Nigeria: Press spotlights 5 multinationals that dump Nigeria in 10 months, others

APA – Lagos (Nigeria)
The report that five multinationals have winded down operations in Nigeria in the last 10 months, according to an analysis of separate notices filed by the firms is one of the trending stories in Nigerian newspapers on Thursday
The Punch reports that at least five multinationals have winded down operations in Nigeria in the last 10 months, an analysis of separate notices filed by the firms has shown.
On Wednesday, Consumer goods giant Procter & Gambles said it would dissolve on-ground operations in the country.
The Chief Financial Officer of the group, Andre Schulten, stated this during his presentation at the Morgan Stanley Global Consumer and Retail Conference.
The company explained that it was difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.
Schulten said, “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 programme with the intent to adjust the operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.
“The restructuring programme 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.”
The company joins a growing list of multinationals to exit Nigeria in 2023. The first multinational to announce that it would fold up operations in Nigeria in 2023 was Unilever.
The newspaper says that Presidential Compressed Natural Gas Initiative says N100bn has been earmarked to facilitate the deployment of CNG buses across the nation.
This information was contained in a statement released on Wednesday.
The initiative noted that part of the fund would be used to fund the adoption of auto-gas and electric vehicles, paving the way for a more sustainable and economical future in mass transit and transportation.
Part of the statement read, “Indeed, the Presidential CNG Initiative is being seeded with N100bn under the palliative program, and designed to catalyse an Auto-gas and EV revolution in the mass transit and transportation sector.
“The plan includes leveraging over 11,500 CNG and electric fueled vehicles, as well as the deployment of 55,000 conversion kits to ultimately reduce the cost of transportation for Nigerians and alleviate the rising cost of living.”
The statement further noted that, “In line with the Renewed Hope Agenda, the PCNGi is committed to delivering on the President’s vision without any distraction under the able leadership of its steering committee led by FIRS Chairman, Zacch Adedeji and his colleagues
“We are delighted to reassure Nigerians that the program is on course to deliver on these objectives going by the milestones achieved by the PCNGi in the last few weeks which, they said include strategic technical partnerships and the ongoing commissioning of several CNG Conversion centers in key States across the country including Lagos, Abuja, Kaduna, Ogun, and Rivers, with many others to follow in the next few weeks.”
The Guardian reports that the Corporate Affairs Commission (CAC) has commenced the implementation of the requirement of N100 million minimum paid-up capital for companies with foreign participation.
The value is a 900 per cent increase compared to what was obtained before now.
The increase, according to CAC, is in line with the Revised Handbook on Expatriate Quota Administration (2022).
In a flier posted on X platform dated December 5, signed by management, CAC stated that any application for incorporation of a company having foreign participation would not be processed unless it complies with the above requirement.
It directed that existing companies with foreign participation that have less than N100 million paid-up capital ensure compliance with the above requirement not later than six months from the date of this notice.
“Commission shall commence proceedings for the compulsory winding-up of the Companies under Section 571 (e) of the Companies and Allied Matters Act 2020,” it said.
Since 2004, the minimum issued share capital requirement for such companies was N10 million.
According to Aluko &Oyebode, the guidelines in the handbook do not have a retrospective effect; hence companies with valid subsisting business permits under the old rules are not caught by the new rule.
It stated that companies that were registered with the previous minimum share capital, but are yet to obtain business permits may need to increase their share capital to align with the new regime.
The newspaper says that protesters yesterday invaded the National Assembly complex in Abuja, over the killing of scores of innocent citizens by a military drone on Sunday in Kaduna State after a misinterpretation of activities at the scene.
This is as the United Nations (UN) deplored the airstrike, which is one of the country’s deadliest military bombing accidents.
The UN Human Rights Office deplored the attack, noting that it was the latest of at least four airstrikes that have resulted in significant civilian fatalities since 2017. The army had acknowledged one of its drones mistakenly struck the village of Tudun Biri as residents celebrated a Muslim festival.
The death toll increased to 127 by Wednesday afternoon, while the number of people hospitalised at the Barau Dikko Specialist Hospital stood at 75.
“While we note that the authorities have termed the civilian deaths as accidental, we call on them to take all feasible steps in future to ensure civilians and civilian infrastructure are protected,” UN Human Rights Office spokesperson, Seif Magango, said in a statement.
“They must review rules of engagement and standard operating procedures to ensure that such incidents do not happen again.”
Bandits have long terrorised parts of northwestern Nigeria, operating from bases deep in forests and raiding villages to loot and kidnap residents for ransom. The military said troops were carrying out aerial patrols when they observed a group of people and “misinterpreted their pattern of activities to be similar to that of bandits”, before the drone strike was launched.
“We are particularly alarmed by reports that the strike was based on the ‘pattern of activities’ of those at the scene, which was wrongly analysed and misinterpreted,” said Magango.
“There are serious concerns as to whether so-called ‘pattern of life’ strikes sufficiently comply with international law. We urge the Nigerian authorities to thoroughly and impartially investigate all alleged violations of international human rights and international humanitarian law, including deaths and injuries from air force strikes, and hold those found responsible to account,” said Magango.
“The government should also provide victims of any unlawful strikes and their families with adequate reparations.”
GIK/APA