General
MAN Condemns Sealing of Coca-Cola, Guinness, FrieslandCampina Factories in Lagos
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has condemned the sealing of a few manufacturing companies by the Lagos State government.
In a statement signed by its Director General, Mr Segun Ajayi-Kadir, the group said it was appalled by the action, adding that it was already in talks with relevant agencies in the state over the issue.
Earlier this week, the Lagos State Water Regulatory Commission (LASWARCO) sealed the factories of the Nigerian Bottling Company (producers of Coca-Cola), FrieslandCampina (makers of Peak Milk), and Guinness Nigeria Plc. for violating water abstraction regulations in their operation.
The commission’s Director of Technical Services, Mr Olowu Babatunde, said on Tuesday that the companies were extracting large quantities of groundwater without proper authorisation.
In his statement released on Friday, MAN’s DG said the government’s decision was ill-timed and in bad faith as talks were ongoing about the issue among the affected parties, noting that efforts to reach the authorities after the shutdown were futile.
“The Manufacturers Association of Nigeria (MAN) is constrained to convey this open message to the Governor of Lagos State, as all attempts at approaching the relevant heads of agencies and ministry have failed. MAN is appalled by the inauspicious act of the Lagos State Water Regulatory Commission (LASWARCO) in sealing factories over their purported refusal to pay the astronomical and unjustifiable water abstraction fees imposed by the Commission,” he stated.
Mr Ajayi-Kadir added, “This action is ill-timed and quite unfortunate, as the Commission and MAN had engaged in meaningful dialogue and reached some agreements over the lingering issue about three months ago.
“This was expected to culminate in an MoU to commence in January 2025.
“Only three weeks ago, another round of discussions took place between LASWARCO and representatives of MAN, including affected member companies, which led to ongoing discussions in the companies as to the most viable option for addressing the alleged outstanding payments from earlier contested fees.
“It is while these discussions were going on and during the Yuletide that the Commission decided to cause this major and unwise shutdown of the companies.”
MAN accused the Lagos state government of being tyrannical in its regulation and imposing exorbitant fees on manufacturers at a time when the industry is facing a downturn, saying the industry spends a lot on water for production as the government fails to supply water.
“It is important to properly situate this inappropriate action within the context of the prevailing inclement operating environment in general and the downturn in the manufacturing sector in particular.
“A situation where industries are burdened with payments in excess of N100 million for generating water for production purposes, in the face of the government’s failure to supply the same, is unfair.
“The exorbitant fees and the untoward means of extracting payment exemplifies the negative impact of the tyranny of regulation on private business,” the statement read further.
Mr Ajayi-Kadir lamented that manufacturers are enduring a harsh economic climate as the volume of unsold inventories keeps rising. He expressed concerns over the possibility of other states taking similar enforcement action as the Lagos state government.
“To date, manufacturers across the country are saddled with more than N1.2 billion of unsold inventory, borrowing at more than 30 per cent and struggling under a debilitating 250 per cent increase in the cost of power.
“Numerous taxes, fees, and levies by the three tiers of government and non-state actors in some cases, numbering between 60 to 120 confront each manufacturer, not to mention the disruption of production activities due to insecurity and high cost of logistics. There are more! So, to add this oppressive water abstraction fee in Lagos state that may potentially be adopted by other States presents an ominous and rancorous future for manufacturers in particular and private businesses in general,” he added.
He pleaded with the Governor of Lagos, Mr Babajide Sanwo-Olu, to direct LASWARCO to reopen the sealed facilities while MAN and the agency resume discussions.
“This will pave the way for a logical and passable conclusion of the ongoing conversations on how to permanently resolve the matter of outstanding fees, as well as conclude the impending MoU between the Water Commission and the Organised Private Sector,” he said.
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to review the fuel import licences recently issued to some marketers, saying the policy is driving up fuel prices, putting pressure on foreign exchange and creating instability in the downstream petroleum sector.
Speaking in Abuja, IPMAN’s National Publicity Secretary, Mr Chinedu Ukadike, said the current import regime has not achieved its goal of making fuel more affordable. Instead, he argued that it has encouraged the importation of more expensive petrol while increasing the country’s dependence on foreign exchange.
According to Mr Ukadike, some importers plan to sell Premium Motor Spirit (PMS), also known as petrol, for about N1,350 per litre, which is higher than the ex-depot price offered by the Dangote Petroleum Refinery.
The IPMAN official questioned the need to import fuel at higher prices when locally refined products are available at lower costs, noting that the situation has made it difficult for independent marketers to plan their businesses because import costs continue to fluctuate.
Mr Ukadike also raised concerns about the quality of some imported fuel and called on regulators to ensure that only products that meet Nigeria’s standards are allowed into the country.
The association warned that continued fuel imports also increase demand for the US Dollar since importers pay for products in foreign currency. This, the association said, puts additional pressure on the naira and contributes to higher fuel prices.
The association stressed that Nigeria should focus on supporting local refining to improve energy security and reduce reliance on imported petroleum products.
It noted that the Dangote Petroleum Refinery has helped maintain steady fuel supply despite global disruptions, including tensions in the Middle East.
According to IPMAN, greater use of locally refined fuel would reduce FX demand, strengthen the refining industry, create jobs and improve economic stability. It also said producing enough fuel for local consumption while exporting excess output would help Nigeria earn more foreign exchange.
The association called on the federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company (NNPC) Limited and the Presidential Committee on downstream reforms to engage stakeholders and adopt policies that support domestic refining.
IPMAN said strengthening local refining remains the best long-term solution for affordable fuel, stable supply and improved energy security in Nigeria.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has reiterated that the July 31, 2026, deadline for insurance companies to meet the new minimum capital requirements remains firm, warning operators against treating it as a mere formality.
The Commissioner for Insurance of NAICOM, Mr Olusegun Ayo Omosehin, who gave this warning, urged companies that have yet to meet the new minimum capital requirements to act with urgency.
Speaking on Friday at the investiture of Mr Akinjide Oluwarotimi-Orimolade as the 53rd President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, Mr Omosehin said the recapitalisation exercise remained a critical pillar of the Commission’s ongoing reforms aimed at building a stronger, more resilient and consumer-focused insurance industry.
According to him, the new minimum capital requirement is designed to improve insurers’ claims-paying capacity, strengthen their balance sheets, support higher domestic risk retention and prepare the industry for a risk-based capital regime.
“With about 14 days to the July 31 deadline, we commend operators that have made significant progress in raising capital, engaging investors, strengthening governance and submitting for the Commission’s verification process.
“However, the deadline is not symbolic; it is regulatory, and the industry must treat it with the urgency it deserves,” he said.
The Commissioner assured stakeholders that the insurance sector regulator would maintain a transparent, fair and firm process, stressing that every operator must demonstrate financial soundness, regulatory compliance and operational readiness.
He added that stronger capitalisation must ultimately translate into better service delivery, prompt settlement of claims, improved consumer protection and greater public confidence in insurance.
Mr Omosehin noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 has provided a stronger legal framework for a more resilient, better-governed and responsive insurance market, adding that NAICOM’s reform agenda is focused on market conduct, policyholder protection, governance, insurance penetration, financial inclusion and responsible innovation.
He described professionalism as the foundation of a trusted insurance market, saying the industry’s growth depends not only on adequate capital and effective regulation but also on ethics, competence, innovation and public confidence.
“The strength of insurance depends not only on capital and regulation but also on professionalism, ethics, innovation and public confidence. A trusted insurance market cannot be built on capital alone. It requires competent professionals, ethical institutions, credible advice and fair treatment of policyholders,” he stated.
By Bon Peters
About 29,645 litres of premium motor spirit (PMS), otherwise known as petrol, as well as industrial palm oil, edible palm oil and vegetable oil with a Duty Paid Value (DPV) of N26 million have been auctioned by the Eastern Marine Command of the Nigeria Customs Service (NCS).
The products were seized by the agency from some smugglers and auctioned on Thursday, July 16, 2026, at the Oron Outstation of the Command in Akwa Ibom State, in strict compliance with Section 119 of the Nigeria Customs Service (NCS) Act 2023.
It was gathered that the command auctioned 14,720 litres of petrol and 14,925 litres of industrial palm oil, edible palm oil and vegetable oil, according to a statement issued over the weekend in Port Harcourt, Rivers State, by the command’s spokesman, Mr Joshua Iliya, a Deputy Superintendent of Customs.
It was disclosed that the exercise aligned with the service’s statutory mandate to transparently dispose of seized, forfeited, and abandoned goods after all due legal processes have been completed.
The petrol had a DPV of N11.4 million, 14,200 litres of industrial palm oil with a DPV of N14.1 million, 600 litres of edible palm oil with a DPV of N840,000, and 125 litres of vegetable oil with a DPV of N141,000.
Declaring the auction open, the Acting Comptroller of the Eastern Marine Command, Mr Esien Etim Esiet, stated that the items were intercepted during successful anti-smuggling operations within the command’s jurisdiction, adding that the seizures followed direct violations of the NCS Act and other extant laws governing restricted goods.
“This exercise reflects our unwavering commitment to transparency, accountability, and the prudent management of government assets,” he stated, reiterating that, “Beyond the lawful disposal of goods, this auction serves as a stark reminder that smuggling is an economic crime.”
“It undermines national development, threatens local industries, and deprives the government of critical revenue,” he averred, commending the resilience and professionalism of the command’s officers for securing Nigeria’s maritime borders despite operating in challenging terrains.
The customs officer assured bidders that the process was structured to be fair, open, and legally compliant while offering equal opportunity to all eligible participants.
