Nigeria Faces Employment Crisis as Multinational Companies Pull Out

Nigeria’s economic crisis, driven by the removal of petrol subsidies and FX window unification, has led to the exit of several multinational companies. Diageo, on June 11, announced selling its 58.02% stake in Guinness Nigeria to Tolaram, joining 15 other multinationals like Kimberly-Clark, Procter & Gamble, GlaxoSmithKline, Unilever, and Sanofi-Aventi Nigeria in reducing or... Read More

Otedola Takes Control: First Bank Stake Climbs to 11.63% After Fresh Share Purchase

Mr. Femi Otedola, billionaire businessman and Chairman of First Bank Nigeria (FBN) Holdings Plc, has acquired an additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited (NGX). This purchase, valued at N17.219 billion with shares traded at N21.58 each, further solidifies Otedola’s majority stake, raising his shareholding to 11.63%, the highest... Read More