
News
Economic Crisis: Huge job losses as 16 multinationals exit Nigeria
As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years.
Diageo is the latest to announce its departure on Tuesday, June 11 when it said it will sell its 58.02% stake in Guinness Nigeria to Tolaram.
Diageo joins others like Kimberly-Clark, manufacturers of Huggies and Kotex brands of diapers; US-based Procter and Gamble (P&G); GlaxoSmithKline (GSK); Unilever and Sanofi-Aventi Nigeria, who are either exiting completely or reducing their exposure in a country facing its worst cost-of-living crisis in decades.
Unilever Nigeria announced its exit from the home care and skin cleansing markets in Nigeria in November 2023, saying it did so “to find a more sustainable and profitable business model.”
Procter & Gamble was the last to announce its exit from the country the same year.
Similar reasons given by these and other companies include high energy costs, currency depreciation, insecurity etc.

The Federal Government itself acknowledged these challenges in an interview granted by Minister of Finance, Wale Edun on Channels Television’s Sunday Politics programme, where he said “lack of a liquid foreign exchange market was the major reason why some multinational companies exited Nigeria,” explaining that the inability of the exiting multinationals to access foreign exchange was a major impediment to their operations in the country.
Weighing-in, the Director-General of Nigeria Employers’ Consultative Association, NECA, Adewale Oyerinde, disclosed that at least 15 multinationals have either divested or partially closed operations in the country in the last three years.
Oyerinde, in his assessment, stated: “Over 15 organisations, with a combined value-chain staff strength of over 20,000 employees, have either divested or partially closed operations,” lamenting that this has “dire consequences not only for organised businesses but also for labour, government revenue and the households; massive job losses across sectors, which would continue to create insecurity challenges”.
Oyerinde added, “When NECA examined the exit of prominent companies like GSK, Sanofi, Procter & Gamble, Nampak, and others, who had been doing business in Nigeria for decades and were huge employers of labour, it was worried about the ripple effect on the broader business ecosystem.
“Within the value chain, numerous enterprises serve as suppliers to these major corporations, and their sustainability is significantly compromised when the primary businesses they cater to face extinction.
“The survival prospects of these secondary businesses are at stake, and their employees are also at risk, as the departure of the main clients could lead to their demise. The crisis within the value chain deserves more attention than it currently receives”.
Other sectoral group leaders and analysts maintain that the continuous exit of multinational firms would dampen Nigeria’s $1trn GDP target of President Bola Tinubu’s administration.
The President had, at the 29th Nigeria Economic Summit in Abuja, told business leaders and Nigerians that Nigeria’s economy can grow to $1 trillion by 2026.
Analysts believe the persistent exit of multinational companies from the country is set to impact negatively on this target.
Data from the National Bureau of Statistics (NBS) revealed that the performance of the GDP in the first quarter of 2024 was driven mainly by the services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to the aggregate GDP, whereas the nominal GDP growth of the manufacturing sector in the first quarter of 2024 was recorded at 8.21 per cent (year-on-year), 9.64 per cent points lower than the figure recorded in the corresponding period of 2023.
Real GDP growth in the manufacturing sector in the first quarter of 2024, on its part, was 1.49 per cent (year-on-year), lower than the same quarter of 2023.
Reacting to this, President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye said, “MAN expects the government to frontally address insecurity, improve electricity supply, promote fiscal sustainability and ensure policy consistency.
“Among other priorities, the fiscal authority must also lend supportive measures by adequately incentivising the manufacturing sector and other productive sectors.
“This is very important to boost non-oil export earnings in addition to the increase in oil export proceeds occasioned by increased oil production, rising global oil prices and the coming on stream of the Dangote Refinery”.
Director-General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, also speaking on the issue, said: “Over the last few months, there has been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by the multinationals, and this trend is worrisome.
“We have seen the likes of Unilever Nigeria, GlaxoSmithKline, and recently now Guinness Nigeria Plc.
“In Nigeria, lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, have taken a toll on many businesses in the country.”
The chamber recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments, also imploring the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.
“Further, the Chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that will forestall the exodus of businesses from Nigeria. The CBN should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” Almona said.
National President of the Association of Small Business Owners of Nigeria, ASBON, Femi Egbesola, maintained that multinationals are among the companies that contribute largely to the country’s GDP and earnings.
“We cannot be talking of growing our economy when the real investors are leaving. Assuming they are leaving and the indigenous ones are increasing, it would have been a different thing. But that is not the case. You make income as a nation when you have investments and investors,” he said.
However, since the coming of the Tinubu administration, Tinubu and Edun, among others, have been speaking on efforts being put in place towards revamping the economy, encouraging Foreign Direct Investment (FDI) and also making local industries vibrant and competitive.
Whether the assurances of Edun, who, on the Channels Television’s Sunday Politics programme, said, “recent executive orders signed by President Bola Tinubu have improved the investment climate … and also disclosed that tax reform proposals aimed at simplifying doing business for local and foreign manufacturers are being considered as part of an Economic Stabilization Package,” would stem the flow of multinationals exiting the country, only time will tell. (Sunday Vanguard)
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.
News
Court awards N10m in damages against EFCC for defaming ex-Minister
Justice Peter Kekemeke of the FCT High Court on Wednesday awarded N10 million in damages against the Economic and Financial Crimes Commission (EFCC) for defaming the reputation of former Minister of Power, Dr Olu Agunloye.
The judge found the commission guilty of defamation while delivering judgment in a N10billion suit filed against the EFCC by Agunloye.
Agunloye claimed that the publication on the commission’s Website and X (formerly Twitter) handle, entitled “EFCC arraigns Agunloye over $6billion fraud”, damaged his reputation.
Agunloye had, through his counsel, Adeola Adedipe SAN, suit marked FCT/HC/CV/1199/2024, claimed that the EFCC caused harmed his reputation.
He added that he (Agunloye) was said to be a corrupt and fraudulent individual through a post published on its official website and other allied online platforms, with the caption, “EFCC arraigns Agunloye over $6billion fraud”.
Delivering judgment , Justice Kekemeke held that there were elements of defamation in the posts.

The judge held that in the instant case, the contentious publication is in permanent form, adding that Agunloye’s name was mentioned.
The court further held that EFCC’s sole witness in the case, Assistant Commissioner of Police Umar Babangida, inspite of the fact that he initially denied knowledge of the said publication, later owned up and admitted that it was from the defendant’s media department.
He held that the case before him does not challenge EFCC’s power to investigate economic and financial crime as claimed by the defendant.
“Having gone through the charge in the criminal case against the claimant before a FCT high court in Apo, there is no where in it that claimed fraud, contrary to the EFCC publication.
“The issue of fraud is not in any of the exhibits tendered before the court in the course of hearing the case.
”The EFCC failed to prove the truth in the said publication. That is not fair and does not represent the court’s proceedings,” the judge held.
He held that the EFCC was not a news agency but an investigative agency.
Justice Kekemeke held that the commission knew that Agunloye was not involved in a fraud of six billion Naira.
The court declared that the contentious publication on EFCC official website and X handle as false and defamatory.
The judge ordered the commission to retract the publication and offer public apology on its website and two other national dailies.
The court further ordered a perpetual injunction restraining EFCC from defaming the former minister.
Reacting to the judgment in an interview with newsmen, counsel for the EFCC, Dr Wahab Shittu SAN, declared the commission will appeal the judgment.
“Though the court has made it pronouncement, the case is premature as the claimant’s criminal charge is yet to be concluded and judgment delivered,” he said.(NAN)
News
Presidency dismisses Peter Obi’s safety concerns as false
The Presidency has dismissed claims by the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, that he is being targeted by the Federal Government, describing the allegations as false, misleading, and without basis.
Obi had said he may not be alive to contest the next presidential election, alleging that the Federal Government is systematically frustrating his activities and targeting opposition figures.
He said this during an interview on With Chude, hosted by media personality Chude Jideonwo.
A clip of the interview was shared on Jideonwo’s X handle on Wednesday.
Speaking on the possibility of participating in the 2027 presidential race, the former Anambra State governor said the challenges he faces had become so intense that he could not even be certain he would still be alive by then.
“Not even a candidate. I might not even be alive. I’m telling you. Every single thing I do for a living, this government is frustrating it. Deliberately so. Everything. So, there is even a possibility, if they have the opportunity, I will not be alive,” he said.

Reacting in a statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Obi’s recent claims, including an alleged incident involving his vehicle at an airport and fears about his safety ahead of the 2027 general election, were unfounded and lacked credible evidence.
Onanuga described Obi as a “pathological and serial liar,” hellbent on dragging the government into every personal inconvenience he encounters.
He said: “As a pathological and serial liar, Mr Obi is intent on dragging the government into every personal inconvenience he encounters, often resorting to exaggeration and baseless allegations.
“His claim that he may not be alive for the January 2027 election and that people are being pressured not to invite him to social events is nothing more than a fabricated narrative, a page from his book of lies and propaganda.
“These claims lack substance and are designed to attract undue sympathy and deflect attention from his credibility deficit and the problems faced by his SPV and his adopted political association, the NDC.”
The presidential spokesman further stated that the federal government had no interest in targeting Fidelity Bank, in which Obi is said to have a substantial interest, stressing that the financial institution continues to thrive under the current administration’s economic reforms.
Onanuga stressed the administration of President Bola Tinubu remains focused on implementing reforms designed to strengthen the economy and improve the welfare of Nigerians, rather than engaging in political distractions.
He added: “It is important to note that Mr Obi has a substantial interest in Fidelity Bank. The institution continues to thrive as a result of the current administration’s robust economic reforms.
“The government is certainly not targeting the bank. Rather than being “haunted” by the government, Mr Obi appears to be grappling with the consequences of his litany of unfounded statements.
“The Tinubu government remains fully focused on consolidating its historic and beneficial reforms for the good of all Nigerians. It has neither the time nor the inclination to be distracted by Mr Obi’s self-serving narratives and lies or by his candidacy, as he constantly diminishes himself with specious, unverifiable utterances.”
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