
News
Bloomberg: Western multinationals fleeing Nigeria being replaced by Asian, Turkish firms
As United States and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void, Bloomberg has reported.
Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc.
The Fouani Group, a local firm, operates a diaper and sanitary pad plant in a complex where Cincinnati-based Procter & Gamble Co. shuttered a $300 million facility making the same products.
Lagos-based Fidson Healthcare Plc is expanding its manufacturing range after the UK’s GSK Plc closed its Nigerian distribution arm. Turkish diaper-maker Hayat Kimya AS has also established itself in Nigeria.
Nigeria, with a population of more than 200 million, is Africa’s most populous nation, in theory presenting a huge market for consumer goods. But rampant unemployment, widespread poverty and insecurity, a plummeting currency, sky-high inflation and decades of economic mismanagement have turned it into a graveyard for multinational consumer goods companies.
The naira has swung wildly in recent months and is 56 per cent down against the dollar over the past year, the most of any African currency. That’s made it difficult for companies that import goods and service foreign debts to make a profit as they struggle to pass the necessary price increases to consumers.

And while the central bank has now cleared a $7 billion backlog that companies were seeking to repatriate the difficulty in doing so in recent years made many businesses unsustainable, Bloomberg added.
The gaps in the market left by the departing multinationals present an opportunity for domestic companies and foreign firms that focus on sourcing raw materials in Nigeria and manufacturing locally, thereby avoiding the currency risk that has hounded some foreign companies out.
And while the departures show just how unattractive the Nigerian consumer market has become they also highlight the success of strategies of companies such as Hayat and Tolaram, which have each turned their brands into household names.
For companies such as Tolaram, used to operating in challenging environments such as Indonesia, the answer has been to localise as many costs as possible. That’s helped it turn Indomie instant noodles into one of Nigeria’s most popular brands, and led it into joint ventures with US cereal and snack maker Kellanova and Danish dairy giant, Arla Foods.
“Brands can’t continue to operate the way they’re used to. You need to adapt to the market accordingly,” said Girish Sharma, an executive director at Tolaram. “There is hardly anything in Indomie that we import. We have our own flour milling, we have our own palm oil refining, we have our own packaging.”
Tolaram operates 24 “fully backwardly integrated” plants in Nigeria, meaning the company produces the raw materials they need, and is even setting up its own oil palm plantations, Sharma said in an earlier interview. GSK, by contrast, imported its products. That doesn’t mean that local firms aren’t struggling.
“In theory, we think we can better manage the difficulties of doing business in Nigeria,” said Jide Ogundare, managing director of MBO Capital Management Ltd, which took over supermarkets run by Shoprite Holdings Ltd. when the South African company quit Nigeria in 2021. “In actual fact, we face the same challenges as the foreigners except that we can’t leave and go elsewhere,” he added.
Still, despite the narrowing margins and reduced spending power, the weaker naira is making Nigerian manufacturing competitive.
“We’re exporting to some West African countries like Mali and to East Africa and our target is to export to another five to 10 countries by the end of next year,” said Imokha Ayebae, Fidson’s executive director.
The exodus of firms including Kimberly-Clark Corp., Sanofi SA and Bayer AG are hindering Nigerian President Bola Tinubu’s bid to breathe life into the struggling economy.
Microsoft Corp. in May said it would shut the engineering section of its Africa Development Centre in Nigeria two years after it opened. Meanwhile, oil majors Shell Plc, Exxon Mobil Corp. and Eni SpA have all sold their onshore operations to local companies, denting confidence in the industry that accounts for most of Nigeria’s exports and leaving behind decades of environmental devastation.
By contrast, Tinubu’s spokesman said Tolaram’s $70 million purchase of the Guinness stake was a vote of confidence in the Nigerian economy.
“The multi pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability,” Bayo Onanuga, special adviser to the president on information and strategy, said in a post on X.
For now the companies still invested aren’t seeing that uptick. South Africa’s Multichoice Group, the biggest satellite television provider in Nigeria, saw subscriber numbers fall 18 per cent in the year to March saying that Nigerian customers “had to prioritize basic necessities over entertainment.” Revenue at Johannesburg-based MTN Group Ltd., which runs Nigeria’s biggest mobile phone network, fell 53 per cent in the first quarter of the year when measured in its home currency.
But in challenging environments there is also opportunity, said Tolaram’s Sharma, who emphasised the company’s belief in Nigeria’s potential.
“If everything was good I don’t think Guinness would think of partnering with Tolaram. Now when they saw there’s adversity they chose to partner with us,” he said. “Nigeria has 200 million people. They have to eat, they have to drink. We don’t see why Nigeria should not be the country where we’ll continue to stay and continue to invest,” he stressed..
News
2027: ‘Peter Obi must not die’ — Igbo Group warns of catastrophic consequences
Njiko Igbo Forum, an affiliate of Ohanaeze Ndigbo, has issued a stern warning ahead of the 2027 general elections, cautioning that it will be catastrophic should anything happen to Mr Peter Obi.
It could be recalled that Obi, on Wednesday, raised the alarm that his life was under threat.
The presidential candidate of the Nigeria Democratic Congress, NDC, raised fears that he may not be alive in 2027 to be part of the election.
However, in a statement issued on Thursday, Rev Dr Okechukwu Christopher Obioha, Leader, Njiko Igbo Forum Nigeria, he warned that should anything happen to Obi or he was not in the ballot, the reaction and result would be very catastrophic.
Obioha said the caution was part of the decision taken during an emergency meeting held today, Thursday, in Enugu.
The Forum said, “That we have seen the viral video made by His Excellency, Mr Peter Gregory Obi, speaking on a number of issues, he expressed serious concern that his life is in danger.

“For him to have gone to the extent of saying he might not be alive before the 16th of January 2027, speaks volumes both in our polity and in the country at large.
“We have seen him in the past, spoke about the federal government trying to frustrate and targeting him not to be in the ballot.
“We have also observed over a period of time that the presidency or the federal government led by President Tinubu does not want Peter Obi to be in the ballot.”
While drawing the attention of the Presidency, Nigeria and the world to those allegations, Njiko Igbo Forum declared that “if anything happens to Mr Peter Gregory Obi or finally his name is not in the ballot for the 16th January, 2026 presidential election, the reaction and result will be very catastrophic and may adversely affect the continued unity in diversity of this country Nigeria.”
It further stated that the Igbo had been very quiet, pushed to the wall, segregated against, marked out everywhere, chased about and even tried to take their possessions.
Njiko Igbo Forum cautioned that keeping quiet does not mean the Igbo are cowards.
It said the ruling government should not forget that for any democracy to thrive, there must be a viral opposition in the polity.
“There is no reason, for what we have seen in the process or polity in trailing Peter Obi and going to an extent of chasing him through all the political parties and now wanting to kill him.
“This outcry by Mr Peter Gregory Obi, must not be taken lightly and request as a matter of urgent National importance, that an urgent investigation panel be constituted to verify Mr Peter Obi’s allegations.
“We are strongly stating again that, nothing should happen to Mr Peter Gregory Obi.
“Yes, Chief Awolowo said, before Nigeria he was of the Yoruba Nation. The same way we are saying before Peter Obi is of Nigeria, he is of the Igbo.
“Mr Peter Gregory Obi will live and become the President of the Federal Republic of Nigeria in 2027,” it declared.
News
US releases identities and photos of 124 Nigerians set for deportation
The United States of America has announced an updated deportation list featuring 124 Nigerians.
This was disclosed in a statement released on the website of the US Department of Homeland Security (DHS) on Wednesday.
The DHS claimed that these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.
While the names and photos have been made public, the timeline for deportations remains undisclosed.
However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.
The statement read: “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”
The website then listed: “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”
Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.
There are also Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.
Also listed were Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.
The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.
On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.
One of the orders, titled: “Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.”
Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.
The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.
White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.Executive Branch
Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.
The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.
Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.Demographics.
The PUNCH
News
Atiku rejects ICPC probe of PFIPC, demands independent panel with ADC, PDP, NDC included
Former Vice-President Atiku Abubakar has demanded the establishment of an independent commission of inquiry to probe the controversial Presidential Foreign Intervention Promotion Council (PFIPC).
The PFIPC has come under scrutiny over the N1.3 billion budgetary allocation made to the council in the 2026 budget.
On June 11, Femi Gbajabiamila, chief of staff to President Bola Tinubu, issued a public disclaimer disowning the appointment of Adeniyi Adeyemi as the head of the council.
The former speaker of the house of representatives said such an office “does not exist” under Tinubu’s government, and no appointment has been made in that regard.
But Adeyemi rejected Gbajabiamila’s claim, describing it as a contradiction in official government records.
The presidency would later accuse Adeyemi of forging documents, including an appointment letter, to present himself as the head of the alleged non-existent government agency.

On Tuesday, Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a “thorough investigation” into the PFIPC controversy.
‘FG MUST SET UP AN INDEPENDENT PANEL’
In a statement issued on Wednesday through Phrank Shaibu, his senior special assistant on public communication, Atiku said Tinubu’s directive to the ICPC to investigate the matter was a response to the seven-day ultimatum he had earlier issued demanding a transparent probe.
He said Tinubu’s directive to the ICPC exposed contradictions in the presidency’s previous position that the matter had already been comprehensively investigated by the police, with a suspect arrested and criminal charges filed.
“If all of that is true, what exactly is the ICPC expected to spend another 30 days investigating?” Atiku asked.
The presidential candidate of the African Democratic Congress (ADC) said if the police probe was indeed comprehensive, another investigation by a government agency would be unnecessary.
“What Nigerians demanded was never another internal government investigation. We demanded an independent investigation,” he said.
Atiku proposed the immediate establishment of a special independent commission of inquiry comprising 10 eminent Nigerians nominated by the federal government, the ADC, the Nigeria Democratic Congress (NDC), the Peoples Democratic Party (PDP), civil society organisations (CSOs), the Nigerian Bar Association (NBA), and retired judicial officers.Politics (Left)
He said the proposed panel should be empowered to conduct a comprehensive investigation into every aspect of the PFIPC affair, review investigative records compiled by the police and other security agencies, summon serving and former public officials where necessary, publish a white paper containing its findings and recommendations, and conclude its assignment within one month.
Atiku said only an independent commission, with representation from the government, opposition parties and CSOs, would command public confidence and restore trust in the outcome of the investigation.
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