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Bloomberg: Western multinationals fleeing Nigeria being replaced by Asian, Turkish firms

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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.

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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..

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Mbah, Tinubu Get 2027 Re-election Endorsement from Non-Indigenes, Support Group

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•  Arthur Eze, non-indigenes back APC candidates from top to bottom

•  Group donates N50m towards reelection bid

A political support group, Nwanne Di Na Mba Grand Assembly, on Friday endorsed Enugu State Governor, Dr. Peter Mbah, and President Bola Ahmed Tinubu for re-election in 2027, pledging to mobilise support for all candidates of the All Progressives Congress (APC) in the forthcoming general elections.

The group, which has Anambra-born billionaire businessman, Prince Arthur Eze, as its Grand Patron, made the declaration during a rally held at Okpara Square, Enugu, attended by supporters drawn from different ethnic and religious backgrounds.

Speaking at the event, Governor Mbah described the massive turnout as an expression of democracy in action, thanking the group for what he called an open demonstration of love, solidarity and confidence in his administration and the Federal Government.

Governor Peter Mbah of Enugu State

He said the gathering reflected the willingness of people from different parts of the country to unite in support of President Tinubu’s re-election and the continuation of his administration’s development programmes in Enugu State.

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Mbah, who attributed some of the state’s development strides to the economic reforms of the Tinubu administration, said increased financial resources available to subnational governments had enabled his administration to implement projects across critical sectors.

“Because you believe in what you can see, what you can touch and what you can feel. Can you see the Type-2 Primary Healthcare Centres? Can you see the good roads? Do you drive on them? Now you can drive on smooth roads, send your children to high-quality schools and access affordable healthcare,” he said.

The governor listed the 260 Type-2 Primary Healthcare Centres and 268 Smart Green Schools among the projects through which his administration was translating the opportunities created by the Federal Government’s reforms into tangible development outcomes.

He maintained that Enugu’s progress was linked to the policies of the Tinubu administration, urging residents to support the President’s re-election to enable both governments to consolidate their achievements.

According to him, the state was also benefiting from improved connectivity and emerging regional economic opportunities, including the establishment of the South East Development Commission, the proposed gas pipeline network across the South-East and the concessioning of the Akanu Ibiam International Airport.

He said the proposed developments would facilitate industrialisation, trade, cargo operations and international connectivity, adding that the ongoing transformation of the state and region should be sustained.

“Enugu means home to all of us. We all have a stake in Enugu, and that is why you have come out in your numbers to say that the good work and hard work must continue,” he said.

Mbah urged eligible residents to obtain their Permanent Voter Cards (PVCs) and participate in the 2027 elections, calling for support for Tinubu and all APC candidates contesting for elective positions.

He also assured the people that his administration would build on the progress recorded so far, saying, “With the strength I see here today, with the energy and resolve you have demonstrated, we are committing to do more. What you should expect is more.”

In his remarks, Grand Patron of the group, Prince Arthur Eze, described Mbah as a leader who related positively with people and maintained good relationships across political and social divides.

He said the governor’s support for President Tinubu and the confidence the President had in him were reasons the group was backing both leaders.

“Peter Mbah is supporting Tinubu very well, and we will support him because he will bring a lot to Ndi Igbo through Tinubu, because Tinubu trusts him very well. We cannot abandon him because he never abandoned anyone,” Eze said.

He urged the people of Enugu to support both leaders in the forthcoming elections, expressing confidence that their administrations would create more opportunities for the people.

Also speaking, the Sarkin Hausawa, Alhaji Abubakar Yusuf Sambo, who is also the Senior Special Assistant to the Governor on Special Duties, said the rally was organised to appreciate Mbah’s administration for its inclusive governance and the opportunities extended to non-indigenes living in the state.

Sambo, who spoke on behalf of Yoruba, Tiv and other ethnic communities, said members of the different communities had benefited from the administration’s programmes, particularly in education, healthcare, infrastructure and political appointments.

He said children from non-indigene communities had access to Smart Green Schools, while their mothers benefited from the Type-2 Primary Healthcare Centres. He also commended the administration’s road infrastructure projects.

“We are happy with your governance and the way you have been carrying us along in Enugu State. We are part of all the programmes going on in the state,” he said.

Sambo pledged the group’s support for Mbah and Tinubu, declaring that its members would vote for APC candidates across all elective positions, from the presidency to the State House of Assembly.

He added that the rally was a preliminary demonstration of the group’s mobilisation capacity ahead of the planned visit of President Tinubu to the state.

Earlier, the Convener of the group and Executive Chairman of the Enugu Capital Territory Development Authority, Barr. Uche Anya, said the rally was only the beginning of a broader mobilisation effort by non-indigenes and residents of the state’s urban centres in support of the governor’s second-term ambition.

Anya said the people appreciated Mbah’s development initiatives and would resist any attempt to undermine or reverse the administration’s achievements.

He disclosed that non-indigenes in the municipality had mandated him to communicate their resolve to support the governor and President Tinubu in 2027.

According to him, the communities were also committed to voting for all APC candidates, citing the Federal Government’s support for Enugu State and Tinubu’s role in integrating the state into the mainstream of national politics.

“The non-indigenes in the municipality promise that the mistakes of 2023 will never happen again. They will vote President Tinubu for his good works, for integrating Enugu into the mainstream of Nigerian politics and for believing in you,” Anya said.

He added that the group’s message was one of appreciation for both the state and Federal Government, reaffirming its commitment to the APC’s candidates in the 2027 general elections.

The highpoint of the event was the endorsement and the presentation of a cheque for N50M million to Governor Mbah.

The rally attracted several dignitaries, including the Speaker of the Enugu State House of Assembly, Rt. Hon. Uche Ugwu; Deputy National Chairman (South) of the APC, Dr. Ben Nwoye; Enugu State APC Chairman, Dr. Martin Chukwunwike; Minister of Innovation, Science and Technology, Dr. Kingsley Udeh (SAN); members of the National and State Assemblies; members of the State Executive Council; other government appointees and party faithful.

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Tenant Allegedly Smashes Landlord’s Head Over Rent Increase from ₦300,000 to ₦1m in Edo

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The angry tenant and his landlord
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A tenant has reportedly smashed his landlord’s head during a violent altercation in Benin City, Edo State, following a disagreement over an alleged rent increase from ₦300,000 to ₦1 million.

In a video shared online by Edo TV on Friday, October 30, 2026, the tenant narrated how the disagreement began and escalated into a physical confrontation.

According to the tenant, the incident occurred in the morning when his landlord confronted him over tiling work he had carried out in the apartment using his personal funds to improve the property for his business.

He alleged that the landlord demanded additional payment for the renovation before subsequently increasing his rent from ₦300,000 to ₦1 million.

The tenant further claimed that the situation turned violent after the landlord slapped him during their confrontation, prompting him to retaliate by hitting the landlord on the head.

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Narrating his side of the incident, the tenant said, “He slapped me first and out of my defence, I smashed his head. It wasn’t intentional.”

The altercation reportedly left the landlord with serious head injuries.

However, further details about the landlord’s condition and whether the police had intervened were not immediately available as of the time of filing this report.

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Sowore Hospitalised After Ekiti Incident, Disputes Police Account of Attack

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Sowore, pictured with bandages on his hand and leg. Photo: Omoyele Sowore on X
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The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has been hospitalised after sustaining injuries during an incident involving some individuals at a restaurant in Ado-Ekiti, Ekiti State.

The Ekiti State Police Command confirmed the incident on Friday, saying Sowore was receiving treatment at the Police Hospital in Ado-Ekiti. However, the activist and his associates have disputed the police account, insisting that they were attacked rather than involved in an altercation.

The incident followed a message posted on Sowore’s X handle alleging that he had been kidnapped by armed thugs in Ado-Ekiti and that his whereabouts were unknown.

The post also alleged that the attackers were government-sponsored and accused the Department of State Services (DSS) of providing them with the group’s location. The allegations have not been independently verified.

“We have been brutally attacked and injured by armed government-sponsored thugs in Ado Ekiti, Ekiti State,” the post stated, adding that the group would not back down.

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However, the police dismissed reports that Sowore had been kidnapped, explaining that officers received an alert about an incident involving him and some individuals at a restaurant and moved in to intervene.

The Police Public Relations Officer in Ekiti State, Sunday Abutu, said preliminary information indicated that Sowore had an altercation with the individuals before the police were alerted.

According to Abutu, Sowore was subsequently taken to the Police Hospital, where he was receiving treatment for what the command described as a minor injury.

“The command wishes to categorically clarify that Mr Omoyele Sowore was not kidnapped. Rather, preliminary information indicates that he had an altercation with some individuals at a restaurant in Ado Ekiti, following which the police were immediately alerted,” Abutu said.

The police spokesperson added that the Commissioner of Police, Michael Falade, had ordered a discreet investigation into the incident.

“The Commissioner of Police, Michael Falade, has ordered a discreet investigation into the incident to establish the full circumstances surrounding the altercation, identify all individuals involved and ensure that anyone found culpable is brought to justice,” he stated.

However, Sowore subsequently challenged the police description of the incident, rejecting the suggestion that it was an altercation.

In a post on his X handle on Friday, the AAC presidential candidate insisted that he and his associates were attacked.

“There was no altercation! We were attacked!” he declared.

Sowore also accused the police command of downplaying the seriousness of the incident, alleging that the commissioner visited the scene and saw the injuries sustained by those involved.

He questioned why the command would describe the injuries as minor despite what he characterised as the severity of the violence.

Sowore further alleged that suggestions had emerged linking the police commissioner to the incident, describing the development as unacceptable. However, the allegation has not been independently established.

He also shared a video purportedly showing the commissioner leaving an emergency room after observing the injuries sustained by those affected.

The police have yet to establish publicly the full circumstances surrounding the incident, while Sowore’s account differs from the command’s preliminary description of what happened.

The investigation ordered by the commissioner is expected to determine the circumstances leading to the confrontation, identify those involved and establish whether any offences were committed.

As of Friday, the police maintained that Sowore was not kidnapped and was receiving medical treatment, while the AAC presidential candidate continued to insist that he and his associates were victims of a violent attack.

The circumstances surrounding the incident, including the identities of those involved and the allegations of political involvement, remain subject to investigation.

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