KPMG: Exit of GSK, P&G, Others Reducing Investors’ Confidence in Nigeria’s Economy Says nation’s huge infrastructure gap requires $14.2bn annual investment over 10 years
Emmanuel Addeh in Abuja World renowned audit, tax and advisory services firm,
KPMG, yesterday, said the exit of major companies that had operated in Nigeria for years was contributing to the
waning investors’ confidence in the country. The firm stated this in its “flashnotes” on the recent capital importation
report by the National Bureau of Statistics (NBS), which it tagged, “Light Not Yet at the End of the Tunnel for Foreign
in Q2, 2023, to continuing negative market sentiments
Capital?” It attributed the drop in capital importation to Nigeria in Q3, 2023, after an initial rise
Continued on page 5
Funke Akindele’s ‘A Tribe Called Judah’ Grosses N1bn,First of Its Kind in Nollywood... Page 35 Friday, January 5, 2024 Vol 28. No 10495. Price: N400
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To Consolidate Himself in Power, Fubara Reaches Out to Allies in Unlikely Quarters Visits Diri in country home, Mbata too Ex-speaker withdraws suit against Amaewhule-led Assembly Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt In
an
apparent
bid
to
consolidate himself in power, Governor of Rivers State, Siminalayi Fubara, has begun to reach out to politicians within and outside the
state, aligning and realigning forces, whose association he thinks can help him navigate the maze of political crisis produced by the recent faceoff
with his political godfather, Nyesom Wike. Fubara, yesterday, visited his nearest neighbour, Bayelsa State Governor, Senator Douye
Diri, and Senator Azuta Mbata from Rivers State, to seek further unity between the two states. In a related development,
which signalled the advancement of the peace Continued on page 5
EFCC Investigates Scores of Top Companies over FX Allocations in 10Years Former minister, Sadiya Umar Farouq writes agency over failure to honour invitation Suspended NSIPA boss, Halima Shehu, reports second day for further interrogation
Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) is conducting a comprehensive review and investigation into foreign exchange (FX) utilisation in the last 10 years, which involves scores of leading companies in the country that may have benefited from FX allocation from the Central Bank of Nigeria (CBN). The target companies include: Dangote Group, TGI, and Flour Mills, among several others. The development might not be unconnected with the investigation over arbitrary FX allocations. Clearly, none of the companies was said to have committed any infractions, as Continued on page 5
FUBARA CREEPS OUT OF WIKE'S SHADOWS... Rivers State Governor, Siminalayi Fubara (left), and his Bayelsa State counterpart, Senator Douye Diri, during Fubara’s visit to Diri’s Sampou country home in Kolokuma/Opokuma Local Government Area... yesterday
FG: Power Firms Short of $2.5bn of Capital to Improve Electricity Supply... Page 5