Nigeria News (Standard)
MAN Warns Nigeria Risks ₦2.8trn Losses as Senate Moves to Raise Sugar Tax
Manufacturers urge federal government to reconsider proposed excise hike, citing threat to jobs and local businesses
Manufacturers urge federal government to reconsider proposed excise hike, citing threat to jobs and local businesses
The Manufacturers Association of Nigeria (MAN) has cautioned that Nigeria could lose as much as ₦2.8 trillion in value chain activity within the first year if the Senate passes the proposed Customs and Excise Tariff (Consolidation) Act (Amendment) Bill 2025, which seeks a major increase in sugar-sweetened beverage taxes. The warning was delivered by MAN’s Director General, Segun Ajayi-Kadir, during a press briefing on Monday in Lagos.
Ajayi-Kadir explained that the planned amendment would shift excise duties on sugar-sweetened beverages from the current specific rate of ₦10 per litre to a significantly higher rate. According to him, such a move could trigger widespread losses — affecting factories in key industrial hubs like Lagos and Kano, sugarcane farmers in Benue State, and millions of petty traders across Nigeria who depend on beverage sales for their livelihoods.
The proposal to hike excise tax on sugar-containing drinks has generated concern among manufacturers who argue that it could slow down economic recovery, disrupt supply chains, and threaten thousands of jobs at a time when businesses are already grappling with inflation and naira depreciation. With headline inflation reaching 33.7 percent in April according to NBS data, industry groups warn that further tax increases may worsen hardship for ordinary Nigerians.
“This monumental loss will not be limited to big manufacturers; it will trickle down to every part of the value chain – from factory floors in Lagos and Kano to sugarcane farms in Benue and roadside kiosks owned by millions of Nigerians,” Ajayi-Kadir said. He urged government to maintain what he described as a balanced, evidence-based and coordinated approach when considering changes to excise taxes.
As at press time, federal authorities have not issued an official response to MAN’s concerns regarding the CETA Bill 2025. The Senate is expected to deliberate further on the bill in coming weeks. Stakeholders say they will continue advocacy efforts aimed at ensuring that any policy changes reflect both public health considerations and economic realities faced by Nigerian businesses.
Nigeria News (Standard)
Federal Government Arraigns Five in Abuja Over Alleged Arms Smuggling to Boko Haram
Suspects charged with terrorism and attempted illegal arms supply as authorities intensify clampdown on insurgency financing
Suspects charged with terrorism and attempted illegal arms supply as authorities intensify clampdown on insurgency financing
The federal government on Thursday arraigned five men before a court in Abuja, accusing them of terrorism and attempting to supply smuggled weapons to Boko Haram. The arraignment marks a significant step in ongoing efforts by Nigerian authorities to disrupt the logistics and funding networks supporting armed insurgent groups operating mainly in the North-East.
According to the charges, the suspects were accused of conspiring to provide arms unlawfully, with the intent of aiding Boko Haram’s violent campaign against the state. The prosecution presented details of alleged attempts by the accused persons to facilitate illegal shipments, which were intercepted following joint operations by security agencies.
The case underscores Nigeria’s continued struggle with insecurity linked to terrorist groups like Boko Haram, which has carried out attacks across Borno, Yobe, and Adamawa states for more than a decade. Security analysts say that disrupting arms supply chains is critical to reducing the operational capacity of such groups and safeguarding communities in affected regions.
A government representative at the court proceedings stated that authorities remain committed to pursuing all those involved in terrorism financing and logistics. “These charges demonstrate our resolve to ensure that anyone who aids or abets terrorist activities faces the full weight of the law,” he said. There was no immediate response from defence counsel representing the accused men at Thursday’s hearing.
The arraignment comes as security agencies have ramped up investigations into suspected collaborators across various states. The case has been adjourned for further hearing, with officials indicating that more arrests could follow as part of broader counter-insurgency operations.
Nigeria News (Standard)
Mexico Defeats Nine-Man South Africa 1–0 as Jiménez Scores in FIFA World Cup Clash
South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage
South Africa reduced to nine players after two red cards; Mexico secures narrow win to advance in group stage
Mexico claimed a hard-fought 1–0 victory against South Africa in a dramatic FIFA World Cup match on Thursday, with striker Raúl Jiménez netting the decisive goal. The encounter, played at an international venue, saw the South African side finish with only nine players after two were sent off during the tense contest.
The match began with both teams searching for early opportunities, but momentum shifted after South Africa received their first red card midway through the first half. Despite being a man down, South Africa held firm until a second dismissal further weakened their defence. Mexico capitalised on their numerical advantage when Jiménez found the back of the net, putting his team ahead and ultimately sealing all three points.
This result has significant implications for both sides in the group standings. For Mexico, the win strengthens their bid to progress to the next round of the tournament, while South Africa now faces an uphill task to qualify after suffering defeat and losing key players to suspension. Nigerian football fans will be watching closely as these developments could shape potential opponents for the Super Eagles if they advance from their own group.
No official comments had been issued by either team’s coach as at press time. Football analysts have noted that discipline and player management will be crucial for teams hoping to go far in this year’s competition. Meanwhile, organisers are expected to review disciplinary actions following incidents of indiscipline on the pitch.
Both teams will return to action in their subsequent fixtures, with South Africa needing a win to revive their hopes and Mexico seeking another positive result to confirm qualification.
Nigeria News (Standard)
CBN to Revise Guidelines for Financial Holding Companies in Abuja
Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates
Central Bank moves to update regulatory framework, aiming to strengthen oversight of Nigeria’s financial conglomerates
The Central Bank of Nigeria (CBN) has announced plans to review the rules governing financial holding companies, signalling a fresh move to strengthen oversight of the country’s financial sector. The development was made public in Abuja on Thursday, 11 June 2026, as part of ongoing efforts by the apex bank to align regulations with evolving industry realities.
According to the CBN, the review will focus on updating existing guidelines that oversee how financial holding companies operate within Nigeria’s banking ecosystem. These companies typically control multiple subsidiaries across banking, insurance, asset management and other financial services. The new rules are expected to address operational risks and ensure that holding structures do not undermine the stability of individual subsidiaries or the wider financial system.
The move comes amid growing concerns over compliance gaps and risk management practices among some holding companies. In recent years, stakeholders have called for clearer boundaries and stricter supervisory mechanisms to prevent abuses such as regulatory arbitrage or concentration of risk. The CBN’s planned revision is seen as an attempt to address these issues before they escalate.
While specific details of the proposed changes have not yet been disclosed, industry experts expect tighter reporting requirements and improved corporate governance standards. The apex bank said it will engage with relevant stakeholders—including commercial banks and non-bank subsidiaries—before finalising the revised framework.
The CBN is expected to release a draft guideline for public input in the coming weeks. Observers say the updated rules could have significant implications for conglomerates operating under holding structures, as well as for investors seeking clarity on sector stability.
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