
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
Tension mounts as bandits kill brother of Tinubu’s minister
The elder brother of the Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, has reportedly been killed by suspected bandits.
The victim was the Village Head of Galla in Borgu Emirate, Niger State.
The assailants were said to have stormed his palace on Monday, August 24, 2026, in an incident that has reportedly unsettled residents of the community.
According to Daily Post, sources familiar with the development said the monarch had earlier warned the bandits to stay away from the community.
His warning was allegedly viewed as an affront by the criminals, who later returned and attacked him at his palace.

The killing has further raised concerns about the security situation in the Borgu Emirate, where bandit attacks and other criminal activities have reportedly increased in recent times.
When contacted, the spokesperson for the Niger State Police Command, SP Wasiu Abiodun, acknowledged receiving inquiries about the incident.
He, however, said he would get back with details after obtaining the necessary information.
As of the time of filing this report, the police spokesman had yet to issue an official statement confirming the killing or providing details about the circumstances surrounding the attack, Naija News understands.
Meanwhile, fourteen people who were reportedly kidnapped have been rescued from bandits in Zamfara State by troops of the Nigerian Army.
The operation, carried out by Sector 2, Operation FANSAN YAMMA, in the Tsafe Local Government Area of the state, also prevented the criminals from carrying out another abduction.
The troops responded to information about suspicious movements of the criminals around Magazu village on August 26, 2026, and acted swiftly.
According to the military, the troops moved into the area and came across a group of armed men allegedly attempting to abduct civilians, including motorists.
The operatives engaged the suspected criminals, forcing them to abandon their vehicle and escape into the surrounding bushes.
The troops subsequently launched a search of the area and discovered 14 victims who had already been taken hostage by the attackers.
One of the rescued victims sustained gunshot injuries during the incident and was immediately taken to the General Hospital, Tsafe, where he was admitted for treatment.
The military said none of its personnel was injured or killed during the operation.
The latest rescue, according to the military, is part of ongoing efforts by Operation FANSAN YAMMA to disrupt the activities of criminal groups and prevent them from freely operating across Zamfara State.
The troops also reaffirmed their commitment to protecting residents and motorists while denying bandits the opportunity to carry out further attacks in the area.
News
Motorists trapped in Benin-Agbor-Asaba gridlock for days, Umahi inspects road
Motorists and travellers using the Benin-Agbor-Asaba route have been stranded for days as severe traffic congestion continues to disrupt movement between the South-South, South-East and Lagos.
The gridlock, which has reportedly persisted for about five days, has left motorists spending long hours on the road, with some travellers unable to reach their destinations.
The situation has been attributed largely to the poor condition of sections of the road, which has been further worsened by heavy rainfall in the area.

Minister of Works, Engr David Umahi and some National Assembly members inspecting Benin-Agbor road on Tuesday
The rain has reportedly made some portions of the road difficult to navigate, resulting in vehicles becoming stuck and worsening the already severe congestion.

The route is a major link for motorists travelling between Lagos and several states in the South-South and South-East, making the prolonged gridlock a major concern for travellers, transport operators and motorists.
Some motorists have reportedly been forced to spend extended periods on the road as efforts to navigate the affected sections have proved difficult.
The development has also raised concerns about the impact of the bad road on the movement of goods and passengers, particularly during the rainy season.
Travellers using the route have called for urgent intervention to restore movement and prevent further deterioration of the situation.
Meanwhile, the Minister of Works, Senator David Umahi, on Tuesday led an urgent federal intervention on the congested Benin-Agbor-Asaba Expressway following President Bola Tinubu’s order to ease the hardship faced by stranded motorists.
Umah’s arrival in Edo State was disclosed by his Senior Special Assistant on Media, Francis Nwaze, who shared a video of the minister’s on-site inspection on his official X handle.
“Umahi arrives in Benin, Edo State, to address the congestion on the Benin-Agbor-Asaba Road,” Nwaze posted, adding in a subsequent update, “Umahi arrives Benin-Agbor-Asaba Road to resolve issues surrounding the road, which was handed over to concessionaire on PPP Basis since 2025.”
In an official press statement issued on Tuesday, Nwaze confirmed that Tinubu ordered immediate corrective measures on both the Benin-Agbor-Asaba axis and the deplorable Ifaki-Kabba-Ado Ekiti road spanning Ekiti and Kogi States.
To execute the directive, Umahi reportedly deployed the Minister of State for Works alongside ministry officials to commence remedial works on the Ekiti-Kogi corridor.
“While the intervention team moved into Ekiti and Kogi States, Umahi himself headed to Benin, Edo State, alongside members of the National Assembly Works Committees, to initiate a similar coordinated intervention on the Benin-Agbor-Asaba road.
“The Benin meeting is expected to bring together key stakeholders, including representatives of the Edo and Delta State Governments and the Niger Delta Development Commission (NDDC), with the aim of finding immediate solutions to the challenges confronting motorists on the strategic corridor,” the statement partly read.
News
Police detain officers accused of N40,000 extortion in Abuja
The FCT Police Command has identified officers accused of allegedly extorting N40,000 from a resident along Wuye-Utako Road, near Salem Church, in the Federal Capital Territory.
The Command said the officers depicted in a video circulating on social media had been identified and were in custody.
The Police Public Relations Officer of the command, SP Josephine Adeh, disclosed this in a statement on Tuesday.
“The attention of the Commissioner of Police, FCT Police Command, CP Ahmed Muhammed Sanusi, PhD, FCAI, has been drawn to a video circulating on social media alleging that police officers of the FCT Police Command extorted an FCT resident of the sum of Forty Thousand Naira (₦40,000) along Wuye – Utako Road, by Salem Church, within the Federal Capital Territory.
“The officers depicted in the video have been identified and are in custody,” the statement read.

The video, which began circulating widely on social media around August 24, features a man who claimed that on August 20, 2026, a police officer in Abuja collected ₦40,000 from him even after verifying that his documents were complete.
The man shared footage showing a receipt and a conversation after he returned to the checkpoint.
Adeh said the Command had also invited the complainant to the FCT Police Command Headquarters to give an official statement on the incident to aid investigation and disciplinary action.
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