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MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales

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MAN Reports 30% Drop In Cement Sales And 20% Decline In Consumer Goods Sales....KINDLY READ THE FULL STORY HERE▶

The Manufacturers Association of Nigeria (MAN) has revealed that during the period of severe naira scarcity earlier this year, cement sales witnessed a significant decline of 30 percent. Additionally, the absence of easy access to cash during this period resulted in a 20 percent reduction in consumer goods sales.

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In a dedicated segment of its Manufacturing CEOs Confidence Index, MAN highlighted the severe consequences brought about by the naira redesign policy on the manufacturing sector. According to the report, there is currently no pressing need for the Central Bank of Nigeria to expedite the nation’s transition to a cashless economy or pursue overly aggressive policies, as substantial progress has already been made in that direction.

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The crisis, as described by MAN, had a negative impact on manufacturers by directly constraining their working capital, thereby disrupting their daily business operations.

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Key Findings of the Report

Furthermore, the report underscores that naira scarcity had an adverse effect on consumers’ patronage of manufacturing firms, leading to a substantial increase in their inventory levels, especially for retail merchandise.

The report states:

“The significant reduction in money velocity created opportunities for speculation and fueled the emergence of a naira black market, exacerbating the challenges faced by manufacturers who were already grappling with inadequate foreign exchange.

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“The naira scarcity led to the closure of many small and medium-sized manufacturing enterprises that relied on cash transactions, especially those in the agro-allied industries operating in remote areas where formal banking services are scarce. Moreover, the exorbitant Point of Sale (POS) charges for cash transactions further constrained the operations of resilient manufacturing SMEs and heightened their cost of doing business.”

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Additionally, the report highlights that the economic crisis placed the cash-dependent distributive trade sector in a vulnerable position, leading to significant implications for both the manufacturing value chain and logistics cost structure.

Important Context

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In October 2022, Godwin Emefiele, the Governor of the Central Bank of Nigeria, announced the apex bank’s plan to redesign and introduce a new series of three banknotes, replacing the existing eight. The redesigned N200, N500, and N1000 notes were scheduled for circulation on December 15, 2022, with the pre-existing notes remaining legal tender until January 31, 2023.

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The CBN Governor cited persistent concerns regarding the management of currency in circulation, particularly those outside the formal banking system, as the rationale behind the policy. However, the policy was reported to have negatively impacted the economy, as many individuals and businesses struggled to access cash from banks within the stipulated timeframe, coupled with technical glitches in digital banking operations.

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Ogun Police Charge Blogger Adetoun With Six Counts Over Alleged Cybercrimes.

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The Ogun State Police Command has arraigned social media influencer Adetoun Onajobi, popularly known as @justadetoun, on six counts before the Federal High Court in Abeokuta.....KINDLY READ THE FULL STORY HERE▶

In a statement on Monday, police spokesperson Oluseyi Babaseyi alleged that Onajobi used social media and other online platforms to spread false claims against the Ogun State Government and harass the state governor, in violation of the Cybercrimes Act.

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The police said Onajobi ignored multiple invitations to respond to the allegations and warned that she would be arrested to face trial.

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“On January 2, 2026, the Ogun State Police Command invited Adetoun Onajobi to respond to allegations of online harassment of the Governor. Instead of attending, she sent a letter through her lawyer claiming medical incapacity and attached a doctor’s report detailing supposed health issues,” the statement read.

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Investigations later revealed that the medical report was fabricated, leading to the arrest of the doctor, who admitted the document was created at Onajobi’s direction. The doctor has since been arraigned on charges including conspiracy, forgery, and obstructing justice.

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The police added that Onajobi has continued to evade all attempts to reach her, and her current location remains unknown. Authorities are also pursuing other individuals linked to the spread of false information allegedly orchestrated by her.

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The statement emphasized that the police will exhaust all legal measures to apprehend Onajobi and bring her before the court. It also reassured residents that the command remains committed to combating all forms of crime—including digital offenses—while respecting the constitutional rights of citizens.

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The police warned that freedom of expression does not protect unlawful conduct online.

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Super Eagles’ Alex Iwobi Questions AFCON Third-Place Playoff.

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Super Eagles midfielder Alex Iwobi has questioned the importance of the Africa Cup of Nations (AFCON) third-place match, despite Nigeria defeating Egypt on penalties to secure bronze at the 2025 tournament in Morocco.....KINDLY READ THE FULL STORY HERE▶

Nigeria claimed third place after a 4-2 shootout victory over Egypt, but Iwobi argued that the fixture holds limited significance, especially so soon after the disappointment of their semi-final exit.

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The Fulham midfielder was a key figure throughout the tournament, starting every match except Nigeria’s group-stage game against Uganda. He contributed two assists in six appearances and was central to much of the team’s attacking play. In Saturday’s third-place playoff, Iwobi came off the bench in the final 25 minutes and calmly converted the decisive penalty to clinch victory.

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Reflecting on the game, he admitted the mental strain on the squad following their semi-final loss to hosts Morocco.

“We were surrounded by doubts after not making it to the World Cup,” Iwobi told beIN SPORTS.
“We wanted to win gold but ended up finishing third. The match was mentally tough because it’s hard for any player to forget the pain of losing in the semi-finals. I also don’t agree with having a third-place match, but in the end, we managed to win it.”

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Iwobi also praised the quality of the Egyptian team, highlighting Premier League stars Mohamed Salah and Omar Marmoush, both of whom had their penalties saved by Nigeria goalkeeper Stanley Nwabali.

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“The Egyptian team played well, and we studied videos to prepare. Morocco is a beautiful country with great stadiums and hotels. I enjoyed the welcome and visiting Marrakech; everything was impressive,” he added.

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Nigeria’s bronze finish rounded off a strong campaign, though the team fell short of its ultimate goal. Forward Ademola Lookman echoed Iwobi’s sentiments, noting that the squad came to Morocco with one clear objective: gold.

“Everyone wanted the gold medal. We came for the trophy, but it didn’t happen,” Lookman said.
“We leave the tournament with bronze, and that is enough.”

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Lookman was Nigeria’s most productive player at AFCON 2025, scoring three goals and providing four assists, the tournament’s highest combined total, putting him in contention for a spot in the official Team of the Tournament.

Prior to their semi-final loss to Morocco, Nigeria had been the only unbeaten team in the competition, winning all five of their matches. The dramatic penalty shootout defeat ended their flawless run and denied the three-time African champions a spot in the final.

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The Super Eagles have now finished third at AFCON nine times: 1976, 1978, 1992, 2002, 2004, 2006, 2010, 2019, and most recently in 2025 in Morocco.

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Mother Of Destiny Boy Discloses True Cause Of Son’s Death.

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Saida, mother of the late Afrobeat star Afeez Adeshina, popularly known as Destiny Boy, has opened up about the circumstances surrounding her son’s passing.....KINDLY READ THE FULL STORY HERE▶

The singer, who rose to fame in 2019 with his Fuji cover of Davido’s hit song If, died on Sunday, January 18, 2025, after a long struggle with a mysterious illness called “Ogu oru,” which often triggered seizures.

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In a video that went viral on Monday, Saida explained that Destiny Boy’s condition was closely managed by the family, traditional healers, and clerics, and was largely kept private due to his celebrity status.

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“Destiny went to rest. After his child’s naming ceremony, about four days later, we went to Oba Edu Ifayomi, who traditionally initiated him. The sickness caught up with him there, causing him to collapse. We immediately took him to the hospital. Oba Edu kept supporting us, sending money even as he was transferred to other hospitals. When we realized the sickness was persistent, we decided on traditional care, and Oba Edu guided us personally,” she said.

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She revealed that the illness, Ogu oru, caused seizures that nearly drove him insane, and the family constantly monitored him to keep him safe.

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Addressing false rumours, Saida firmly denied claims linking Destiny Boy to money rituals: “Destiny Boy was not involved in money rituals. Those spreading such stories are just seeking attention from his death.”

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Recalling his final days, she added, “On Saturday, he was still buying things for people, greeting fans, and preparing for a show on Sunday. Even then, the seizures struck again.”

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Saida also highlighted the crucial role of Oba Edu Ifayomi in guiding the family’s traditional care for Destiny Boy, who had recently welcomed his first child in November 2024.

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The Ogun State Police Command has confirmed that investigations into his death are ongoing, with further updates expected.

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