The Manufacturers Association of Nigeria (MAN) has expressed deep concerns regarding the unwholesome treatment of its members by some commercial banks in Nigeria regarding unmet foreign exchange (Forex) forward obligations.

In a press release made available to New Telegraph yesterday, the Director-General of MAN, Mr. Segun Ajayi-Kadir, explained that as a vital sector of the economy, manufacturers relied heavily on forex for the importation of essential raw materials, machinery, and equipment that are not locally available.

However, he pointed out that recent developments had shown a troubling trend in the way banks are handling the matter, to the extreme detriment of manufacturing industries who have the needless misfortune of being at the receiving end of a problem they didn’t create and shouldn’t suffer.

Ajayi-Kadir said: “Recently, our members have reported significant unwarranted complexities and undue highhandedness by the banks.

Many have faced stringent requirements that are not aligned with the Central Bank of Nigeria’s (CBN) guidelines, resulting in unnecessary bottlenecks and illegal freezing of their corporate and personal bank accounts, with negative impact on production, which could threaten the sustainability of manufacturing operations.

“A worrisome case in point is the ongoing forex forward related dispute involving KAM Industries Nigeria Limited, a leading manufacturer in the steel sector in West Africa and a member of the Association, and one of the commercial banks in Nigeria.

This rather unfortunate treatment of private business is only the reported one, and there are several others undergoing similar harrowing experiences.