The Founder of Erisco Foods Limited, Eric Umeofia has alleged that bank officials demand a compromise payment of N50 or N70 to a dollar from importers or manufacturers before the allocation of forex, adding that this is not reflected in the bank transaction.
Umeofia accused the Central Bank of Nigeria of encouraging forex racketeering as manufacturers find it difficult to access dollars in banks.
He made these allegations during a media interview following his company’s arrest of a customer who gave a negative review on Facebook about one of the company’s products.
During the interview, Mr. Eric while expressing his displeasure from the lady’s comments, disclosed the challenges his company has faced doing business in Nigeria. He said:
He expressed his frustrations on how he has been supporting his business from his foreign investments. He then narrated how difficult it has been for his business to have access to dollars while accusing CBN of racketeering.
Explaining how the racketeering works, he said:
TheWitness reported that the Manufacturers Association of Nigeria (MAN) had tasked the administration of President Bola Tinubu to prevail on the CBN to ensure productive sectors of the economy are given priority in the allocation of foreign exchange.
The DG of MAN, Mr Segun Ajayi-Kadir appealed to the President to ask the CBN to give priority to the productive sectors of the economy, particularly to manufacturers in the allocation of foreign exchange enabling them to import raw materials, spares and machinery that cannot be locally sourced.
Erisco Foods had faced public backlash due to the arrest of a lady known as Chioma Egodi Jnr who on September 17th expressed her dissatisfaction on Facebook after using ‘Nagiko Tomato Mix’ – one of the company’s products.
According to the lady, the tomato mix she bought had ‘too much sugar’ which she claimed was unhealthy.
Erisco Foods Ltd, thereafter, issued a statement in which it faulted the claim and threatened legal action against the lady.
