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Peter Obi laments exit of multinational companies from Nigeria

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Last Updated on June 24, 2024 by Fellow Press

Mr Peter Obi, the Labour Party presidential flagbearer of 2023 election is berated the alarming rate of massive exodus of multinational companies from Nigeria.

According to Mr Obi, a staggering N95 trillion in the past five years has been lost.

He added, “According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.

“According to The Punch, “Multinational firms exit Nigeria over harsh business climate.” The Guardian reports, “Insecurity, high energy costs force companies to leave Nigeria.” The Nation states, “Poor business environment, inconsistent policies drive companies out of Nigeria.”

“These companies have highlighted the same problems across the board. It is clear these issues are not coincidental but symptomatic of a larger governance problem. Why are we not facing and solving these problems head-on?

“The responsibility lies with our leadership, those we put in charge to urgently address these challenges. Tackling these issues requires creating a business-friendly environment that fosters investment, innovation, and growth.

“This includes prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance. We can build an economy that benefits all Nigerians, not just a privileged few.

“Let us unite to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens. Together, we can make Nigeria a beacon of hope and progress in Africa and the world.

“A new business friendly Nigeria is possible.”

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Nigerians paid N721bn in cash bribes to govt officials in 2023 – NBS

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Last Updated on July 12, 2024 by Fellow Press

A survey by the National Bureau of Statistics (NBS) has revealed that Nigerians paid a staggering N721 billion in cash bribes to public officials in 2023.

The survey, titled “Corruption in Nigeria: Patterns and Trends,” released on Thursday, July 11, revealed that over 95 percent of these bribes were in monetary form.

According to the report, there has been a decline in Nigerians’ confidence in the government’s anti-corruption efforts during the period under review.

The report stated, “Overall, it is estimated that a total of roughly N721 billion ($1.26 billion) was paid in cash bribes to public officials in Nigeria in 2023, corresponding to 0.35 percent of the entire Gross Domestic Product (GDP) of Nigeria.”

The report further revealed that bribes paid in a public official’s office and on the street accounted for approximately 35 percent and 36 percent of all bribes respectively while, 11 percent of bribes were paid in respondents’ own homes, while 7 percent occurred in public buildings such as restaurants, malls, or stations.

The report highlighted that healthcare professionals and public utility officers were the most frequent recipients of bribes, accounting for 30 percent and 24 percent of encounters respectively. Police officers followed closely with a contact rate of 20 percent

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Vice President Trump, President Putin Of Ukraine – Biden Goofs At NATO Summit

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Last Updated on July 12, 2024 by Fellow Press

U.S. President Joe Biden had a series of verbal slip-ups on Thursday alongside the NATO summit in Washington, an unfortunate development for the 81-year-old as he tries to move past concerns that he is too old to run for re-election.

Verbal gaffes are not unusual in the long political career of Biden, who overcame a childhood stutter, but there is closer attention on him amid the fallout from his dismal debate performance against Republican candidate Donald Trump last month.

Trump, who is 78, and also has faced concerns about his age, frequently made false claims during the debate and often rambles during campaign speeches.

Below is a summary of Biden’s mistakes on Thursday.

BIDEN MISTAKENLY CALLS ZELENSKIY ‘PUTIN’

Biden mistakenly referred to Ukrainian President Volodymyr Zelenskiy as “President Putin”.

“And now I want to hand it over to the president of Ukraine, who has as much courage as he has determination, ladies and gentlemen, President Putin,” Biden said at the NATO summit, drawing gasps from those in the room.

“Going to beat President Putin, President Zelenskiy. I am so focused on beating Putin,” Biden said while correcting himself.

BIDEN MISTAKENLY REFERS TO HARRIS AS TRUMP
During a news conference on Thursday evening, Biden mixed up the name of his vice president, Kamala Harris, and his rival Trump.

“Look, I wouldn’t have picked Vice President Trump to be vice president if she was not qualified to be president. So start there,” Biden said as he responded to a question from Reuters about his confidence in Harris.

BIDEN FUMBLES ‘CHIEFS OF STAFF’
Biden also struggled at the news conference to find the words “chiefs of staff,” mistakenly referring to the group of the country’s top uniformed military leaders as “commander in chief,” the title he holds as president.

“And so our military is working on following the advice of my commander in chief my, my, my, the chiefs of staff, of the military as well as the secretary of defense and our intelligence people.”

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