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‘You’ll Make Good Profit In Nigeria’ – Tinubu Assures Indian Investor

Lifestyle Nigeria gathered that President Bola Tinubu has assured potential Indian investors about the enormous profits they stand to make in Nigeria.

He premised this on the pledge that his administration would break every bottleneck that impedes their ease of doing business in the country.

“I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs,” Tinubu told the Chairman and CEO of the Hinduja Group of Companies, Gopichand Hinduja, a conglomerate with a total asset portfolio exceeding $100bn.

“The Indian Industrialist was received by the President within 90 minutes of the President’s arrival in India for a meeting, which began around 8:00 pm local time,” read a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled, ‘President Tinubu Arrives India and heads straight into top-level investment meeting with Hinduja Chairman after 15a -hour journey’.

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NAFDAC Denies Sugary Nestle Baby Formula Sold in Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) on Sunday said infant formulas by a food and beverage company giant, Nestle, alleged to contain sugar and honey are not registered and not sold in Nigeria.

NAFDAC disclosed this in a statement signed by its management.

Findings by Swiss investigative organisation, Public Eye, and the International Baby Food Action Network, alleged that two of the best-selling baby-food brands marketed by Nestlé in low- and middle-income countries contain high levels of added sugar, while such products are sugar-free in their home country, Switzerland.

The Public Eye and IBFAN scrutinised around 150 products sold by the food giant in lower-income countries and found that almost all the Cerelac infant cereals examined contain added sugar – nearly 4 grams per serving on average, equal to roughly a sugar cube – although they are targeted at babies from six months of age. The highest amount – 7.3 grams per serving – was detected in a product sold in the Philippines.

They also said most of the Nido powdered milk products for young children from one to three years old examined also contain added sugar – almost two grams per serving on average. The maximum value (5.3 grams) was detected in a product sold in Panama.

They, however, added that in Switzerland and Nestlé’s main European markets, such products are sold without added sugar.

NAFDAC, in a statement titled ‘Nestle adds sugar to infant milk sold in poorer countries: NAFDAC’s response,’ however, noted that the agency exercises due regulatory diligence in the registration of infant and young children foods distributed and used in Nigeria in line with relevant Codex Alimentarius international food standards, and more specifically, Nigerian Industrial Standards.

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Outrage As Filling Station Compels Customers Buy Meat Pie Before Fuel (Update) – Lifestyle Nigeria

A bizarre incident has sparked outrage at a filling station, where a customer claims he was told to purchase a meat pie before being allowed to buy fuel. A Update capturing the man’s frustration has gone viral, showing him vehemently objecting to the unusual condition.

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$2.4 Billion Vanished? Nigerian Watchdog SERAP Sues Oil Company NNPCL

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited over the “failure to account for and explain the whereabouts of the alleged missing $2.04 billion and N164 billion oil revenues.”

This, according to SERAP, followed the allegations documented in the recently published 2020 audited report by the Auditor-General of the Federation that the NNPC; failed to remit the money into the Federation Account, saying that the money may have been diverted.

This was disclosed in a statement signed by the Deputy Director of SERAP, Kolawole Oluwadare, and made available to the media on Sunday.

In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in a report by the Auditor-General.”

In the statement, SERAP urged the NNPCL to “hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution,” and “ensure the full recovery and remittance” of the missing funds into the Federation Account.

The organisation noted that the failure to account for the missing oil revenues reflects the nation’s oil giant’s “continuing failure to uphold the principles of transparency and accountability,” adding that it’s a “grave violation of the provisions of the Nigerian Constitution 1999 [as amended],” among others.

SERAP condemned the missing oil revenues, lamenting that “had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights of Nigerians, such as increased spending on public goods and services.