News
Forex Crisis: Erisco Foods Shuts Down, Relocates to China

Erisco Foods Limited said it will close its tomato manufacturing plants in Nigeria, citing an unfavourable operating climate, which has escalated operational costs in recent months.
The company also threatened to start sacking Nigerians in batches of 1,500 if the forex situation doesn’t improve.
Chief Eric Umeofia, President/CEO of Erisco Foods Limited, said the company had concluded plans to relocate the manufacturing aspect of the business to China from where finished products would be imported and sold to consumers in Nigeria and other parts of the world.
According to him, the decision to shut down the Nigerian manufacturing plant was taken after the expiration of a 30-day ultimatum given by the management of the company to the Federal Government to compel the Central Bank of Nigeria (CBN) to make available adequate foreign exchange to assist in the imports of raw materials as well as the requisite equipment needed to keep the manufacturing plants running and also profitable.
The company had also urged the Federal Government to compel regulatory agencies like NAFDAC, SON and the Federal Ministries of Agriculture, Industry, Trade and Investment to end the importation and dumping of substandard tomato pastes in the country.
“As from today, November 1, 2016, we have commenced the winding down of our tomato manufacturing business in Nigeria and it’s a decision we have taken after the 30-day ultimatum to government expired without our terms being met,” Umeofia said.
“We are moving the factory to China from where we will manufacture and bring back to Nigeria while also selling to other overseas clients. It pays us that way as a business because in recent months, our continuous operation in Nigeria has resulted in a loss of over N3.6 billion.
“Because of the huge machines we have to move out, winding down will last us about nine months as we plan to first exhaust the existing raw materials we have before moving our equipment out to China.
“It’s unfortunate that out of a workforce of about 2,000 Nigerians that we have, we will be disengaging about 1,500 of these workers as we need just about 40 staff to keep the Nigerian company running since what we will now be doing is just restricted to marketing and sales of imported products from our China plant. My business has been deliberately frustrated by the way the CBN has managed forex bidding and allocation.
“They won’t give us forex to import machinery, machine spare parts and raw materials for processing Nigerian fresh tomatoes into paste in our Lagos factory and they won’t give us approval to use our own money (about $460,000) generated from our foreign operations to import our raw materials.
They won’t also check dumping because of the powerful nature of the import cabals. This decision is therefore final and there is no going back on it; nothing will make us to come back even in the future because we have found out that we can import tomato paste into Nigeria and still make huge profits,” he added.
He said the company had similarly abandoned the Katsina State backward integration programme with the Certificate of Occupancy on the 2,400 hectares of land issued to the company returned to the state government.
News
NITDA Supports CAC AI Driven Transformation

By Oluwole Alao
Kashifu Inuwa CCIE, the Director General of the National Information Technology Development Agency (NITDA), has pledged the Agency’s full support for the Corporate Affairs Commission’s (CAC) artificial intelligence–driven transformation as the Commission marked its 35th anniversary in Abuja.

Delivering a goodwill message at the celebration, which was held at the Ladi Kwali hall of the Abuja Continental Hotel, Inuwa commended CAC for its uncommon consistency and resilience, noting that while many organisations rise and fall after initial success, CAC has continued on a steady growth trajectory.
“We know organisations go up and come down, but some will keep thriving, thriving, and thriving, and today, this is what we are witnessing for CAC,” he said.
Reflecting on his early engagement with the Commission, the NITDA boss recalled that the Registrar General made organisational transformation a priority from the very start of his leadership, particularly in embracing digital innovation.
According to Inuwa, the current era demands more than basic digitisation, stressing that meaningful transformation can only be achieved through the integration of artificial intelligence into core operations.
“We are in the AI era, and the only way to transform today is to embrace and integrate AI into your operations. This is exactly what the Registrar General is doing,” he stated.
He assured CAC of NITDA’s commitment to working closely with the Commission to embed AI across its numerous processes, explaining that the technology would infuse intelligence into workflows, simplify company registration and business management, and strengthen cybersecurity.
“We will make sure you integrate AI into CAC processes. With AI, it will infuse intelligence in everything you do and make things easy for Nigerians to register companies and manage businesses,” Inuwa averred.
The NITDA DG added that deploying advanced AI tools would help CAC staff stay ahead of fraudsters and curb hacking and fraudulent alterations of company records, while also safeguarding the system through responsible deployment.
“At NITDA, we will make sure you deploy ethical and responsible AI in your operations, with the right guardrails in place,” he assured.
He further described CAC’s digital reforms as bold and impactful, noting that the Commission has reduced company registration timelines from several months to as little as 24 hours. He added that further integration of AI would enhance name search and reservation, automate filings, improve corporate governance, and significantly reduce fraud.
He also highlighted NITDA’s ongoing role in reviewing CAC’s digital and AI transformation roadmaps, providing guidelines, standards, training support, and safeguards to ensure sustainable, people-centred, and secure digital services.
The NITDA DG congratulated CAC management, staff, and members of the National Assembly for their support, expressing confidence that the partnership would further strengthen Nigeria’s digital business environment in the years ahead.
News
U.S. Slams Nigerians: Overstays Jeopardize All Visas

The United States has warned Nigerians that overstaying their visas could jeopardise travel opportunities for other citizens seeking to visit the US for education, business, or family purposes.

The warning came amid ongoing immigration crackdowns and tighter travel restrictions under the administration of President Donald Trump.
In a statement posted on X on Monday, Feb. 9, the U.S. Mission in Nigeria stressed that compliance with visa rules is essential to protecting access for Nigerians who travel responsibly.
“Visa overstays by Nigerian travellers can affect opportunities for their fellow citizens,” the Mission said. “Strengthening compliance helps protect access for students, business travellers and families who travel responsibly.”
The Mission also urged Nigerians to report cases of visa fraud to [email protected] or [email protected]
News
CAC Pushes Single National Register to Curb Corruption Loopholes

Nigeria’s Corporate Affairs Commission (CAC) has urged creation of a unified national beneficial ownership register to bolster anti-corruption efforts and corporate transparency.

CAC
CAC Registrar-General highlighted how fragmented sectoral registers breed duplication, inconsistencies, and regulatory gaps during the Commission’s 35th anniversary Anti-Corruption Day in Abuja.
ICPC Chairman Dr. Musa Aliyu, via representative Demola Bakare, praised CAC’s role in fostering accountable business environments that drive sustainable growth.
Global evidence links transparent institutions to stronger economies, with clear rules, accessible data, and open operations as key pillars.
CAC’s oversight on company registration, disclosure, and compliance directly builds investor trust and national integrity, closing avenues for illicit financial flows.
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