The Labour Party presidential candidate in the 2023 elections, Peter Obi, has once again decried the exit of multinational companies from Nigeria as Procter & Gamble, popularly known as P&G, has announced that it is winding down its on-ground presence in the country.

This is coming a few months after a British pharmaceutical company, GlaxoSmithKline, popularly known as GSK, exited the country.

Reacting to the development, the former Anambra State governor in a series of tweet on his X handle on Thursday evening wrote, “A few months ago, I lamented the exit of one of the top global Pharmaceutical giants, GlaxoSmithKline from Nigeria.

“GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria. The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity.


“Today, Procter & Gamble, 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.

“Governments at all levels in Nigeria must therefore take immediate steps to ensure that institutions of governance are put in place and actively engaging to show that the situation is reversed.

“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors. -PO

Nigerian music sensation Tiwa Savage has once again captured the attention of her global fan base with a series of captivating bikini photographs on her Instagram page.

The celebrated artist, known for her blend of Afrobeat and R&B, has sparked considerable excitement with her latest social media reveal.

In a post captioned “Hey Bighead,” accompanied by a playful emoji, Savage showcased her stunning figure in a daring bikini ensemble. The outfit, a creation by vintage designer Christian Aduguirre, highlighted the singer’s bold fashion choices. Accentuating her look were pink calf-length boots and an elegant boho dress braid, complemented by a classic makeup style.

Savage revealed that her Instagram post, were taking in the Cayman Islands. In a particularly sultry photo, she is seen squatting while turning her back to the camera, a pose that has got a lot of admiration from her followers.

The “Koroba” hitmaker had also posted a lively video of herself dancing and smiling to Justin Bieber’s popular track “Peaches.” In another clip, she captivates the audience with a seductive look as she runs towards the camera.

This social media activity comes in the wake of recent comments by Ms. Jorgi, self-proclaimed Queen of Afro Trap Who criticized Savage and fellow artist Tems for their lack of support for female Nigerian artists. She accused them of preferring collaborations with trending artists over helping emerging talents.

Also recall that earlier this year, Savage was in the news for her luxurious travel habits. Earlier this year, she revealed her extensive travel entourage, often consisting of 15 boxes, leading to suggestions that she might need a private jet for her touring commitments.

Tiwa Savage also made history in May 2023 as the first African artist to perform at the coronation of a British monarch. Dressed in a mesmerizing green outfit, she delivered a soulful rendition of her song “Keys to the Kingdom,” a performance that was a proud moment for Nigeria on the international stage.

…Says FG Should Repair, Sell Refineries To Those Who Can Run Them

An elder statesman and a former Minister of Finance, Chief Olu Falae, says Nigeria’s president does not have to be the minister of petroleum, adding that it is important to appoint a minister to oversee the ministry.

His position is in support of former central bank governor, Sanusi Lamido Sanusi, who earlier said that the president should not be minister of petroleum, believing that appointing a minister of petroleum will make it possible to have someone to be held responsible when things don’t go right.

Ex-President Muhammadu Buhari held the position during his time with incumbent Bola Tinubu towing the same line. But the elder statesman argued that the petroleum ministry ought to have a minister in charge and not the president

“I believe that there ought to be a minister for every important subject in government including petroleum. But I know that petroleum is so important to the finances of government that no president has been able to take his hands off petroleum completely,” he said on Thursday’s edition of Channels Television’s Politics Today.

“Not Babangida because we had Minister for Petroleum, not Obasanjo because we had Buhari as Petroleum Minister, no President has been able to take his hands off petroleum because it is so important.

“But conceptually, it is necessary and important to have a man of integrity called a minister to manage the petroleum industry in my view on behalf of the president and Nigeria so that he can be held accountable.

“I think it is good for us to have a petroleum minister. All ministers report to the president but the president does not have to be the petroleum minister,” Falae said.’

The former presidential candidate also suggested that the Federal Government repair and sell Nigeria’s crude oil refineries to private individuals who can run them better.

“My belief is that Nigeria’s problem with fuel and its price will be substantially resolved when we are able to repair and recommission our refineries and sell to companies that know how to run refineries,” he added.

“We should not try to run them ourselves because if we try to do so, politics will intervene and we will mismanage them. I am sorry to say this.”

Also,  Falae believes Nigeria should repair and sell off its refineries, maintaining that the government is incapable of running them.

For decades, Africa’s most populous nation and one of the continent’s largest crude producers has depended on fuel imports to meet local demand because of under-performing state-run refineries – located in Warri, Port Harcourt, and Kaduna.

But Falae on Thursday called for a different approach.

“My belief is that Nigeria’s problem with fuel and its price will be substantially resolved when we are able to repair and recommission our refineries and sell to companies that know how to run refineries,” the elder statesman said on Channels Television’s Politics Today.

“We should not try to run them ourselves because if we try to do so, politics will intervene and we will mismanage them. I am sorry to say this,” he said.

Nigeria was swapping crude worth billions of dollars for gasoline that it then subsidised for its domestic market.

It caused a huge drain on foreign exchange at a time of dwindling oil revenue following the coronavirus pandemic and the Russia-Ukraine war. However, on his inauguration, President Bola Tinubu declared an end to the subsidy regime, a move that tripled the price of the commodity.

But to manage the situation, Falae, who is the Oluabo of Ilu-Abo in Ondo State, maintains the sale of the refineries – which has become a touchy issue in the country – is the solution.

“So, we repair them and sell them to those who can manage refineries. And then, they will use those refineries to refine Nigerian crude oil and sell them to those us here in Nigeria. That reduces the influence of the dollar exchange rate substantially,” Falae argued.

“I am almost certain that the day we do that, the price of fuel will come down almost substantially. I have no doubt that.”

He also believes Nigerians should not be buying crude oil at the international market price.

“My position is that crude oil is a natural endowment of Nigeria. God himself has given it to us to help us to stimulate development,” the monarch said on the current affairs show. “So, we should consume it at the cost of production plus a reasonable profit margin for the producers; not at the international market price.”