Business

NAFDAC Alerts Nigerians On Deceptive Miracle Soaps, Others

Published

1 year ago

September 13, 2024

The National Agency for Food and Drug Administration and Control (NAFDAC) has drawn the attention of Nigerians and the general public to the activities of a faith-based organisation, the Christ Mercy Land Deliverance Ministries, led by Prophet Jeremiah Fufeyin, with respect to miracle soaps and water among others, being sold by the ministry.
NAFDAC claimed that the ministry was using its name to mislead and deceive the public, on the sale of the purported miracle soaps and water.
The agency in a statement released last Sunday through the Director General, Prof. Mojisola Adeyeye, emphasised that none of these products being advertised and sold by the organisation were registered with the agency.
“NAFDAC wishes to alert the public on the activities of a faith-based organisation – Christ Mercy Land Delivery Ministries – that uses NAFDAC name to deceive the unsuspecting public.
“Recently, NAFDAC has been inundated with petitions from concerned citizens about Senior Prophet Jeremiah Omoto Fufeyin of Christ Mercy Land Delivery Ministries, Km 5 Effurun, Sapele Road, Delta State, on a Miracle Water and Miracle Soap being advertised with healing and miracle claims and sold to unsuspecting members of the public by the Spiritual Ministry.
“The Minister showcased the use of Miracle Water and Miracle Soap on social media to heal barrenness. He claimed that women would carry twins if they used the soap.
“He openly told his congregation that the Soap is NAFDAC registered. Thus, the public began to visit the office to confirm the claims.
“The petitioners also submitted the following products from the Spiritual Ministry to NAFDAC to verify the bogus claims. The products are Miracle & Healing Water, River Jordan Water, the Miracle Water from The Pool of Bethsaida, A New Beginning Mount Camel Miracle Water, Water of Life, Miracle Water from The Pool of Bethsaida (1L), A New Beginning Pool of Bethsaida Water, and Father Smelled Perfume”, it stated.
Upon receipt of the petitions, NAFDAC stated that it contacted the Delta State Coordinator, through the Director, Post Marketing Surveillance of the agency, to ascertain the existence or records of any transaction with the Christ Mercy Land Deliverance Ministries and the products in Delta State Office.
“The Coordinator was also directed to visit the Ministry to establish the veracity of the claims in the petitions and take necessary regulatory action on the production facility in the Ministry where the Miracle water and other products are produced. The State Coordinator covertly bought the Miracle Water (25cl) for 3000 naira from the Ministry and took the pictures.
“On Wednesday, August 14th 2024, the State Coordinator, Delta State, visited the Mercy Land Ministry and met the Head of Service, Mr. Ogunleye Fufeyin (CSO), and the Chief Security Officer. The officials denied producing Miracle and Healing Water or Soap even with the evidence of the receipt of purchase.
“They claimed that only the Logo and address on the label were theirs but not the product. The Head of Service added that they only have a pool of Bethsaida water, which is spiritual and artificial, and requested for time to meet with other staff and returned. He later returned after 30 minutes and refused to cooperate, asking them to see the CSO.
“On August 27th 2024, a team of Investigation and Enforcement NAFDAC and Federal Task Force on Counterfeit and Fake Drugs and Unwholesome Processed Foods visited the Ministry to commence investigation on the place of purchase or the manufacturing site for possible sample collection, for laboratory analysis, but the officials did not cooperate with the team. Letters of invitation were issued to the officials to report on August 28th, but it was not honoured.
“The organisation instead, submitted a Legal document at NAFDAC Headquarters Abuja on August 28th, 2024 and asked to come back on September 3rd, 2024, to organise their document before coming.
“The Agency then gave the Prophet till the 29th to report to the investigation and Enforcement NAFDAC Office Asaba for further necessary investigation.

Corlins Walter

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

10 hours ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

11 hours ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

13 hours ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor