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Exit of multinationals has cost Nigeria N95 trillion in five years — Peter Obi

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2027: I never said I’d be vice president to anyone – Peter Obi
Peter Obi
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The 2023 Labour Party presidential candidate, Peter Obi said the exodus of multinational companies from Nigeria has cost our nation a staggering N95 trillion in the past five years.

Obi stated this in a statement via his X handle on Monday.

He expressed concern over the departure of over ten major companies in the last year alone, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.

Obi stated, “I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our nation a staggering N95 trillion in the past five years.

“According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.”

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Speaking on the nature of the issue, Obi said, “It is clear these issues are not coincidental but symptomatic of a larger governance problem.”

Meanwhile, Obi has called for action from the authorities, saying Nigerian leaders must address the trend of multinational companies leaving Nigeria.

He said, “The responsibility lies with our leadership, those we put in charge to urgently address these challenges.”

The former Anambra governor outlined areas for improvement, including creating a business-friendly environment, prioritising security, stabilising policies, and reducing energy costs.

He also stressed the importance of “cultivating a culture of transparency, accountability, and good governance.”

Obi further called for unity and transformation, saying, “Let us unite to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens.

Together, we can make Nigeria a beacon of hope and progress in Africa and the world.”

Recall that GlaxoSmithKline Consumer Nigeria Plc had announced plans to shut down its operations in the country.

The announcement was disclosed in a press statement and filed with the Nigerian Exchange Limited. It was signed by the Company Secretary, Frederick Ichekwai.

Similarly, Jumia Food, the food delivery service of the e-commerce company, Jumia Technologies, announced plans to shut down operations in Nigeria in December 2023.

Jumia said it will close its food delivery business in Nigeria and six other countries in which it operates by the end of the year to focus on growing its core online retail business.

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Tension mounts as bandits kill brother of Tinubu’s minister

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Police officer killed, 2 Chinese abducted by gunmen
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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.

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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.

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Motorists trapped in Benin-Agbor-Asaba gridlock for days, Umahi inspects road

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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.

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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.

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Police detain officers accused of N40,000 extortion in Abuja

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File: Policemen at a checkpoint
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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.

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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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