Skip to main content


Acquisitions, Closures and other Business News that Rocked Nigeria in 2018

Apologies..This is coming later than planned🙂.....

2018 wasn’t exactly a great year for the Nigerian economy. The drought in the economy did not just affect small and medium scale businesses; it also affected some multinational companies.

2018   saw some foreign investors pull their investments out of the country . It also saw the acquisition of some companies that were assumed to be doing well. Heck it saw the richest man in Africa loose about N2B. Let’s count down the shocking events that rocked the business world in 2018.

When word got out that premiere online retail giant, Konga was going to be purchased by Zinox last year, so many people were shocked;but not people that have been following the sector though. Any keen observer will tell you they knew something was off the moment they reportedly laid off about 60% of their staff. They also made some changes in their business operations; like ending the 'pay on deliver option'. This may have been done to curtail the loses the company was rumoured to have been incurring.

Otedola Divested his  interests
When son
of one time governor of Lagos State ,Michael Otedola,  Femi Otedola revealed that he was selling his shares in Forte Oil, so many people were shocked. There were wild speculations as to his reason for leaving what is considered one of the most lucrative sectors of the economy;the down stream oil sector.

The most popular is the fact that he may be in a squeeze financially and needed to liquidate all his assets.

I am of the opinion that he may be positioning himself to become a big player in what is rumored to be the next big move in the downstream stream sector of the economy; the move by his friend, Aliko Dangote to build his own refinery. He may want to partner with his friend on this one and he would need real solid capital for this.

Oando Suspended from Trading on the Nigerian stock exchange
Most people saw this coming. They had been having issues for a while. From rumours of them allegedly cooking their books to other alleged sharp practices.

This is going to be temporary though.
Word has it that they are making moves for a big comeback. Their first line of business was appointing Mr. Muntari Muhammed Zubairu as their Group Chief Corporate Services and Operations Office.
 Mr Zubairualso has diverse experience which includes the banking sector where he worked with various banks one of which is Access Bank.He was their Deputy General Manager and Group Head, Commercial Banking North.

Credit: Vanguard
Access Bank Acquires Diamond Bank
This was quite shocking to me. The first sign that Diamond Bank was experiencing issues though was when their international operating license was revoked and then word came that they were selling off their assets in other countries.
No one however saw the fact that they will be acquired by Access Bank coming.

According to Vanguard, this may be the main reason why they ran into a mess…….
Diamond Bank has been looking for ways to clear its huge debt by settling its $200 million Eurobond maturing early next year as well as a $51 million International Finance Corp. loan. It recently exited international banking by selling off its UK and South African assets and returned as a national bank with a regulatory approval by Nigeria's central bank.

“They need more equity for the business to survive and move forward,” another source had told Business Insider SSA by Pulse.

In November, Diamond Bank was the worst stock on the Nigerian Stock Exchange, losing 54$ of its value. No confirmation from banks yet and repeatedly calls to Isaac Okoroafor, the spokesperson of the Central Bank Of Nigeria (CBN) was unconnected on Sunday evening.

Innoson Boss Harassed by EFCC
This was an eventful year for Innocent Chukwuma, CEO Innson Motors.Hs ordeal however raised opened he discussion of  how business men are treated in Nigeria.
Innson Motors is the only indigenous car manufacturing company in Nigeria for now.Read all about their issue with EFCC here.

It wasn't all bad news for the company though as they got to work with the Nigerian military. Read about it here.

Dangote loses Close to $2B
When the richest African and black man alive,Aliko Dangote, who made the bulk of his money in Nigeria and has consistently increased his wealth year in year out, loses about N2B in one year, you know that there was definitely something wrong . 

It isn't all bad though. He is rumoured to have invested heavily in his refinery project.This may explain the sharp drop in his net worth.



Follow Us


Popular posts from this blog

Iyanya vs Ubi Franklin........Lessons to be Learned and Why Partnerships Hardly Work in Nigeria

Once upon a time Made Men Music Group (MMMG) was one of the biggest music labels in Nigeria and their star act was former reality star and singer, Iyanya. Coincidentally, he was one of the hottest exports at the peak of his career and was the favorite among the ladies; a key demographic in music. Fast forward and a few years later; he left the label for Don Jazzy's Mavins label. When he made the move

Fenty May have Out sold Kylie Cosmetics, But Kylie Will Always Make More Than Rihanna...Here is Why

  When news filtered a few days back that Kylie Jenner is now a billionaire , most people were not shocked. This is because there had been projections that her main source of income, Kylie Cosmetics, will soon be worth a $1b after valuation. Naturally people were curious as to who held the number one spot as the youngest billionaire before her. It turns it out was Facebook’s Mark Zuckerberg . At age 23,  was the youngest billionaire in the world. This is not the only comparison people made. People also compared her with her biggest rival in the cosmetics market, Rihanna’s Fenty. The comparison is not exactly uncalled for as they both cater to the same demographic and they both have similar products. Most people noticed

Lagos Court Orders Arrest of Nollywood Actress, Monalisa Chinda Over Tax Evasion

  Reports have it that a warrant for the arrest of Nollywood actress and producer, Monalisa Chinda Coker , by the Lagos state government has been issued. Her production company, Monalisa Code Productions is said to have evaded payment of taxes for about 6 years. According to the NationOnline ....... Justice Adedayo Akintoye made the order on January 21, following an application by the Lagos State Ministry of Justice, alleging that Coker had repeatedly failed to honor a court summons. The application