Despite sustained protests from thousands of citizens, Kenya’s national assembly has passed the controversial finance bill.

The lawmakers voted 195 against 106 to pass the bill on Tuesday in an exercise with no abstentions.

President William Ruto urged parliament to pass the bill last week after the protests gathered momentum.

The bill was adopted with amendments to drop controversial taxes on bread, financial services, and motor vehicles.

However, lawmakers agreed to higher tax measures, including increasing the rate of the railway development levy to 2.5 percent of customs value and 3.5 percent for the import declaration fee.

The bill is now headed for Ruto’s desk for assent.

Ruto had said he was ready to dialogue with youths who have sustained the protests.

But after demonstrations took a dramatic turn on Tuesday, the president said conversations around the bill had been “hijacked by dangerous people”.

Ruto said democratic expression and crime must be isolated and vowed that the state would respond fully to the situation.

So far, several people have been confirmed dead after police fired live rounds and lobbed tear gas at demonstrators in Nairobi in a bid to quell the uprising.

Kenyan police were also seen beating and arresting some paramedics who were helping injured protesters.

[TheCable]

Five people were shot dead and dozens wounded in Kenya on Tuesday in mounting anti-tax hike protests, NGOs said, after police clashed with demonstrators who stormed the parliament compound in Nairobi.

The military has been deployed to support police, who earlier fired tear gas, water cannon, rubber bullets and — according to a rights group — live ammunition against protesters, as tensions sharply escalated in protests that have caught the government off guard.

“Despite the assurance by the government that the right to assembly would be protected and facilitated, today’s protests have spiraled into violence,” several NGOs, including Amnesty Kenya, said a joint statement that reported the dead and wounded.

The White House appealed for calm and more than 10 Western nations — including Canada, Germany and Britain — said they were “especially shocked by the scenes witnessed outside the Kenyan Parliament”. 

Mainly youth-led rallies have galvanised outrage over proposed tax hikes and simmering anger over a cost-of-living crisis to fuel rapidly growing demonstrations.

“This is the voice of the young people of Kenya,” said Elizabeth Nyaberi, 26, a lawyer at a protest. “They are tear gassing us, but we don’t care.”

“We are here to speak for our generations and the generations to come,” she added.

The protests had been largely peaceful but chaos erupted in the capital Tuesday, with crowds throwing stones at police, pushing past barricades and ultimately entering the grounds of Kenya’s parliament.

Amid the clashes, global web monitor NetBlocks reported that a “major disruption” had hit the country’s internet service.

– ‘Unleashed brute force’ –

In the aftermath of the parliament compound breach, local TV showed images of ransacked rooms with smashed windows, while cars parked outside were vandalised and flags destroyed, according to an AFP reporter.

The governor’s office in Nairobi City Hall — just a few hundred metres from parliament — was set alight, footage on privately owned Citizen TV showed, with a water cannon attempting to douse the fire.

After reports that live ammunition was fired at protesters, Kenya’s main opposition coalition, Azimio, said the government had “unleashed brute force on our country’s children”.

“Kenya cannot afford to kill its children just because the children are asking for food, jobs and a listening ear,” it said in a statement.

The military’s deployment was “in response to the security emergency” across Kenya, Defence Minister Aden Bare Duale said in a statement.

Earlier in the day, despite the heavy police presence, thousands of protesters had marched peacefully through Nairobi’s business district, pushing back against barricades as they headed towards parliament.

As protesters gained ground in their push towards parliament, many were livestreaming the action as they sang and beat drums.

Crowds also marched in the port city of Mombasa, the opposition bastion of Kisumu, and Kenyan President William Ruto’s stronghold of Eldoret, images on Kenyan TV channels showed.

The Independent Policing Oversight Authority watchdog and rights groups said two people had died following last week’s rallies in Nairobi.

Several organisations, including Amnesty International Kenya, said at least 200 people were wounded in last week’s protests in Nairobi.

Amnesty’s Kenya chapter posted on X Tuesday that “the pattern of policing protests is deteriorating fast”, urging the government to respect demonstrators’ right to assembly.

Rights watchdogs have also accused the authorities of abducting protesters.

The Kenya Human Rights Commission said the abductions had mostly occurred at night and were “conducted by police officers in civilian clothes and unmarked cars”, calling for the “unconditional release of all abductees”.

Police have not responded to AFP requests for comment on the allegations.

– Fuel price hikes –

The cash-strapped government agreed last week to roll back several tax increases.

But it still intends to raise other taxes, saying they are necessary for filling the state coffers and cutting reliance on external borrowing.

Kenya has a huge debt mountain whose servicing costs have ballooned because of a fall in the value of the local currency over the last two years, making interest payments on foreign-currency loans more expensive.

The tax hikes will pile further pressure on Kenyans, with well-paid jobs remaining out of reach for many young people.

After the government agreed to scrap levies on bread purchases, car ownership and financial and mobile services, the treasury warned of a budget shortfall of 200 billion shillings ($1.56 billion).

The government now intends to target an increase in fuel prices and export taxes to fill the void left by the changes, a move critics say will make life more expensive in a country already saddled with high inflation.

Kenya has one of the most dynamic economies in East Africa but a third of its 52 million people live in poverty.

AFP

Essien Andrew, a deputy comptroller in charge of Finance, Administration, and Technical Service the Nigerian Customs Service (NCS) collapsed and died in the National Assembly on Tuesday during appearance before a committee of House of Representatives Committee on Public Accounts.

Andrew, according to eyewitnesses coughed and requested water, but collapsed before his request could be met. He was rushed to the National Assembly Clinic where he was confirmed dead.

Akin Rotimi, the spokesperson of the House confirmed the demise of the top Customs officers during his appearance before the House Committee.

According to him, Andrew during the engagement which occurred around 1.00pm on Tuesday, June 25, 2024, developed sudden health complications.

“Despite the immediate and diligent efforts of first responders and medical personnel at the National Assembly Clinic, he unfortunately passed away,” Rotimi said.

He added that the House of Representatives will support efforts to probe the circumstances surrounding the sudden demise of the customs officer.

Rotimi also extended the condolences of the leadership and members of the House of Representatives to the Nigerian Customs Services as well as the family of the deceased officer.

“The House of Representatives extends its heartfelt condolences to the family, friends, and colleagues of the deceased during this difficult time. We recognize the significant contributions he made to the Nigeria Customs Service and to our nation.

“The House of Representatives stands ready to support efforts to understand the circumstances surrounding the incident and is cooperating fully with all relevant authorities to ensure all necessary protocols are followed.

“The Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., expressed his condolences, stating, “We are deeply saddened by the sudden loss of a dedicated public servant. Our hearts go out to his family during this difficult time.”

“Further information will be provided as it becomes available. We ask for patience and respect for the privacy of the family during this period of mourning@, Rotimi said.

[NationalDaily]

…ask IGP to take over probe, prosecute offenders

….as Nigeria’s Army seeks recovery of sold helicopters now in US 

The House of Representatives on Tuesday ordered the immediate arrest of an alleged unlicensed auctioneer and NCAT’s Director of Quality Control by the Police in the National Assembly for allegedly providing false information on oath, and the sale of 2 helicopters for 1.2 million dollars.

This is also as the Committee on Public Assets called on the Inspector General of Police, Kayode Egbetokun, to take over the investigation of the alleged indiscriminate sale of two helicopters by the Nigeria College of Aviation Technology, NCAT.

The resolution of the Committee on Public Assets came after about five hours of interaction with the management of the College and other relevant bodies.

Recall that in December 2023, the House launched an investigation into the state of public assets in the country.

The committee’s mandate is to recover assets valued at trillions of naira and moribund public assets within and outside Nigeria and to unravel the reasons behind the hurried sale of two helicopters without the approval of the Federal Executive Council days before the end of the Buhari administration in 2023

Present at the Commitee were the management team of NCAT, representatives of the Nigerian Army and others crucial to.

The chairman of the Committee, Ademorin Kuye expressed worries that the two choppers bought at $2.4 billion were sold at $1.2 billion without due process.

“We requested documents of any kind of joint venture, there is no response to that whether you have one or you do not.

“We requested for a list of assets including a comprehensive description and specifications of all your list assets, rented apartments including acquisition dates and methods and the current status and conditions of such Assets. We can not say specifically that you have satisfied all of these requests. Though you tried to answer some of them, your response is not adequate” Hon Kuye said.

The lawmakers also queried the use of an unlicensed auctioneer who failed to provide needed response to enquiries

In his reaction, Musa Alkali, Coordinator of Nigerian Army Aviation said that the request by the Army to make use of the helicopters in the fight against terrorism was turned down, he however demanded that the two helicopters should be recovered.

A member of the committee, Midala Balami, said that the documents presented to the committee were false documents.

[Vanguard]

The Lagos State Government has announced that traffic will be diverted from Alfred Rewane and Osborne through Osborne Foreshore Estate axis to enable the Federal Ministry of Works carry out the first phase of the rehabilitation of the Asphaltic Sections from Osborne Foreshore Estate to Sura Bridge Ramp from Wednesday, 26th June to 27th July, 2024 for a duration of 4 weeks.

To this end, a lane of the road to be rehabilitated will be closed to vehicular movement.

Consequently, Motorists are advised to use the following alternative routes;

Scene1:

Motorists from Alexander/Glover are advised to use Oba Adeyinka Oyekan Avenue inwards Ikoyi to connect Obalende/Ring Road and access 3rd Mainland Bridge to proceed with their journeys

Scene 2:

Motorists from Victoria Island are advised to go through Falomo Roundabout to link Awolowo Road and access 3rd Mainland Bridge to reach their desired destinations.

Alternately, Motorists from Victoria Island can also utilize Ozumba Mbadiwe Avenue to link Mekunwen Bridge and proceed to CMS/Apongbon Bridge inwards Eko Bridge to access Funsho Williams Avenue to reach their desired destinations.

For this period, Motorists on the other side from Sura Bridge will have a through traffic inbound Osborne Foreshore Estate.

The Commissioner for Transportation, Mr. Oluwaseun Osiyemi has assured that Traffic Management Personnel will be on ground to minimize inconveniences and ensure steady flow of traffic.

He urge Motorists to be patient and comply with the Officers and the aforementioned interventions put in place.

ADVISORY: Motorists are implored to be patient as the partial closure is part of the traffic management plans for the rehabilitation works on the asphalt pavement of the road sections by the Federal Ministry of Works (Office of the Federal Controller, Lagos).

E Signed;

Mr. Oluwaseun Osiyemi,
Lagos State Commissioner for Transportation,

24th June, 2024.

The Arewa Cultural Heritage Network wishes to address the recent comments made by Vice President Kashim Shettima at the North West Peace & Security Summit regarding the status of His Eminence, Alhaji Muhammad Sa’ad Abubakar III, the Sultan of Sokoto. While we recognize the Vice President's concern, we urge the federal government to respect the autonomy of Sokoto State in handling its internal matters, particularly those related to traditional leadership and governance.

Governor Ahmed Aliyu Sokoto phd has been exercising his constitutional responsibilities diligently. The recent actions taken by the state government, including the deposition of certain traditional rulers, are based on grounds of negligence, disloyalty, and disrespect towards the government. It is essential to understand that these decisions are made in the best interest of the state and its people.

The Sultan of Sokoto, despite his esteemed position, has been found guilty of neglecting his palace duties, showing disloyalty, and demonstrating a lack of respect towards the current administration. His evident support for the PDP candidate during the last election, despite the electorate's mandate for Governor Ahmed Aliyu Sokoto, has further strained relations. The Sultan's continued efforts to undermine the government's initiatives have made it challenging to foster mutual cooperation.

We strongly urge the Vice President and other federal officials to refrain from interfering in state governance matters. The Governor of Sokoto State is well within his rights to make decisions that align with the constitutional framework and the welfare of the state.

Furthermore, we call upon President Bola Ahmed Tinubu GCFR to ensure that the Vice President respects the boundaries of state governance and allows the Sokoto State Government to function without undue interference.

The proposed amendment to section 76 of the local government and chieftaincy law is intended to align legal frameworks with customary procedures in Sokoto. It aims to clarify the roles and responsibilities within the state, ensuring a smooth and effective governance process. The authority to appoint district and village heads, while still involving recommendations from the Sultanate Council, will ultimately lie with the Governor, reflecting both traditional and contemporary practices.

We believe that this alignment will promote greater stability and progress within Sokoto State. It is crucial for all parties involved to work together harmoniously for the betterment of our community.

Thank you.

Signed,

Yunusa Abdullahi Esq
Arewa Cultural Heritage Network

 How long have you been in this condition? Tell me. The sick man near the Pool of Bethesda spent 38 years in his own condition and had enough reasons not to expect healing and they were all facts. He was very ill and could not get up. He could not help himself and had no body to help him. And worst, he was also in the midst of other helpless and hopeless individuals – the sick, the blind, the paralyzed, the lame, etc. My God! Group, congregation of invalids! A family of desperate, terminally sick people and their depressed and exhausted relations – most waiting to die. Just imagine what that kind of gathering would look like - the groaning, the sighing, the cries, the prayers, the hopeless looks, the wounds, the bandages, the stench, the anxieties and the struggles to rush into the water first for the healing. The angel of the LORD only visited once in a while and only the first sick that had people to help them into the pool would receive healing. And after that the long wait continues until the angel visits again. And because of these facts and the long years in this condition, the man had totally lost hope of ever getting well again. Have you lost hope? He was virtually waiting to die. True. And he promptly presented these facts to Jesus. But what happen? Jesus ignored them and healed him! Yes, the medical facts of your condition are there - the proof, the tests, the opinions of the experts. Yes, they are incontrovertible. But the Master is bypassing, overruling then today!

    God overrules facts and conditions. He overrules worst situations and best opinions. And that is why he is Sovereign. Now listen to him today, “I am God of all flesh. Is there anything too hard for me to do?” No! He is the creator of the heavens and earth. He is the maker and controller of life and death. Nobody, nothing dies or lives without his knowledge and approval. We are told that not even a bird out of the billions can drop from the skies without his knowledge. He is the beginning and the end. He is the maker of all the things you see and all those that you cannot see. Everything, every power, every condition, every situation, every spirit and flesh bows to him. He is the Almighty, the Alpha and the Omega – nothing exits or happened without him. He is the great healer and with him nothing is impossible. He is the great physician. Even the best of the doctors always agree that they treat, but it is only God that heals. Praise God! So why do you still think that nothing can be done about your condition? Why do you think you will not be healed now as you read this message? Tell me. The same Jesus that healed the 38 year old sickness will meet you today!

   Even if your condition is worse than that man’s, it cannot match with the case of Lazarus that had already been buried for four days and was expected to have started decaying. After death sometimes, miracles can still happen. But once somebody is buried, then, it is finished. But Jesus defied this natural and eternal order by calling up Lazarus from the grave! As you read this, every power of grave around you will be broken in the mighty name of Jesus! I like the encounter Lazarus’ sister Martha and Jesus had at his graveside. Listen, “Roll the stone aside,’ Jesus told them. But Martha, the dead man’s sister, said, ‘Lord, by now the smell will be terrible because he has been dead for four days.’ Jesus responded, ‘Didn’t I tell you that you will see God’s glory if you believe.” John 11.39. Is your situation already buried and smelling? Roll away that unbelieving stone and receive your miracle today. Yes, it was a fact that he has been buried for days and all hope lost, the body expected to be decaying already, etc. But Jesus still ordered the stone to be rolled away because Lazarus must come forth. Every stone holding back your healing and miracle must be rolled away today in the name of Jesus! He made the man, the grave, the life and death, the stones, so he can afford to manipulate and manoeuvre them at will. God does not care how long, how smelly, how stinking or how impossible your situation looks. The most important thing now is that he wants to make you a testimony so that his name will be glorified. In fact, the messier the condition, the more glorious the testimony will become. He has waited till now so that your story and testimony will be complete to his glory. Your story is becoming your testimony!

In every government or institution, there is a corresponding invisible hand that remote-controls its affairs with immense influence over decision-making process, predominantly on matters of interest.  In most cases, while the head, and perhaps, the kitchen cabinet, may be aware of this imperceptible parallel, it is mostly unknown to other members of the team, who ignorantly, believe that the administration’s decisions are without external interference. 

The Economic and Financial Crime Commission (EFCC) is a victim of this invisible hand.  The head of the Commission, and possibly, his inner caucus, are not oblivious of its presence and interference, but may be unknown to other members of staff.  By conferring the power to appoint the Chairman of the Commission on the President of the Federal Republic of Nigeria, law makers, have unwittingly, created an invisible hand for the EFCC.  The invisible hand is the President, and by extension, the Presidency. 

Section 2 (3) of the Economic and Financial Crimes Commission (Establishment) Act, 2004, clearly states that “the Chairman and members of the Commission, other than ex-officio members, shall be appointed by the President”, and the appointment shall be subject to confirmation by the Senate.

By this Act, the EFCC was delivered as a bondservant from inception, lacking autonomy and courage to function effectively outside the grip and body language rhythm of its master, the President.  And since the head of the Commission occupies the driver’s seat, obeying all traffic regulations as beamed by the President, liberty is replaced with dependency.  

Under this circumstance, what courage can the Commission’s Chairman muster to prosecute the President’s loyalists without upsetting his ego and sensibilities?  This is the burden of the EFCC.  Until the power to appoint the Chairman of the Commission is removed from the President, the head of EFCC will continue to operate under dominance and influence of the President, doing his bid and covertly yielding to his whims and caprices, without ethical courage to act otherwise.  

No matter how committed and sincerely intentional the Chairman of EFCC may be, his drive for efficiency is weakened by presidential interference.  Even if angels are imported from heaven, or heads of Terrorism and Financial Intelligence (TFI), and Federal Bureau of Investigation (FBI) of the United States of America (USA) are redeployed to manage the EFCC, their competence would be undermined by effect of the President.  

This finds expression in the crux of allusions to EFCC’s selective war against financial crime and money laundry in the country.  The public must recognize that the President is first, and foremost, a politician, who came to power on the ticket of his political party.  He has his loyalists and those who supported the process of his ascension to power.  Besides political affiliates, some of these stalwarts permeate both the critical public and private sectors.

As a politician who sets his eyes on consolidation and re-election, the President may want to stand with his loyalists during moment of travails, as part of reciprocation gesture for sustained support.  By this action, he stifles the power of the Commission to effectively go after real and powerful perpetrators of financial crime and money laundry in the country, making the Commission’s Chairman helpless without courage to step on toes for fear of being removed from office.  The President also has the power to suspend or remove the Chairman of the Commission.

Evidently, circumstances that had led to sack of all past chairmen of EFCC could be linked to invisible hand of the President.  To avoid this route, EFCC handles high profile cases deemed to have ties with the President with caution, classifying them as persons with blue blood in their veins.  This is the trouble with EFCC, and why it is unable to effectively wage war against financial crimes and money laundry.  

Most ex-governors, ministers and other political and business big wigs that have been prosecuted and convicted till date are those with either weak link or fallen out of favour with the President.  An example were former governors of Delta State, James Ibori, and Bayelsa state, Diepreye Alamieyeseigha (now late), whose demand for resource control irked the then President, General Olusegun Obasanjo.  The former President believed that the ex-governors were source of funding for the defunct Niger Delta agitation group, the Movement for Emancipation of Niger Delta (MEND), and consequently activated the invisible hand which compelled the EFCC to cut the former governors to size. 

EFCC now tread with caution without discretionary initiative, constraining itself mainly to petitions received from the public, as against initiating and executing investigations on suspected individuals, and organisations, particularly those that are prone to financial crimes and money laundry.  The ministries, agencies, departments of government (MDAs), legislature, judiciary and the organized private sector, are black spots.    

The Nigerian environment is fraught with financial crime and money laundry, particularly the political space, yet, EFCC pretends not to know.  Politics is a big industry and quick source of unearned income where people become multi-millionaires or billionaires overnight just by participation in politics or serving in the Executive, Legislature or the Judiciary.  For example, National Assembly members who carryout oversight functions in various MDAs and private sector, also double as contractors to these same organisations, despite conflict of interest.  The Niger Delta Development Commission (NDDC) is replete with such unethical practices, yet, EFCC feigns ignorance.

Why is EFCC not interrogating legislators on padding of budgets?  Why is EFCC not putting spotlight on MDAs’ budgets, matching line items against executed projects?   Why is EFCC not looking at state governors and how they abuse Federal Account Allocation Committee (FAAC) remittances, including security votes and derivation funds?  

Despite admitting that Nigerian banks perpetrate about 70 per cent of financial crimes in the country, why is EFCC not quizzing banks’ chief executive officers (CEOs) over questionable funds’ inflow, foreign exchange manipulation, and round tripping?  According to the Financial Institutions Training Centre (FITC), financial institutions in Nigeria collectively lost about N159 billion to fraud since 2020, yet, EFCC has not deemed it necessary to initiate any probe.  Why are key operators and players in the Nigerian capital market not being investigated over unlawful manipulation of stock prices?

Besides, since crude oil exports constitute about two-third earnings, and over 90% of foreign exchange revenue of government, why is EFCC not extending its investigation into crude oil exports to determine possible mismatch between actual production and revenue receipts?  Also, why are suspected financiers of terrorism and kidnapping not being investigated and prosecuted for money laundry?  

Sadly, since the formation of EFCC, corruption, including financial crimes and money laundry, have been on the upward swing.  This is contrary to the intention of the originators, the Financial Action Task Force (FATF) on Money Laundering, an intergovernmental organization created by the Group of Seven (G7).

The purpose of the FATF was to use the EFCC to reinforce global war against money laundering, particularly at a time Nigeria was listed among 23 countries that were not supportive of the war against money laundering.  Response to this challenge led to establishment of the Commission through the EFCC Act, which further expanded the scope to include terrorism financing and, economic and financial crimes in Nigeria.  

With flourishing corruption menace, and by extension, financial crimes in the public and private sectors, the environment is fertile enough to keep EFCC fully engaged.  But, so far, its efforts are not commensurate with current depth and density of financial fraud in the country.  Except those that are endorsed by the invisible hand for thorough investigation, high profile cases with real negative impact on the economy are either deliberately overlooked or mismanaged.  

Prosecuting yahoo internet fraudsters with no powerful links to authorities together with persons involved in spraying of naira notes are inadequate to justify EFCC’s existence.  In the absence of any underpinning motive to use them as defence mechanism to showcase the Commission’s efforts at fighting financial crimes, these categories of offenders should be left for the Nigeria Police Force to handle. 

To rid the country of illicit wealth and growing corruption, Nigeria must review the process leading to the appointment and removal of the Chairman of EFCC in order to insulate the office from the influence and covert control of the President.  This is imperative given the country’s low political culture.   

Dr. Mike Owhoko, Lagos-based public policy analyst, author, and journalist, can be reached at www.mikeowhoko.com, and followed on X {formerly Twitter} @michaelowhoko.

Recently, there has been a lot of talk of international corporations leaving Nigeria, presumably because of the alleged difficult business environment caused by President Bola Ahmed Tinubu's policies since he took office on May 29, 2023. Some Nigerians, particularly those from opposing parties, have been making a big deal out of it on conventional and social media, as if an apocalypse had occurred in Nigeria.


Consider the situation of Guinness Nigeria, where a significant portion of Diageo, a European investor, was sold to the Tolaram Group, a Singapore-based company.Has anyone asked if our country has suffered any losses as a result of Diageo shares changing hands in Guinness Nigeria between two (2) investors?Isn't that what happens every day on the Nigerian Stock Exchange (NSE) when stocks are traded?

The only difference in my opinion is the size of the shares swapped between the prior and subsequent owners, which is 58.2% and that is huge. In truth, this may have been a merger and acquisition, as is customary in the financial services industry. So what's all the fuss about?

According to historical documents , Diageo's formation began in 1997, when Guinness amalgamated with food and beverage distributor Grand Metropolitan PLC. The $15.8 billion transaction went successfully, and the two firms combined under the name Diageo.

Data from Finance.yahoo.com reveals DIAGEO's ownership.
The leading institutional holders of the stock are:

(1)Bank of America Corporation , $5.1M for 664,620,064 shares.
(2)FMR, LLC $4.84M for631,245,335 shares.
(3)Morgan Stanley, $2.6M for 339,179,731 shares
(4)Clear Bridge Investments, LLC, $2.35m

Thus, what transpired with the share sales and purchases between Diageo and the Tolaram group is simply business as usual, and nothing suspicious in my opinion. Please take note that all of Diageo's institutional investors are investment banks and entreprises based in Europe and north America.

Interestingly, other multinational corporations that have made waves moving out of Nigeria during the last ten years—and not just in the one year under President Bola Tinubu's leadership—are mainly American and European companies, ranging from Proctor & Gamble in Ibadan to GSK in Lagos.

That is to say, a pattern has been gradually developing over time without the system noticing. And guess what foreign companies have been stepping in to fill the void left by American and European companies? Asian companies. These include both Chinese and Indian corporations. Even Singaporean and Lebanese firms have presence in the list.

An Asian company that specialises in sanitary products for adults and children, similar to Proctor & Gamble, is currently in the process of opening a factory to cover the void left by P&G's withdrawal. Just before Tolaram Group acquired Diageo's stake in Guinness Nigeria, a group of Nigerian investors, Renaissance Group had purchased SHELL's onshore holdings when the British and Dutch-owned oil giant made the decision to shift its activities to the offshore market and stay there solely.

The choice to limit operations to the offshore sector is thought to have been made in order to avoid the problems that arise from subpar work or a failure to uphold corporate social responsibility, which can lead to environmental damage from careless exploration and subsequent exploitation of the oil resources in the Niger Delta, which in turn can cause unrest that exacerbates the ongoing instability in the area.

The building sector has experienced similar events to those that have recently transpired in the oil and gas and manufacturing sectors.Since Europe was the continent that first colonised Africa, the majority of the continent's businesses and infrastructure are either owned or run by partners in Europe or America. That is because of the transition from colonialism to neo-colonialism by the Europeans that ruled Africa.

The colonialists used their contractors to construct roads, bridges, railways, airports, seaports, and notable architectural projects throughout Africa. Most of that occurred in the 1960s, 1970s, and 1980s, and it's possible that it continued until 2000. But the entry of Asian companies into the market has made them less competitive.
While those opposed to the economic reforms claiming that our country is down and has no hope of being resuscitated, using the analogy of whether a glass is half empty or half full, as a patroit my optics is that the glass is half full for very good reasons.
In my opinion—I lack scientific support for this—it seems as though Asian companies have been displacing Western companies over the last 20 years or so.

The building companies from France, Italy, and Germany that once controlled the Nigerian construction market are nowhere to be found.Currently in decline, Chinese and other Asian companies are displacing them.Who are the Chinese building all the major airports in Nigeria? Which Chinese companies are revitalising our rail networks?

Who in Lekki, Lagos, constructed a brand-new deep-water port in a comparatively short amount of time? the Chinese people. Examine the skylines of Lagos and other major Nigerian cities to determine whose construction companies are constructing the tall buildings: Chinese, Singaporean, and Lebanese companies, not European or American companies as was previously the case.

Indians are firmly establishing themselves in the information technology and pharmaceutical industries, much like the Chinese are dominating the construction of railroads, airports, and seaports throughout Africa, including Nigeria.

In my opinion, if a research is done to determine whether there has actually been a loss since the departure of companies like GSK and P&G, among others, I doubt that it will not show that the Asian companies that took their place have increased employment and increased the GDP of our nation.

I am issuing a challenge to everyone who disagrees with President Tinubu's current reforms, citing their reasons for the departure of companies like GSK and P&G as well as Diageo's sale of 58.2% of its shares to the Tolaram group, to carry out or commission a study to support their claims.

It should be the mission of PriceWaterHouseCoopers, Ernst and Yong, and other multinational research firms—including the native Nairamatrics—that take pleasure in being purveyors of business statistics to disprove or validate the assertion.

Based only on trend analysis, my educated guess is that after around 64 years of Nigeria's political independence from Britain, the continent is only now experiencing true economic independence.

Even though Nigeria gained its independence in 1960 and the British removed the Union Jack, neo-colonialism—the next stage of colonialism—persisted, with European and British corporations controlling the private sector and even holding a vice grip on governments.

The Ogoni land oil exploration catastrophe, which resulted in the execution of environmental rights campaigner Ken Saro-Wiwa and the iconic Ogoni 9 tragedy, was one such instance involving SHELL Nigeria. It is no secret that multinationals like as GSk and P&G run their activities out of their headquarters in New York and London.


Why couldn't the companies, which have been repatriating profits to their home countries over the years, be given some funds to get them through the rough patch caused by the ongoing reforms in Nigeria that have made it slightly more difficult to repatriate funds, if they were facing difficulties due to their high cost structure or restricted access to foreign exchange to procure raw materials?

In actuality, the companies that departed Nigeria have been dependent on Nigeria to finance their operations. But because of the country's current shaky financial services sector as a result of ongoing reforms, they have taken flight.

This is demonstrated by the elimination of the petrol subsidy, which has caused production costs to soar; the effort to harmonise the dual foreign exchange rates, which up until now had encouraged arbitrage; and, last but not least, the exorbitant increase in the electricity tariff for the so-called Band A consumers, which is, in a sense, the straw that broke the camel's back.

Due to all of the aforementioned circumstances, those businesses were forced to dissolve when they realised that things in Nigeria were no longer as they had been. Maybe when they modify their business models, they will be back shortly.

However, from the way those opposed to the ongoing reforms present the conglomerates' exit, it appears as though the companies were charity organisations founded by USAID or Oxfam to protect Nigerians from starvation, similar to how Sir Bob Geldorf founded Band-Aid in the 1980s to help raise money to aid starving people in the Horn of Africa.

Not to be overlooked, the goals of GSK and P&G are to generate revenue for their stockholders. Why should we lament their departure if their business models are no longer effective for them in Nigeria as they once were and they have made the decision to leave?
Bearing in mind the hostility of international oil companies denying access to crude oil for refining in Dangote refinery as recently alledged by Alh. Aliko Dangote, and the rough time that Mr Allen Onyema’s Airpeace had in flying Nigerians at reduced fare to London, a lucrative route hitherto monopolized by British airlines, European businesses in Nigeria appear to be lossing their competive edge and figting dirty.
It is important to remember that the main telecom companies from Europe and America showed no interest in Nigeria when the country was unbundling its telecom industry a little more than 20 years ago. However, the licences were obtained by Econet, a Zimbabwean network, and MTN, a South African network. Together with Globacom, a network that is exclusively owned by a Nigerian, these three networks have been controlling the market for more than 200 million users.

Following the successful privatisation, American and European businesses have been vying for a share of the pie.A similar situation occurred in the energy sector, when no significant European businesses expressed interest at the time it was unbundled . But because of the industry changes brought about by the 2023 Electricity Act, companies like Siemens of Germany, who previously shied away from making large investments in Nigeria's power sector, are now keeping a close eye on our nation.

GSK, P&G, and other companies should definitely make a comeback to Nigeria sooner rather than later, since the country's population of over 200 million makes it impossible to overlook. I can bet that if GSK and P&G had put up their firms for sale as Shell and Diageo did, local Nigerian entrepreneurs could have acquired them.
It is in the spirit of global south-south co-operation that investments are now flowing more easily between them. With President Tinubu’s recent stringent efforts at wooing investors from the Middle East when he toured Saudi Arabia,United Arab Emirates, UAE and Qatar, Arab investors may also sooner than later set their sights on Nigeria.
I've heard comments in the media claiming that Asian and Chinese companies that are taking the place of departing European and American companies don't adhere to good corporate governance norms.

When SHELL Nigeria perpetrated the crimes on Ogoni territory that the international court in The Hague eventually managed to force it to clean up and is still pursuing, was it not obligated by the highly regarded corporate governance rules in its home countries of England and the Netherlands?

The reality is that Singaporeans, Chinese, or Indians no longer lack strong standards for corporate governance. They are active in the American and European markets as a result of their engagements in those markets, so they are conversant with the standards and their economies are flourishing.

Since no Asian companies have been found guilty when it comes to environmental abuse, such as the Royal Dutch Shell in Nigeria has been adjudged guilty of environmental degredation of the Niger delta , there is no proof of that claim that they are too slack in that respect.
Based on my experience, corporate governance regulations are typically raised during the administration of contracts and hiring processes in European and American backed multinationals .

In any case, the Nigerian Stock Exchange (NSE) is doing a fairly good job of regulating publicly quoted firms, and Nigerian extractive industries regulatory agencies in the oil and gas sector are expected to keep a close eye on industries in that sector to ensure that there is not a corporate governance void left by exiting firms with origin from Western countries.

To sum up, I think the current reforms are good and have the potential to create a new Nigeria.I am fully aware of the extreme problems we are all facing as a result of the shockingly high cost of living brought on by the policy to remove subsidies.

We are all on the same boat, navigating the waves of the high cost of living. To get the ship to the land, all hands must be on deck, thus we should all make efforts even it is tiny to support one another in order to survive without depending solely on government. Let's engage in recreational farming in the yards around our homes during our free time. We may produce basic crops like tomatoes and vegetables, which are currently expensive, before insecurity concerns that forced our farmers to abandon their operations and the cause of the food scarcity is resolved.

While one supports the government's call for Nigerian farmers to return to their fields, it is imperative that it first provide sufficient protection to stop the evil ambassadors from abducting more of our hardworking farmers.

Prioritising the use of advanced technology in the fight against insecurity is vital, as is increasing the involvement of sociologists and psychologists in a non-kinetic manner to counteract the criminality that seems to be taking over our nation.
There has been an enormous dependence on military actions to counter the threat up to an elephant size , while the soft approach has been treated with an ant size effort.

Barack Obama, a former US president, once cautioned, "Just because we have a big hammer doesn't mean we have to keep hitting all the nails."
In order to fully reap the rewards of President Tinubu's socioeconomic and political changes, let us take a different approach to combating religious insurgency and banditry so that our country can flourish as the reform policies being introduced by President Tinubu begin to mature.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, an alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA and a former commissioner in Delta state government, sent this piece from Lagos, Nigeria.
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