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Why Foreign Investors Are Leaving Nigeria – Peter Obi
By Eric Elezuo
A former governor of Anambra State and Labour Party (LP) presidential candidate in the 2023 elections, Mr. Peter Obi, has given reasons foreign investors are shutting down their operations and leaving Nigeria.
He attributed the trend to a negative medium to long-term prospects strategy, unattractive investment profile and a continuous deteriorating business environment, among others.
Obi, who voiced his concerns in a series of tweets on his verified X account on Friday, tasked governments at all levels to take immediate steps towards reversing the trend and keeping strategic international investors in the country.
He said he is saddened to hear the news that multi-national consumer goods giant, Procter & Gamble (P&G), is leaving Nigeria.
The manufacturing conglomerate had announced a limited market portfolio restructuring which includes pulling out of Nigerian and Argentinian markets.
While reacting to the news, the former governor of Anambra State explained that Nigeria is scaring away multinational companies, at a time the purchasing power of most Nigerians nose-diving, the absence of the rule of law and lack of a conducive business environment, which ultimately makes it difficult to retain iconic companies let alone attract new ones.
“A few months ago, I lamented the exit of one of the top global pharmaceutical giants, GlaxoSmithKline (GSK) from Nigeria. GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria,” Obi wrote.
“The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity.
“Today, Procter & Gamble (P&G), the world’s largest personnel care and household products company, makers of iconic brands like Pampers, Gillette, etc, is again leaving Nigeria, for the same reason GSK left.
“Following this also are French pharmaceutical company Sanofi-Aventis, and top Energy firm, Norwegian behemoth Equinor which has sold off its Nigerian business development associates.
“Fifteen years ago, P&G, as they are commonly called, viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale.
“The presence of these iconic companies in any economy is not only that they signify trust and confidence, as well as belief in the medium to long-term socio-economic prospects of such countries, but they massively create jobs, invest in Research and Development, as well as pieces of training which smaller players in the industry learn from and adapt.
“They help, to a great extent to develop local talents for both local and global jobs. The exit of these top global companies shows that our medium to long-term prospects strategy is in the negative.
“Our investment profile is not attractive and our business environment is deteriorating continually.
“The purchasing power of most Nigerians is nose-diving every day. In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones.”
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he added.
Recall that in August, pharmaceutical giant, GlaxoSmithKline packed up its businesses in the country with a promise to treat its staff fairly.
A statement to the effect, and signed by the Company Secretary, Frederick Ichekwai, stated in part, “In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”
The company, whose primary activities include marketing and distribution of consumer healthcare and pharmaceutical products, said that its parent company, GSK Plc UK, had revealed its intent to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary.
A few days ago, the Chief Financial Officer of P&G, Mr. Andre Schulten, announced at the Morgan Stanley Global Consumer & Retail Conference that, “we have announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”
Schulten, attributed the P&G’s decision exit Nigeria to the prevailing foreign exchange rate situation in the country, saying that Nigeria and Argentina were difficult to do business in because of macroeconomic environment.
He stated that, “the other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.
“So with that in mind, we are announcing a restructuring program with the intent to adjust operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.
“The restructuring program will largely focus on Nigeria and Argentina. We’ve announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”
He explained that Nigeria was a $50 million net sales business which would not make any significant marginal impact on the P&Gs overall portfolio worth $85 billion.
Mr. Peter Obi has been in the forefront of critiquing the policies of the President Bola Tinubu-led administration.
Featured
Makinde Ignores Oyomesi’s Rejection, Presents Staff of Office to New Alaafin of Oyo
Governor of Oyo, Mr. Seyi Makinde, on Monday, presented the staff of office to Abimbola Owoade, the new Alaafin of Oyo.
The presentation of the staff and certificate of recognition took place at the Oyo government house in Ibadan.
The governor presented the official instrument legitimising the reign of a king to the new monarch at the Exco Chamber of the Governor’s Office in Ibadan, the state capital.
The symbolic event was performed nearly three years after the death of the former Alaafin, Lamidi Adeyemi III.
On January 10, Makinde announced Owoade as the new Alaafin of Oyo in a statement by the Oyo commissioner for information and orientation, Dotun Oyelade, quoting the governor as approving Owoade as Alaafin following the recommendations by the Oyomesi (kingmakers).
However, some members of the Oyomesi, a few hours later, rejected the appointment of Owoade as the new Alaafin.
They argued that the occupant of the stool is chosen in compliance with the registered Alaafin of Oyo Chieftaincy Declaration of 1967, not by consultation or divination as stated by Makinde.
The kingmakers in the faction include Yusuf Akinade (Basorun), Wakeel Akindele (Lagunna), Hamzat Yusuf (Akinniku), Wahab Oyetunji, warrant chief standing in for the (Asipa), and Gbadebo Mufutau, warrant chief standing in for (Alapinni).
They added that only the Bashorun, head of the Oyomesi, can convene a meeting to elect an Alaafin, arguing that any meeting convened by Makinde was null and void.
Speaking at the event, the governor said the Alaafin’s stool is important not just to Oyo town but to the Yoruba race as a whole.
The governor maintained that he decided not to meddle in the appointment of the new Alaafin because of his administration’s belief in openness and transparency.
He said, “The Alaafin stool is very important not just to Oyo Town or Oyo State but the entire Yoruba race. So, under my watch, I made it very clear that the stool would not be for sale. It is not a stool for us to toil with.
“I met Prince Owoade for the first time in my life yesterday. I never spoke to him in my entire life until yesterday. I did not know his profile or the profile of any of the princes vying for the stool and it was deliberate, because I did not want my opinion to influence the process.
“Let me say this clearly; when we came in 2019, we had challenges with the traditional institution in Ibadanland and it has been resolved to everybody’s satisfaction.
“When it was time for us to approve the selection of Okere, some people came to me and said ‘This is our friend’. They said one person is APC and I said it does not mean anything to me whether you are PDP or APC. Why should my decision be based on political consideration? So, I approved the selection of the Saki kingmakers.
“I always tell people not to kill themselves over politicians, because we see ourselves in the night. We go to each other’s houses. Politics, electioneering is a game. It’s only when you have been elected, then governance becomes a serious business because you will take decisions that will affect millions of people. So, we will not play politics with governance.
“The Alaafin stool became vacant in 2022. We were moving towards election and people said, you have to approve the appointment of Alaafin, otherwise, Oyo people would not vote for you. I said the people should not vote for me but that I would do what was right and Oyo voted for me massively. Oyo will continue to support me.
“Let me also say briefly that those that are still hell-bent on destabilising the traditional institution in Oyo, the government is not letting down. We will prosecute them. The money they collected; they will still be prosecuted except they go to Kabiyesi. If he forgives them, I will also forgive them.”
While congratulating the new monarch, Governor Makinde prayed that his reign would bring peace and progress to Oyo Town, Oyo State and the Yoruba race.
“The coronation would be in four weeks. From today, we have an Alaafin. I congratulate the Alaafin of Oyoland, His Imperial Majesty, Oba Akeem Abimbola Owoade. I pray that your reign shall bring unity to Yoruba race wherever they may be around the world.
“I pray it would also bring progress and development to Oyoland, Oyo State as well as Yoruba race in general,” Governor Makinde added.
In his response, Alaafin Owoade promised to work for the progress of Oyo Town, Oyo State and Nigeria as well as the development of the people.
He thanked the Governor, the Oyomesi and everyone that worked for his selection and assumption of office as the 46th Alaafin of Oyo.
Earlier in his speech, the Commissioner for Local Government and Chieftaincy Matters, Hon Demola Ojo, lauded the Governor for his determination to ensure that the right processes were followed in the selection of the new Alaafin.
He also thanked those involved in the selection process.
In attendance at the event were the Deputy Governor of Oyo State, Barr. Abdulraheem Bayo Lawal; a former Speaker, Oyo State House of Assembly, Senator Monsurat Sunmonu; member representing Oyo East/Oyo West House of Assembly, Hon. Rahman Olorunpoto; Awise Awo Agbaye, Professor Wande Abimbola and his wife, Iyanifa Ajisebo Abimbola; some members of the Oyomesi as well as traditional rulers in Oyo Kingdom.
Top government functionaries in attendance included the Secretary to the State Government, Prof. Olanike Adeyemo; Chief of Staff to the Governor, Otunba Segun Ogunwuyi; Head of Service, Mrs Olubunmi Oni, mni, and the Permanent Secretary, Ministry of Local Government and Chieftaincy Matters, Mr Joel Ajagbe.
Sources: TheCable and Channels TV
Featured
Viral Video: The Okoya Family Comprises Responsible Citizens
Many have been baffled about the recent viral video of the Okoya boys, Subomi and Wahab.
The Viral Video was shot privately to promote a song release ‘CREDIT ALERT’.
Looking at their parent’s life trajectories this unfortunate situation doesn’t accurately represent who the boys are.
Their father, an industrial giant is an easy going man whose passion for his trade has seen him dominating the business landscape over the last 65 years, while their mother whom the high society holds in high esteem as the epitome of brain and beauty is a workaholic who has equally inculcated the virtues of hardwork in all her children with a mantra “money doesn’t fall from the trees, you have to work to earn it’.
The ongoing debates surrounding the viral videos of the Okoya boys alleged abuse of the Naira is not necessary. While I quite agree with the authorities on measures being taken to curtail the abuse of Nigeria’s currency and its integrity, this particular scenario is a private video shot immaturely to promote the young boy’s upcoming song, “CREDIT ALERT’’ as the purpose of the video was simply to promote their music in a style emblematic of western music styles and trends, not necessarily to show off or demean Nigerian law enforcement.
They are young adults who have constantly demonstrated their sense of responsibility as citizens of Nigeria and will continue to uphold the law.
No doubt, the Okoya family comprises responsible citizens of the country, who constantly uphold what Nigeria stands for.
Featured
A Requiem for a Trojan, Chief Olabode Emanuel
By Eric Elezuo
When men pass away, life experiences a definite slow down for as many loved ones as they may have known, but when men like Chief Olabode Emanuel are no more, the entirety of creation is alerted; mourning becomes a case study, and wails as loud as thunder clap are heard from nigh and far. That is because they touched lives indescribably.
That is the story of a titan, who bowed out of a wonderful performance on January 4, 2025, just at the turn of a fresh year, after nine decades of meritorious existence, breaking barriers and churning out one first another another. Bode Emanuel, as he is fondly known, was many things in one package, traversing the world of financial entrepreneurship with ease, and into industrialisation as a construction guru as well as a boardroom wizkid with his glorious spell at UAC’s Grand Cereals, where he retired in 2021.
A proud alumnus of the prestigious St. Gregory’s College, Bode Emanuel is a typical example of he came, he saw and he conquered.
His death as announced by the Old Boys Association of St. Gregory’s College (SGCOBA) though sent shivers down the spines of not a few, was still taken with equanimity and total reverence to the will of Almighty God as a result of the numerous lives his existence touched and turned around. Many hears his name, and smile.
A revered Board of Trustees Member of the institution, the nonagerian, before his demise, was also a Chartered Accountant par excellence, a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW), and a member of the Institute of Chartered Accountants of Nigeria (ICAN).
The statement announcing his death read: “As a seasoned administrator with vast experience, Chief Emanuel has served as the Chairman of the Board of many local and international corporate organizations.
“These include: BoriniProno & Co. Limited, Trevi Foundations of Nigeria Limited, Foundation Construction Limited, Saipem (Nigeria) Limited, Hogg Robinson Nigeria Limited, and Grand Cereals Limited.
“Aside St Gregory’s College Old Boys Association, he was a board member of, Nigerian Life & Provident Company Limited, Sterling Assurance Company Limited, Macmillan Nigeria Publishers Limited – Publishers of Primary, Secondary and Tertiary Books and Publications in Africa – amongst others. Details on burial arrangements are “to be announced by the family.”
Born on April 20, 1935, Bode Emanuel has either headed or founded several notable business and professional bodies including being a foremost member of the Ikoyi Club, and founding member of the New Partnership for Africa’s Development (NEPAD) Business Group Nigeria, which he rose to become its 4th Chairman in 2022.
Chief Emanuel is survived by a vast array of family members, friends and colleagues, including his beloved wife and confidante, Mrs Anana Bode Emanuel.
The entrepreneur will be sorely missed!
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