News
Manufacturers Threaten to Sacks if Banks Continue 37 Percent Interest on Loans

Otunba Francis Meshioye, president, Manufacturers Association of Nigeria (MAN), has warned that high interest rates charged by banks will lead to jobs’ losses and exorbitant prices of goods.

Meshioye also said that businesses may apply different tactics to reduce their losses.
He said the ripple effect of higher interest rates is that manufacturers may lay off workers when sales become worse due to high prices.
The MAN president said this in an interview on Arise TV while discussing issues frustrating Nigerian manufacturers.
The Manufacturing Association of Nigeria in its second quarter Q2 “24 MAN CEO’s Confidence Index (MCCI)” entitled “MAN Position on the Incessant Increase in Interest Rate” said the lending rate grew by 6.4 percent in the second quarter of 2024 up from a 28.6 percent interest rate to 35 per cent in the first three months of the year.
He said, “The NPR has got a rising 26.25 currently. And definitely, this has one immediate effect at the bank. What happens now is before that time, we are actually having about 30-32 percent interest that are paying on our loan. Currently, it is really between 32-37 per cent. You will find very few banks who will give it to you at 32-33 per cent, but oftentimes it is 35-37 per cent.
“You will agree with me that this means that the cost of funding has again jumped up to all businesses, and the impact of the manufacturing sector is very enormous. What you can do immediately as a true business person is to first look at your process and find ways to reduce costs.
“If you are hitherto running an efficient process, there is little you can do in a very short time. So you are likely to go on to see how to pass these costs to an extent on the consumer. You may want to reduce your profit margin, but definitely it will impact the consumer. Now, the impact of consumer tests use certain things. Looking at the inflationary rate generally, there is no sufficient money for patronage at this point.”
The MAN boss said Nigerian consumers do not have the purchasing power to buy goods at an unbearable price.
According to him, consumers will cut their expenditure on most of the manufactured goods leading to lower demand.
Meshioye said, “What will happen is that they will lower demand for the goods. What will happen in this case is that since demand has diminished, then we will have a lot of stocks.
“Which means that we will be having a pile of unsold stocks, mounting up on our way home. The effect of this is not palatable because we need to understand in the first instance that these stocks were funded with loans taken from banks, and the interest is going up, and the stocks are unsold.
“Eventually, we are going to visit the manpower, there will be a reduction in our employment, people who lay-off staff, already saturated markets, where the unemployment is very high will continue to increase.”
News
Access Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline

New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
News
NCAA to Introduce RFID Technology to Tackle Missing Luggages

Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
News
Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
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