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Satchets Alcohol Manufacturers Cry Out to Tinubu to Overide “NAFDAC’s Ban

The Senate, in its own wisdom, did not hear from other parties before the present situation we find ourselves in. This is, therefore, not a regulation; this is calculated economic suffocation.

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Collage : NAFDAC DG, Prof Mojisola Adeyeye; FOBTOB President, Jimoh Oyibo.

THE National Agency for Food and Drug Administration and Control (NAFDAC) ban on local production and distribution of sachets alcohol and 10cl PET bottles have started telling on the economy, according to the Food and Beverage Producers union- FOBTOB., prompting their calls for intervention by President Bola Ahmed Tinubu , his cabinet and other well meaning Nigerians, to :

“Let the factories be reopened.Let the warehouses be unsealed.Let the depots be reopened.Let regulation replace repression.Let dialogue replace destruction.Let policy replace punishment.”

Jimoh Oyibo, President of FOBTOB, at a press conference in Lagos, paints the grim pictures of the ban , barley in its two months :

” Across the country, indigenous manufacturing companies, especially factories are being shut down. Depots are being closed. Warehouses are being locked including those that contain multiple other lawful products not connected to the targeted items.

“The consequences are already visible because workers are losing their jobs daily. Families have started to loose their income, businesses collapsing, supply chains breaking, tax revenues to the Federal Government reducing,” he said.

He emphasised that above all, local investment confidence is being destroyed, and that an economy cannot survive when industries are shut down instead of regulated.

Read Also: Are The Ministers of industry Leaving Manufacturers To Face Challenges?

The speech reads:

” Gentlemen and Ladies of the press and fellow Nigerians, we address you today February 26, 2026 with deep pain, growing fear, and a heavy sense of injustice over the ongoing actions of under the leadership of Professor Mojisola Adeyeye, the Director-General.

This approach is creating widespread confusion, fear, and economic paralysis and we are compelled to ask Professor Mojisola Adeyeye the following questions.

What is her real motive behind this method of enforcement?

Why are entire facilities being shut down instead of applying controlled, targeted regulation?

Why are lawful businesses, workers, transporters, retailers, and suppliers being collectively punished?

The fact is undeniable that all stakeholders met including the House committe on alcohol of the House of Representatives, Honorable Minister of Health, Professor Mojisola Adeyeye,

The Nigerian Police, Customs, Immigration, Federal Road safety corps, manufacturers, Road transport Unions and many other representatives where this issue of alcohol intake by underaged was discussed and the general resolution was access control, massive enlightenment and educational sensitisation drive amongst other resolutions and not total ban as been carried out by Professor Mojisola Adeyeye.

While a policy document which was to serve as a National guide was being awaited, Professor Mojisola Adeyeye rushed behind everyone to approach the Senate for total ban.

The Senate, in its own wisdom, did not hear from other parties before the present situation we find ourselves in. This is, therefore, not a regulation; this is calculated economic suffocation.

children whom she claimed to be protecting are being forced out of school and embracing uncontrolled vices including forced labor or prostitution, with signs of increase in poverty and without doubt, crime risks will rise and this can be a security problem to Nigeria.

We reject the idea that total bans and mass shutdowns are solutions.

Access control is better than total prohibition.

Regulation is better than destruction.

Enlightenment is better than force.

Structured policy is better than blanket punishment.Cutting off a head is not the cure for a headache.

Dialogue is always stronger than destruction.Reform is better than repression.

Control is better than collapse.Factories are not just buildings, they are ecosystems that revolve round – Transporters who are into haulage- Raw material suppliers- Distributors- Retailers- Market women- Artisans- Warehouse operators- Support services- Logistics workers All of them are now suffering because of this policy direction.

We are therefore making this national appeal:

To the Federal Government of Nigeria

To the conscience of leadership

To the defenders of democracy

To the guardians of the economy

Please intervene and prevail on Professor Mojisola Adeyeye for a rethink

Please speak to the conscience of leadership. Stop Professor Mojisola Adeyeye before she destroy Nigeria and Nigerians.

We have no other country to call ours. 2027 elections are fast approaching and this is not the time to loose jobs.We are not criminals.

We are not kidnappers.We are not robbers.We are not extremists.We are not enemies of the state.We are workers.

We are producers.We are parents.We are taxpayers.We are citizens.

We are Nigerians.The only work we know is factory work.

The only livelihood we have is production.The only dignity we have is honest labor.We therefore appeal strongly and respectfully: .

Total bans are not the way forward.Controlled access is the way forward.Education is the way forward.Regulation is the way forward.

Partnership is the way forward.We bring this message before the press, please help circulate our pleas.

We bring it before the nation, this is a security crisis in the making.We bring it before the world, Nigeria is too volatile for another crisis.

This is our appeal.

This is our cry.This is our plea.

This is our stand.Let our industries and factories live.

Let our people work and contribute to the growth of the Nigerian economy.

Let our economy breathe, not to suffocate.”

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

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CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

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File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.

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Naira Exchange Rates At The Parallel/ Official Market Tuesday, 21 July

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,380.11

GREAT BRITISH POUND (GBP) ₦1,857.35

EURO (EUR) ₦1,575.95

SWISS FRANC (CHF) ₦1,705. 31

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203.94

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦367.49

SOUTH AFRICAN RAND (ZAR) ₦83.69

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