Business
Nigerian Govt’s Policies Force Manufacturers To lay off 3,567 Workers Within Six Months of 2023 – MAN

▪︎Cover image: President Bola Tinubu
THE Manufacturers Association of Nigeria (MAN) says that unfavourable policies of the government forced some of its member companies to laidoff a total of 3,567 workers in the first half of 2023.
This indicated, 855 more job lost when compared with the 1, 709 job lost in corresponding half of 2022 and 850 more jobs lost when compared with 2. 708 jobs lost in the last half of 2022.
Based on this, the Association is requesting the Federal Government to conduct a comprehensive economic impact assessment of the fuel subsidy removal, exchange rate changes, and other policy measures.
“This assessment should identify potential challenges and opportunities for the private sector and inform further adjustments to the policies if necessary,” said SegunAjayi-Kadir, the Director-General of MAN.
He pointed to the Association’s latest sectoral Employment Survey results (January to June 2023) and said, ” employment generation of the manufacturing sector declined to 6, 428 in the first half of 2023.
This is an indication of 32.8 percent reduction in employment generation capacity when compared with 9559 jobs generated in the first half of 2022.
Also, the data showed a shed of 313 jobs when compared with 6, 741 jobs created in the second half of 2022.
The decline in the number of jobs created in the sector during the period further highlighted the unfriendly business environment resulting from the hasty policies and residual effect of the currency redesign policy that led to naira crunch.
A Struggling Sector
Segun Ajayi-Kadir, noted that the manufacturing sector faced myriad of challenges in the first half of 2023.
He said that the residual effects of the Naira redesign and the removal of fuel subsidy towards the end of the period under review triggers inflationary pressure, cost of transportation, cost of production and other macroeconomics imbalances, thereby worsened the purchasing power of the households.
Unsold Inventory of Finished Products
Consequently, he disclosed that the inventory of unsold finished products in the manufacturing sector saw a significant increase to N271.96 billion during the first half of 2023, as compared to N187.08 billion recorded in the corresponding period of 2022.
” This indicates a substantial rise of N84.88 billion or 45.4 percent over this timeframe.
However, there was an N11.64 billion or 4.1 percent decline when compared with the inventory value of N283.6 billion recorded in the second half of 2022.
This increase in inventory can be attributed to a weakened purchasing power of the consumers, brought about by diminishing real household income resulting from the ongoing escalation of inflationary pressures, compounded by the scarcity of naira in the first quarter of the year and the aftermath of the subsidy removal,” he said.
Business
House Public Accounts Committee Recovers Additional $14 Million from Oil Companies

The House of Representatives Public Accounts Committee (PAC) said on Saturday that it has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
This latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).
In a statement by Akin Rotimi Jr, House Spokesperson, the breakdown of the latest recoveries is as follows:
✓ Platform Petroleum Ltd: $1.9 million (N2.9 billion)
✓Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
✓Universal Energy: $523,845 (N785.7 million)
✓Aradel Energy Ltd: $10.3 million (N15.5 billion)
Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.
He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.
“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance.
The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.
In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).
Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
The companies and their required payments are as follows:
- Total Energies: $2 million within 7 days
- Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
- Aradel Energy Ltd: $12.1 million within 7 days
- Network Exploration: $3.1 million within 7 days
Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight. - The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
- The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:
- Frontier Oil and Gas
- Conoil Producing
- Walter Smith Petrochemical
- Bilton
- Energia Ltd
- Aiteo Petroleum Ltd
- Pillar Oil Lt
- Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalise the matter.
- The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.
- Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
- “The era of impunity and financial recklessness in the oil and gas sector is coming to an end.
- We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
Business
Dangote, Adenuga, Rabiu, Otedola remain on forbes Africa’s billionaires List

Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola, have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.
Once again, Dangote topped the list for the 14th consecutive year, with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago.
The significant jump in his fortune was primarily due to Forbes factoring in the value of his refinery.
The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and projects in oil & gas and fertiliser.
On the other hand, Adenuga, who ranked fifth on the list, had $6.8 billion in his portfolio during the period under review, while Rabiu was worth $5.1 billion.
Adenuga runs the Pan-African telecommunications company, Globacom, while Rabiu owns the BUA Group, with interests in cement, sugar, oil, and other sectors.
Nigerian business mogul and philanthropist Otedola emerged as the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last year.
In the newly released list, Forbes stated that Otedola’s wealth reached $1.5 billion during the period, making him one of the fastest-growing billionaires, second only to Johann Rupert of South Africa, whose fortune grew by 39 per cent.
A prominent Nigerian businessman, Otedola has established and led several companies across various sectors, with many notable enterprises associated with his name.
Checks revealed that some of these include Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as Chairman.
Additionally, he is the Chairman of First Holdco Plc, formerly FBN Holdings Plc, a financial holding company that serves as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.
A dedicated philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of naira and earning a Vice President role in recognition of his efforts to improve the lives of children in Nigeria.
Save the Children is an organisation that works to support vulnerable children worldwide.
“Another billionaire whose fortune grew by more than 30 per cent was Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc.
Shares of Geregu surged by approximately 40 per cent in the past year following a rise in revenue and profits,” the Forbes report stated.
The Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there.
Net worths were calculated using stock prices and currency exchange rates as of the close of business on 7 March 2025.
Forbes noted that net worth changes were measured from its 2024 African billionaires list, published in January 2024. To value privately held businesses, Forbes starts with estimates of revenues or profits and applies prevailing price-to-sales or price-to-earnings ratios for comparable public companies.
Similarly, the report highlighted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time, as the continent’s 22 billionaires saw their combined fortunes rise to $105 billion, up from $82.4 billion and 20 billionaires last year.
South Africa had the highest number of billionaires this year, with seven, followed by Nigeria and Egypt, with four billionaires each.
Business
Reps pass bill to give foreign investors Nigerian citizenship
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.
The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.
Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.
In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.
The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.
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