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Why Foreign Investors Are Leaving Nigeria – Peter Obi

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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.

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Viral Video: The Okoya Family Comprises Responsible Citizens

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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.

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A Requiem for a Trojan, Chief Olabode Emanuel

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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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Celebrating Aminu Waziri Tambuwal’s Enduring Legacy @ 59

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By Michael Abimboye

Today January 10, 2025, Senator Aminu Waziri Tambuwal stands on the threshold of his 59th year on Mother Earth. This milestone calls for a reflection on a life dedicated to public service, governance, and an unflinching commitment to the betterment of society.

From his early days in politics to his current role as a distinguished member of the Nigerian Senate, Tambuwal’s journey has been marked by vision, pragmatism, and an unwavering resolve to impact lives positively.

The pivotal moment of Rt. Honourable Tambuwal’s career trajectory was his rich tenure as Speaker, House of Representatives (2011–2015) where he marshalled stability to the bicameral legislature despite pressure from the executive arm of government.

His tenure was marked by legislative achievements that strengthened Nigeria’s democratic institutions. His ability to navigate the complexities of national politics without compromising his principles solidified his reputation as a leader of integrity and foresight.

To appreciate Tambuwal’s present contributions is to revisit his transformative tenure as Governor of Sokoto State from 2015 to 2023. His administration then was a masterclass in purposeful governance, blending infrastructure development with social empowerment programs to create lasting impact.

Tambuwal’s education reforms during his time as governor were nothing short of groundbreaking. Recognizing that education is the bedrock of progress, his government invested heavily in constructing new schools, rehabilitating existing ones, and training teachers.

He launched initiatives to increase enrollment in primary and secondary schools, addressing systemic issues that had long plagued the state’s educational sector. His efforts led to a significant increase in literacy levels, particularly among rural communities, and his emphasis on girl-child education became a model for other northern states.

In the healthcare sector, Tambuwal’s administration prioritized access to quality care for all Sokoto residents. Under his leadership, the state witnessed the construction of state-of-the-art hospitals such as Sokoto State University Teaching Hospital as well as Sokoto State Advanced Medical Diagnostics Center which was commissioned by former Delta State Governor, Dr. Ifeanyi Okowa in 2021. His government introduced community health programs to combat diseases, reduce maternal and infant mortality rates, and extend medical services to underserved areas. These interventions not only improved healthcare outcomes but also instilled a culture of preventive care among residents.

Tambuwal’s inclusive governance style also earned him widespread admiration. He was a leader who listened to his people, sought their input, and involved them in decision-making processes.

Infrastructure development was another hallmark of Tambuwal’s governorship. His administration embarked on ambitious projects to modernize Sokoto’s road networks, ensuring rural and urban connectivity. Two new flyovers were constructed by Tambuwal amongst other bridges across the state.

In addition, the construction of strategic roads opened up previously inaccessible areas, boosting trade and enhancing the movement of goods and services. Similarly, his rural electrification initiatives brought light to remote communities, spurring economic activities and improving quality of life.

In the Senate, representing the good people of Sokoto South Senatorial District, Tambuwal brought his wealth of experience and statesmanship to bear on legislative duties. Having previously served as Speaker of the House of Representatives, his understanding of the legislature’s pivotal role in national development is unmatched. Tambuwal’s recent contributions in the Senate underscore his commitment to bridging the gap between policy formulation and the needs of everyday Nigerians.

One of his notable achievements in the Senate has been his relentless push for improved federal investment in sectors critical to the growth of Sokoto State and the nation at large. Agriculture, a lifeline for Sokoto’s predominantly agrarian population, has been a key focus of his legislative advocacy. Tambuwal has championed initiatives to provide farmers access to modern tools, fertilisers, and financing mechanisms to boost productivity. His efforts extend to addressing climate change’s impact on farming communities, a challenge threatening livelihoods across the Sahel region.

His firm stance on national security has also defined Tambuwal’s tenure in the Senate. As Nigeria grapples with insecurity, he has remained a voice of reason, urging comprehensive reforms to bolster the nation’s security architecture. He has worked tirelessly to ensure that Sokoto State and the wider Northwest region receive adequate federal support to address banditry, kidnapping, and other security challenges. His legislative initiatives have often focused on fostering collaboration between federal and state authorities to create a safer environment.

Tambuwal’s legacy extends beyond his political achievements. He embodies the values of humility, empathy, and a deep sense of duty to his constituents. Whether as a legislator, governor, or senator, he has consistently placed the people at the centre of his governance philosophy. His life’s work is a testament to the power of visionary leadership and its impact on communities.

Tambuwal’s pan Nigeria outlook coupled with his DNA characterized by nationalism, patriotism and drive to impact humanity stands out in the firmament of leaders in Nigeria. This innate qualities stand him out in the quest to take Nigeria’s development to the zenith

Tambuwal is comfortable in any part of Nigeria. He spends his Christmas every year in Owerri, South East of Nigeria. He’s at home in Lagos, South West Nigeria, where he loves to savour the culinary delights of Amala and Ewedu. Take him to Osun, he’s home and dry practically with who-is-who in the state. That’s the hallmark of a pan Nigerian politician.

In a nutshell, the Matawallen Sokoto is not your run-of-the-mill politician, as he lends a listening and receptive ear to ideas, policies, perspectives and development. As he celebrates his 59th birthday on this day, Senator Aminu Waziri Tambuwal remains a beacon of hope for Sokoto State and Nigeria as a whole.

His story inspires a new generation of leaders to prioritise service over self-interest, collaboration over division, and progress over stagnation.

Today, we honour a man whose life has been defined by service and sacrifice, who has always answered the call to serve with courage and commitment. Happy birthday, Your Excellency. May this new chapter in your journey be filled with even greater accomplishments, and may your legacy continue to inspire future generations.

Michael Abimboye, a political communications specialist writes from Lagos, Nigeria

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