Nigeria

The Anambra State Governor Charles Soludo, on Wednesday, advocated for governors and other elected officials to earn minimum wage. He said this to emphasize the need for a lifestyle that reflects Nigeria’s financial challenges. Speaking at a special edition of The Platform, an event organized by The Covenant Nation to promote national development, Governor Soludo highlighted the stark contrast between the opulent lifestyles of government officials and the harsh economic realities faced by the country. “Let’s come clean and straight with Nigerians. Nigeria is very poor and broke but the lifestyle of government and government officials does not show it, especially with the obscene flamboyance in public display,” Soludo stated. Soludo criticized the extravagant lifestyles of governme...

UK-Based Diageo to Sell 58% Guinness Nigeria Stake to Tolaram Group for $70 Million Diageo Plc, the British multinational beverage alcohol company, is selling its 58% stake in Guinness Nigeria Plc to Singapore-based Tolaram Group. This move aligns with other multinational corporations' recent decisions to reduce their exposure or exit Nigeria, the most populous nation in Africa, currently grappling with a severe cost-of-living crisis. Tolaram Group, which operates in consumer goods and is an investor in Nigeria's new Lekki Deep Sea Port, will purchase the holding for 81.6 naira ($0.05) per share, totaling approximately $70 million. This strategic exit by Diageo is in response to the increasingly challenging business environment in Nigeria, marked by a scarcity of dollars necessary fo...