News
Standard Chartered’s Client Conference on AfCFTA Focuses on a Single Continental Market for Nigerian Businesses

As part of Standard Chartered’s knowledge, capacity building and developmental initiatives across its local markets, Standard Chartered Bank Nigeria (SCB) hosted a virtual conference for clients and stakeholders on 21st January, 2021.

The conference was organized to discuss the Implications of a Single Continental Market for Nigerian businesses on the back of the launch of the African Continental Free Trade Area (AfCFTA) Agreement on 1st January, 2021.
The virtual conference was a unique opportunity for the Bank to re-reinforce its brand promise and commitment to driving commerce and prosperity across Africa which remains a strategic region for the Bank’s for trade and investments priorities.
AfCFTA is expected to facilitate the creation of a single continental market for goods and services with free movement of people and investment capital, thus deepening economic integration of member countries and expanding intra-African trade across the continent.
Experts believe that full implementation of the agreement will provide growth opportunities for entrepreneurs and businesses, boost industrialization, increase investment opportunities and technology transfers.
The conference provided a platform for major Multinationals, International Corporates, Industry Experts, Policy Makers, Regulators and other stakeholders in Nigerian to garner new perspectives on the opportunities for economics of scale, industrialization, investment flows, human capital development and business expansions as well as potential challenges that the Africa Continental Free Trade Area (AfCFTA) agreement may portends for the Nigeria business environment.
Lamin Manjang, CEO, Standard Chartered Bank, stated that “Full implementation of AfCFTA could provide a lever to mitigate the effects of the Covid-19 pandemic and help move millions out of poverty by 2025.
“SCB combines its local knowledge and track record in 15 African markets with global network spanning more than sixty countries and continuous investment in products and services, making us the ideal partner for clients.”
Presenting the keynote speech on “Implication of a single continental market for Nigerian Businesses’’, Razia Khan, Chief Economist for Africa and the Middle East, Standard Chartered Bank, said “AfCFTA presents an opportunity for the Nigerian Economy to move away from oil dependency and put in place meaningful diversification which will impact policies as well as the FX regime.
“The Nigerian Economy’s advantage is its scale, as it makes development more rapid than other African counterparts. The key to leveraging this, is finding the right synergies.”
Ibiyemi Okuneye, Head, Transaction Banking, Standard Chartered Bank, also reiterated that “The successful implementation of the agreement will require collective partnerships and co- operation between the public and private sector as AfCFTA is not just about moving goods and services, but about moving the entire continent forward for industrialisation and economic growth.”
The speakers comprised of intellectuals from corporate and government institutions namely: Alhaji Jibrin Apeh Salifu (Deputy Director, Trade and Exchange Department, Central Bank of Nigeria), Mr Ayalogu Anthony (AG, Comptroller, Trade Facilitation, Nigeria Customs Service), Professor Jonathan Aremu (International Economic Relations at the Covenant University, Nigeria), Alhaji Sada Ladan-Baki (GED International Trade & Export Dangote Industries Limited), Mr Bamidele Ayemibo (CEO, 3T IMPEX, Trade Academy), Omolara Adenusi (Head, Cash Management at Standard Chartered Bank) and Sola Bakare (Head, Global Subsidiaries at Standard Chartered). The speakers shared important and useful insights on how AfCFTA will facilitate opportunities for infrastructure development and economic transformation of Africa and Nigeria in particular.
Standard Chartered’s strategic purpose is driving commerce and prosperity through our unique diversity across emerging markets we operate (Asia, Africa and the Middle East). It’s extensive experience and unrivalled track record of working with corporates across Africa sub-regions continues to position her as the best suited partner in harnessing the full benefits of AfCFTA.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
News
NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.
Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.
“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.
Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.
“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.
He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.
During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.
Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.
“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.
The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.
In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.
Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.
The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.
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