Connect with us

Finance & Business

Business: ShopRite And List Of Multinationals That Shutdown Business, Citing Harsh Economic Situations In Nigeria

Shockingly, outstanding number of firms in Nigeria recently, especially, multinationals, have outrightly shutdown operations, businesses and completely exited Nigeria.

Published

on

The economic downturn across Nigeria hits the Retail Supermarket Nigeria Limited (RSNL), owner of Shoprite, leading to the announced shutdown of its Wuse store located in Novare Wuse Central Mall, Abuja from 30 June, 2024.

Following the collapsing Nigeria’s economy and weakening country’s currency which led to high inflations, the company’s Chief Executive Officer, Folakemi Fadahunsi, said in a circular titled ‘Notification of Novare Wuse Central Mall, closure’ dated 21 June, that the decision was made after a thorough evaluation of the store’s financial situation and the current business climate in the country.

This latest development is coming about six months after Shoprite Mall in Kano shutdown operations in its branch from January 14, 2024.

In the same vein, the popular Kano mall revealed its decision to shutdown was informed by the financial difficulties and high production costs confronting business establishments in the country in a circular made available at the time.

It’s also a huge economic loss for the employees of Jumia Food as the owner announced decision to cease operation in Nigeria, citing growing economic challenges.

In the notice, ShopRite wrote:

“We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse store located in Novare Wuse Central Mall, Abuja.

“This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organisation’s long-term growth.

“We will no longer require your services for the Novare Wuse Central Mall Store.”

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months).

“We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.

“We would like to express our gratitude for your past business. It has been a pleasure working with you and your team.

“If you have any questions or concerns, or if there is anything we can do to assist you during this challenging transition, please do not hesitate to reach out to us,” the company said.

Some of the staffs reacted to the announced shutdown of the business, citing economic losses, both for them and their dependents:

“They are supposed to tell us like a month or two as someone who works in their firm. But what they actually did was like telling us yesterday a week to the closure. And they told us that we only have one week, which to me, I don’t know for the others, is not right. Because they are supposed to give us one month’s notice.

READ ALSO: Tech: Microsoft Shuts Down Africa Development Centre In Nigeria

“We had a meeting yesterday but I was not in the meeting, but my colleagues actually spoke to the CEO and they said they are going to give us a package while laying us off. But the problem is we don’t know what the package is and they told us that they are going to close on 30 June.

“If we are not coming to work they will send us the package but what if that package is not going to be enough.

“Workers are part of a union that’s supposed to at least fight for their rights in the face of uncertainties. So, if by 30th nobody’s going to come to the store again and we don’t know the package that they are giving us. But definitely, I believe it is cash. They told us it is the economic situation that is making them close up.

“So, if it’s an economic situation they are supposed to transfer us to another store. And if you want to lay us off they are supposed to give us something tangible because like close to 100 persons will be without jobs. And most of us are married people. We are hoping to see what they will give us. That is what we are waiting for right now.”

Many Companies And Businesses That Exited Nigeria Based On Economic Downturn

Shockingly, outstanding number of firms in Nigeria recently, especially, multinationals, have outrightly shutdown operations, businesses and completely exited Nigeria.

Some of the companies chose to scale down operations, transferred ownership or sold their assets, stakes etc.

Diageo is one of them that sold its 58.02 per cent shareholding in Guinness Nigeria to Tolaram.

Shell shutdown operations and sold its assets in Nigeria, a development that was not foreseen or predicted decades ago.

The global Tech giant, Microsoft, shutdown it African Center for Development in Nigeria

PZ Cussons Nigeria PLC and Kimberly-Clerk Nigeria were not left out.

Unilever Nigeria PLC is not left out in the economic downturn.

Procter & Gamble Nigeria followed by GlaxoSmithKline Consumer Nigeria Ltd.

Sanofi-Aventis Nigeria Ltd also joined in the list alongside Equinox Nigeria.

Bolt Food & Jumia Food Nigeria shutdown business operations amongst others.

The anti economic policies of the Nigerian government has forced the country into fierce economic battles.

The impact of a persistent weakening Naira and the effect of the removal of petrol subsidy as well as skyrocketing power tariff prices, diesel and gas costs, which have more than doubled in the last one year of the current administration, have culminated in the high inflation and economic crunch ravaging the entire country.

Christian Wealth Principles

6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth

You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

Published

on

Introduction

Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.

Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].

___________________

1. God Owns Everything—We Are Just Stewards

Psalm 24:1 – “The earth is the Lord’s, and everything in it.”

God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.

Action Steps:

  • Shift from ownership to stewardship
  • Ask God how to manage what He’s entrusted to you
  • Use wealth to glorify God, not just yourself

Quote:

“When we see money as God’s, we handle it differently—with purpose, peace, and power.”


2. Diligence and Hard Work Bring Prosperity

Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”

Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.

Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”

Faith + Action = Prosperity

Action Steps:

  • Show up early. Learn. Network. Execute.
  • Serve God in your work, not just in church.
  • Work is worship when done with purpose.

3. Avoid Debt and Live Within Your Means

Proverbs 22:7 – “The borrower is slave to the lender.”

Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.

Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.

Action Steps:

  • Budget with a plan, not emotion
  • Buy only what you can afford
  • Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.

4. Tithing and Generosity Invite God’s Blessing

Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”

Generosity invites God into your finances.

Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.

Action Steps:

  • Tithe as an act of faith
  • Give beyond money—give time, wisdom, love
  • Be a blessing to others

5. Invest and Multiply What God Gives You

Matthew 25:14–30 – Parable of the Talents

God expects you to grow what He gives you. Don’t bury your potential.

Real-World Examples:

  • Warren Buffet invests long-term with wisdom and restraint
  • Ray Dalio succeeds through planning, research, and principles

Action Steps:

  • Start small—just start
  • Learn to invest: stocks, skills, businesses
  • Multiply resources for Kingdom impact

6. Practice Contentment—Avoid the Love of Money

1 Timothy 6:10 – “The love of money is the root of all evil.”

Wealth is a tool, not a goal.

Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.

Action Steps:

  • Be content with what you have
  • Avoid comparison and consumerism
  • Focus on eternal rewards over earthly riches

🎯 How to Apply These Biblical Money Foundations Today

✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily


Watch Full Teaching on YouTube

👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:


Conclusion

God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.

Continue Reading

Finance & Business

As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

Published

on

BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

READ ALSO: NNPC Lied About Pump Price, Our Fuel Is 15% Cheaper Than NNPCL’s Imported Ones — Dangote

Hardship: ‘Suspend All Policies Impoverishing Nigerians’, NASME Begs Tinubu

Naira Hits Six-month Low In Official FX Market, Prof. Steve Hanke Slams Tinubu

The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.

Continue Reading

Finance & Business

Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Published

on

Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

READ ALSO: Bill Gates, Anthony Fauci and conspiracy theories (part 2)

Nigeria’s economy stagnated – Bill Gates

Nigeria Is Not Meant To Exist, A Collateral Damage And British Royal Niger Corporation -Burna Boy

BREAKING: Justice Binta Nyako Steps Down From Nnamdi Kanu’s Trial, As He Fearlessly Scolds Her For Disobeying Supreme Court’s Judgment

Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

Continue Reading

Trending