Economy
MAN begs CBN for access to forex

Dr Wale Adegbite, a former Chairman of Ogun State chapter of the Manufacturers Association of Nigeria (MAN), has advised the Central Bank of Nigeria (CBN) to provide foreign exchange for manufacturers to boost their productivity.
Adegbite said that the provision of foreign exchange would help manufacturers import their raw materials into the country and enable them to produce for both the domestic market and export.
He identified poor access to foreign exchange, which is also known as forex, as a major challenge facing the manufacturing sector.
According to him, the lack of forex is a major challenge confronting the manufacturers as this makes it difficult for members to open letters of credit to bring in raw materials into the country.
“The manufacturers would prefer a solution to the problem of lack of foreign exchange as this is the major area pinching our members.
“This is the area we want the federal government and the apex bank to urgently work on by providing adequate foreign exchange for manufacturers to make raw materials easy for us. “he said.
Adegbite said that poor access to foreign exchange had deprived manufacturers from producing to maximum capacity.
He said that it was only when the manufacturers produced at maximum level and made profits that they would be able to provide employment opportunities for the teeming youth in the country.
Adegbite also said that this would also further reduce the nation’s inflation rate since more goods and services would be provided.
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NNPCL raises alarm over syndicated attacks to distract leadership from ongoing reforms

Funso OLOJO
The Nigerian National Petroleum Company Limited (NNPCL) has raised the alarm over what it described as a coordinated sabotage campaign on its management.
In a statement by the management of the Corporation, the attack was being sponsored by whom it described as ‘known and faceless actors’ to distract its management from its reform agenda that is meant to rid the corporation of the endemic corruption that has eaten deep into the operations of the national oil company.
” The management of NNPCL has uncovered an emerging coordinated sabotage campaign being waged by a syndicate of known and faceless actors, both outside and within various levels of the organisation.
“This group is actively spreading lies and misinformation simply to discredit NNPC Ltd.’s leadership and derail the organisation’s ongoing transformation into a corruption-free, performance-driven energy company, in line with the mandate of His Excellency, the President of the Federal Republic of Nigeria.
“Their tactics include planting scandalous and fabricated reports, curated to distract leadership, mislead the public, and undermine the commitment of our dedicated workforce and reform-minded Nigerians.
“These are calculated efforts by those who feel threatened by reform, transparency, accountability, and change—clear evidence of the lengths to which they will go to obstruct the transformation of Nigeria’s foremost energy institution.
“We expect a surge of defamatory content in the days and weeks ahead.
” NNPC Ltd. remains undeterred. The transformation is underway, and no amount of sabotage will stop it.
“We urge our dedicated staff, stakeholders, and all patriotic Nigerians to stay focused, ignore the noise and not be discouraged. We remain on mission.
It could be recalled that after the removal of Mele Kyari as the Group Managing Director of the NNPCL, the new management uncovered an homonguous scale of misappropriation of public funds running into billions of dollars which led to the sack of some of the senior staff, including the Managing Directors of the State- owned Refineries.
The investigation launched into the financial recklessness of the past administration of the NNPCL involved the sum of $2.96billion.
In May,2025, the Economic and Financial Crimes Commission(EFCC) detained Mr Kyari over the investigation.
The anti- graft agency also uncovered a staggering N80 billion in multiple bank accounts belonging to one of the sacked Managing Directors of the Nigerian National Petroleum Corporation Limited (NNPCL) refineries.
The discovery was part of an ongoing investigation into the alleged misappropriation of $2.96 billion for refinery rehabilitation.
It could also be recalled that the anti-graft agency arrested former managing directors and senior officials of the three major state-owned refineries, including Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC).
Also recall the new NNPCL management had also fired the Managing Directors of the three refineries under its purview
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