General News
MAN Seeks Harmonisation of Regulatory Agencies

Manufacturers Association of Nigeria has urged for an end to the activities of multiple agencies hurting their businesses, urging the government to fix the overlaps by harmonizing regulatory compliance.
Member companies of the Manufacturers Association of Nigeria, Ikeja Branch, in a meeting of CEOs and MDs on Thursday, presented their demands for harmonisation to the federal and state governments.
The manufacturers dialogued with the Lagos State Government through directors representing the state government’s Ministers of Commerce and Industry, and Environment and Water Resources.
In his keynote speech, the CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said one of the biggest risks that businesses have to cope with in the Nigerian economy is regulatory risk that comes in the form of overlapping regulatory agencies.
He said, “Regulatory risk could manifest in the form of overlapping regulatory regimes, too many regulations, sporadic and frequent regulatory changes, poor interpretations of regulations and the absence of dispute resolution mechanisms between businesses and the regulators.”
Yusuf stated that instances of overlaps exist in the regulatory functions of quality and standards, environmental issues, transportation and logistics, taxation, and international trade.
He said the agencies with an overlap of quality and standards functions include the Standards Organisation of Nigeria, the National Agency of Food Drug Administration and Control, Plant Quarantine, Weights and Measures and the Nigeria Drug Law Enforcement Agency.
He decried some agencies that he claimed forced business owners to pay for flight tickets for their agents to visit foreign suppliers whose goods are imported into Nigeria for certification.
“Some of them (agencies) practically have the power of life and death over investors. Which is why engagement with the regulators is often very challenging. Some of them can be very overbearing, intimidating investors and sometimes extorting them,” the CPPE boss said.
Yusuf said the overlap in environmental issues is found among agencies, including the Federal Environmental Protection Agency, The Lagos State Environmental Protection Agency and other subnational equivalents, the Ministry of Environment at the federal and state levels.
Others are the National Environmental Standards and Regulations Enforcement Agency, Lagos Waste Management Authority, and Local Government Environmental Unit.
Further, Yusuf said overlap of functions happens in logistics and transportation, through agencies such as the Vehicle Inspection Office, Police, Federal Road Safety Corps, Lagos State Traffic Management Authority and other state traffic management agencies; Local Government Traffic officials and Task Force.
For tax administration, Yusuf said there was an overlap between the Presidential Committee on Fiscal and Tax Reforms and the other major institutions in the tax environment, including the Federal Inland Revenue Service, State Internal Revenue Service, Nigeria Customs Service and Local Government Tax Units,
The CPPE CEO said the Presidential Committee on Fiscal and Tax Reforms was mandated to prune down the number of taxes to less than ten, as there are 40 different kinds of taxes and levies exacted from Nigerians currently.
General News
Fortune Global Shipping Aims to Transform Nigeria’s Business Landscape

Fortune Global Shipping and Logistics Limited is set to transform the business landscape of the logistics industry through services in oil and gas logistics, project cargo and lots more.
Managing Director and Chief Executive Officer of the company, Dr. Eric Opah, in a statement said the organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.
In the statement tagged, “Plans for 2025: Global Business Expansion, Exciting Benefits for Customers Top the List,” Opah said he remains committed to upholding and promoting global standards and will stop at nothing in providing value added services to support clients and help them thrive this year.
He said: “The organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.
“Much more, the number one Africa logistics partner has reiterated the commitment to provide innovative and ‘value-centric’ services in oil and gas logistics, project cargo and lots more.
“We remain committed to upholding and promoting global standards and will stop at nothing in providing value added services to support our clients and help them thrive this year.”
General News
Investing in Innovation Africa Shifts Focus to Growth-stage Startups in Response to US Aid “stop-work” Directive

Investing in Innovation Africa (i3), a pan-African initiative for startups building the future of healthcare supply chains, has made a pivotal change to its third cohort selection to prioritize the immediate support for between five and seven growth-stage companies building the future of pharmacy care in Africa.
Funded by the Bill & Melinda Gates Foundation and sponsored by MSD, Cencora, Endless Foundation, HELP Logistics, Sanofi’s Global Health Unit and Chemonics, i3 is dedicated to facilitating the commercialization of promising early- and growth-stage companies.
Selected startups receive introductions to leading potential customers in industry, donor agencies and governments, grant funding, and tailored investment readiness support from leading accelerators Villgro Africa, IMPACT Lab, Startupbootcamp Afritech, and CcHUB.
This comes in response to the United States (US) State Department’s “stop-work” directive for foreign aid issued on January 25, which is anticipated to impact the distribution of essential medicine in Africa’s healthcare supply chains.
The order highlights and intensifies the need for locally-driven, market-creating approaches to health product distribution and service delivery across Africa.
General News
Fidelity Bank to Launch Dedicated SME Hub for Small Businesses and Creative Entrepreneurs

Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.
“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.
“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.
Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.
The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.
Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”
Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.
The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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