skills development, environmental conservation and the preservation of indigenous knowledge.

According to the initiative, their work demonstrates the critical role women play in building inclusive, sustainable and resilient agrifood systems.

22 African Honourees

The 22 women recognised come from different parts of the continent.

They include Teresa de Castro Vieira Mariz of Angola; Senait Gezahegn of Ethiopia; Lembie Tlhalerwa of Botswana; Simone Kountangni of Benin; and Amal Mekni of Tunisia.

Others are Grace Tumeo Bwanali of Zambia; Victoria Matebogo of South Africa; Didja Djaili Garga of Cameroon; Sanou Adiarra of Burkina Faso; and Zipporah Nyaguthii Gitonga of Kenya.

The list also features Sylvie Yakanandji of the Central African Republic; Pelegrinah Musingwini of Zimbabwe; Basamat Suliman Mursal Khalil of Sudan; Brenda Tsiba Djouassa of Gabon; and Alimata Coulibaly of Côte d’Ivoire.

Completing the list are Crescentia Mushobozi of the United Republic of Tanzania; Hasna Meeke Ahmed of Djibouti; Rozina Mebrahtu of Eritrea; Awa Jagne of The Gambia; Malerato Mary Khoeli of Lesotho; Berdiss Mohamed of Mauritania; and Nadege Uwamahoro of Rwanda.

Nigeria’s Absence Raises Questions

Despite agriculture’s importance to Nigeria’s economy and the livelihoods of millions of Nigerians, no Nigerian woman appears among the 22 African honourees identified in the list provided.

The omission raises questions about the visibility and international recognition of Nigerian women working across the agricultural value chain, from farming and processing to agribusiness, research and rural development.