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Why Foreign Investors Are Leaving Nigeria – Peter Obi
Published
1 year agoon
By
Eric
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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Communal Clashes: Adeleke Threatens Royal Fathers with Dethronement
Published
4 days agoon
March 31, 2025By
Eric
Osun State Governor, Senator Ademola Adeleke, has threatened stern state action against traditional rulers of Ifon, Erin Osun and Ilobu communities if they fail to sustain current peace, and de-escalate the crisis in their communities.
The Governor issued the warning against the backdrop of online reports that some faceless groups across the conflict areas are planning another round of attacks.
“In the midst of sallah celebrations, I got reports of some people planning another round of conflict around Ifon, Ilobu and Erin Osun towns. The security agencies have tightened surveillance to ensure no attacks take place.
“The security agencies are also speeding up the interrogation of key chieftains and actors in the conflict. I will remind top leaders of the towns that the peace undertaking they are signing are not for joke. They will be held accountable. There will be accountability before the law.
“The curfew we relaxed was on humanitarian grounds. As a compassionate government, we know many innocent people are suffering because of the evil agenda of a few elements across the conflict areas. Any attempt to exploit the adjustment of the curfew for renewed violence will be met with full re-imposition of the 24-hour curfew.
“Additionally, I will remove from office, any traditional ruler where violence recurs. This card is on the table. Royal fathers of each town must call their subjects to order. I will wield the big stick. Enough is enough”, the Governor was quoted as saying in the statement.
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Featured
Celebrating a Hero of June 12, Humphrey Nwosu
Published
4 days agoon
March 31, 2025By
Eric
“Professor Humphrey Nwosu laid a landmark foundation for the present independent National Electoral Commission today and that Professor Humphrey Mwosu passed away on the 20th of October 2024, aged 83 years old.
“Despite his contributions, Professor Humphrey Mwosu was seemingly neglected until his death, which highlights complaints of unfair treatment of notable public servants,” he added.
In support of the motion, Senator Osita Ngwu that “there was no way he would have announced the results with a gun to his head. That doesn’t change the fact that some of us see him as a hero.”
Among the several senators, who opposed the immortalisation motion, with excuses of Nwosu’s lacking courage to announce final results, were Senator Jimoh Ibrahim from Ondo State, who stated categorically that “nothing should be named after him”, Senator Cyril Fasuyi, who argued that history does not reward efforts, but only results, saying “As long as he did not announce the result, whether under duress or not, I am against naming INEC headquarters after him”, Senator Sunday Karimi, who criticised Nwosu for lacking the courage to speak out; Senator Afolabi Salisu, who said that immortalising him would undermine the memory of MKO Abiola, Senator Adams Oshiomhole and Senator Adeola Olamilekun, who claimed he lost his brother in the aftermath.
But Nigerians have argued in favour of the immortalisation of the former chief electoral officer, admonishing that he did his job very well. Most of them reasoned that if the likes of Babagana Kingibe, the running mate to Abiola, who ditched the struggle to join the government of General Sani Abacha, could be honoured with a GCON honours, the second highest in the land, how much more the proponent of the most viable option to voting, Option A4.
In his accessment, celebrated journalist and Chairman of Ovation Media Group, Chief Dele Momodu, said Nwosu performed his duty to the very best of his abilities, and very well. The well traveled journalist wondered on what pedestal the opposing senators stand to deny him honours.
Also lending his voice to the immortalisation of Prof Nwosu, the Aare Onakakanfo of Yoruba land, Iba Gani Adams, said all honours Abiola is enjoying today is credited to Nwosu’s honesty.
“It is very important that Prof. Humphrey Nwosu should be recognized, the genesis of having a free and fair or the foundation of having a free and fair June 12, 1993 elections was through having a sincere NEC chairman like Humphrey Nwosu.
“Humphrey Nwosu conducted free and fair election that gave Aare MKO Abiola the mandate that the Nigerian government then did not install him as president.
“And the respect and the glory that Aare MKO Abiola is having today is as a result of the honesty displayed by the then NEC chairman and the products that worked with him that made it happen,” he said.
HUMPHREY NWOSU AND JUNE 12 DEBACLE
The CNPP lamented the continued exclusion of Prof. Nwosu from the list of heroes celebrated on Democracy Day, despite his significant contribution to the nation’s democracy through the introduction of the Option A4 voting system.
“It is time to transcend petty biases and to embrace the spirit of inclusivity that Professor Nwosu’s legacy warrants,” the association of all registered political parties noted.
An online platform, Businessday.ng once captured Prof Nwosu’s contribution as follows:
In the middle of the night of June 10, 1993, an Abuja High Court presided over by Justice Bassey Ikpeme, in breach of the relevant decree, ordered the electoral body to put on hold the presidential election that was some 36 hours away from happening.
The plaintiff in the case was an unregistered body known as the Association for Better Nigeria (ABN) , which consisted of a group of politicians generally believed to have government backing. Nwosu took the risk of his life and found his way in the morning uninvited to a meeting of the MILITARY COUNCIL, ASO VILLA, to explain the grave consequences of Ikpeme’s indiscreet pronouncement. After intimidation and harassment of Prof and other deliberations at the uninvited meeting, it was agreed that NEC could discount Ikpeme’s order and continue with its arrangements and preparations for the elections.
At the end of voting, when it became clear from the majority of the results already collated from the states that the candidate of the then Social Democratic Party (SDP) Bashorun M.K.O. Abiola could not be stopped from winning the contest, the then Chief Judge of Abuja, Justice Dahiru Saleh ordered NEC to halt the process. Again, Nwosu stormed the Aso Villa, but this time, he found that the government had withdrawn their support.
The then Attorney General of the Federation (AGF) Clement Akpamgbo, who gave Nwosu legal backing earlier, did not only ditch him but also ensured that a bench warrant to arrest Nwosu issued by the Chief Judge of Abuja was duly served. From then, Nwosu became labelled as the problem, while his Electoral Commission was formally suspended forthwith. The only other option left to Nwosu was to seek judicial cover from the Court of Appeal, Kaduna Division, headed by Justice Achike. With no one else behind Nwosu except the Commission’s vibrant Director of Legal Services, Bukhari Bello, with Chief Tony Ojukwu SAN, OFR, one time Executive Secretary, National Human Rights Commission. NEC drew attention to an earlier judgment by a higher court in which Oguntade JCA as he then was, established two main points.
The first was that where a court makes an order in a case where it lacked jurisdiction, the order was null and void; and second, that it was unnecessary to go on appeal in such circumstance.
This suggested that Nwosu had no business obeying the erroneous decisions of the lower courts. Interestingly, NEC produced in Court the COMPLETE RESULTS OF THE ELECTION, which he had been stopped from announcing and which confirmed the victory of MKO Abiola. The real problem was that some ambitious military fellows aided by a set of compromised politicians wanted to prolong military rule. At this point, the government, sensing that it might lose the case, decided to annul the election a few hours before the judgment of the Court of Appeal.
Prof Nwosu is an apostle of democracy, and of June 12, 1993 more especially, and deserves to be honoured and celebrated.
In his tribute at the burial of Prof Nwosu, President Tinubu, though acknowledged that the deceased upheld democratic principles, he was however, silent on any form of honour for the June 12 chief electoral officer. He noted:
“As we mourn the death of Prof Humphrey Nwosu, we are invited to celebrate him for his profound accomplishments and personal fulfilments as a public administrator, political scientist, and academics icon. We are urged to reflect on his democratic ideals and his sense of commitment to a democratic Nigeria. These are the hallmarks of his life and times that will be cherished beyond this generation,” Tinubu said, through his representative, the Minister of Works, Engr. Dave Umahi.
As the south east governors prepare to meet and present their proposition of honoring Nwosu before President Tinubu, Nigerians have said that whatever the situation, Nwosu remains and etched in the hearts and minds of the real heroes of democracy and June 12; the average Nigerians, as democratic force to reckon with, and a man without whose name the story and history of the freest and fairest election in Nigeria cannot be written.
According to Yusuf John Imam, who wrote from Abuja, in an article titled Senate’s failure to immortalize Humphrey Nwosu, disservice to democracy, “if the Senate cannot honour Nwosu, then every state in the Southeast should take it upon themselves to immortalize their son. Build monuments, name streets, and establish scholarships in his name. Push his narrative and celebrate his legacy. The Southeast must rise to the occasion and ensure that their son’s legacy is preserved for generations to come.”
The bottom-line remains that Professor Humphrey Nwosu is a hero of June 12, and deserve to be honoured, immortalised and celebrated.
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Milk of Human Kindness: Glo Foundation Spreads ‘Food Drive’ Joy to More Communities
Published
5 days agoon
March 30, 2025By
Eric
Glo Foundation, the Corporate Social Responsibility (CSR) arm of Globacom, on Saturday extended its Food Drive Initiative “Giving Back Together” to more communities as thousands of families in Ikota, Ajah, Lagos, received packages of food and household items from the team.
Two Saturdays ago, the foundation was in Bariga where it shared food and other household items to thousands of other vulnerable members of the community.
In a similar vein, Glo Foundation officials and the project partners, the Lagos Food Bank Initiative, last Saturday presented packages containing Rice, Garri, Spaghetti, noodles, tomato paste, tooth brushes, sardines, salt, vegetable oil, bread and seasoning cubes to thousands of beneficiaries, the majority of whom were women, at a ceremony held within the Ikota neighborhood.
Thousands of beneficiaries had assembled at the New Generation Baptist School in Ikota as early as 7 a.m. to await the start of the distribution.
Before the gifts were distributed, Globacom’s Head of Corporate Social Responsibility (CSR), Jumobi Mofe-Damijo, welcomed the recipients and reaffirmed the company’s dedication to aiding the underprivileged in the society. She pointed out that helping the most disadvantaged members of society nationwide was one of the Foundation’s goals.
“Giving brings joy and smiles to the faces of the beneficiaries as we have seen here today. It also makes us happy that we are able to do something to touch the lives of others in a highly interdependent world,” she noted, adding that the Foundation was working on other projects that would impact various segments across the country.
At the occasion, the beneficiaries, who were mostly women, expressed their happiness and gratitude to Globacom by singing and dancing. Some of them who expressed their opinions were happy that they were able to benefit from the gesture and prayed that Globacom would continue to thrive.
The recipients were ecstatic and unable to control their excitement. After getting their food gifts, a few of them spoke up and thanked and prayed for Globacom for showing their community such love and concern.
Christina Itoro, an Akwa Ibom indigene, who operates a POS business within the community, expressed happiness at the content of the package. “When I opened the carton and saw the content, I was so excited. May God bless the company and the staff,” she said.
For Godwin Mary, who sells Kunu drink, Globacom has come to her aid at a time that her business was crumbling. The native of Benue State thanked Globacom for remembering her and other women in the Ikate neighborhood.
On her part, Sarah Oliseh, who is a housewife, said: “I am very happy and so excited getting this from Globacom. It will definitely go a long way to help me and my family”.
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