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“Tough Business Climate: Six Nigerian Firms Forced To Shut Down Operations In 2023”

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In the midst of Nigeria’s challenging economic landscape, six indigenous companies have halted operations within the span of ten months, concluding in December 2023….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

Persisting issues such as foreign exchange scarcity, insufficient power supply, port congestion, multiple taxation, insecurity, and inadequate infrastructure have inflicted significant damage on businesses, particularly within the manufacturing sector.

Even as local companies face closure, numerous foreign entities declared their intentions to withdraw from Africa’s largest economies last year, including GlaxoSmithKline Consumer Nigeria, Equinor, Sanofi, Bolt Food, and Procter & Gamble.

Indigenous companies have not been immune to the harsh business environment, emphasizing the crucial need for government support.

In a statement released on Thursday, BusinessDay identified at least six domestic firms that ceased operations in the past ten months. The list is as follows:

  1. Mayor Biscuits Company Limited (MABISCO):
    • Shutdown occurred in March.
    • Established in 2016, with a manufacturing capacity of 3.5 tonnes per hour and over 300 distributors nationwide.
  2. 54Gene:
    • A genomics startup that closed in September.
    • Operated for four years, raising $45 million in three funding rounds.
  3. Lazarpay:
    • A web3 and crypto payment company that ceased operations in April after two years due to a lack of funds.
  4. Jubilee Syringe Manufacturing Company:
    • Inaugurated in 2017, it halted operations in December, citing unforeseen circumstances affecting business operations.
  5. DropX:
    • A delivery-oriented startup founded in 2021, closed its operations in December amid challenging economic conditions for startups.
  6. Okadabooks:
    • A pioneer in digital publishing and bookselling, shut down in November after 10 years, citing insurmountable challenges in the rough macroeconomic conditions.

As Nigeria grapples with economic challenges, the closure of these companies raises concerns about the broader impact on local businesses and underscores the necessity for measures to bolster their resilience and growth.

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TCN Blows Hot, Accuses IKEDC Of Misleading Customers Over Grid Instability.

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The Transmission Company of Nigeria (TCN) has challenged Ikeja Electric (IKEDC) over its explanation for the recent electricity disruptions experienced by Band A customers.....KINDLY READ THE FULL STORY HERE▶

The transmission company maintained that the outages were caused by a decline in electricity generation rather than instability in the national grid, Naija News reports.

TCN disclosed its position in a statement issued by its management on November 6, 2026.

The response followed a public notice released by IKEDC on November 5, in which the distribution company attributed several power outages affecting Band A feeders on November 3 and 4 to instability in the national grid.

IKEDC had blamed the disruptions on TCN, but the transmission company dismissed the allegation, describing the explanation as inaccurate and misleading.

TCN explained that the responsibility for investigating and establishing the actual causes of disturbances and interruptions on the national grid lies with the Nigerian Independent System Operator (NISO), in accordance with Section 67 of the Electricity Act 2023.

In the statement, the company said, “The determination of the root cause of disturbances, shortfalls and interruptions on the national grid falls exclusively within the defined functions of the Nigerian Independent System Operator (NISO).

“TCN can only transmit the energy made available to it and cannot transmit energy that is not generated.

“Attributing shortfalls caused by generation constraints to TCN misinforms customers, undermines public confidence and obscures the real challenges that all stakeholders must work together to resolve.

“DisCos should communicate based on verified information from NISO, the body responsible for the operation of the grid.

“TCN sympathises with customers affected by the reduced hours of supply.”

The company urged electricity distribution companies to rely on verified information from NISO when explaining power supply disruptions to their customers.

It also expressed sympathy for consumers affected by the reduced hours of electricity supply.

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Another Major Loss For Nollywood As Popular Actor Is Confirmed Dead.

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The Nigerian movie industry has been thrown into mourning following the death of veteran Nollywood actor, Diewait Ikpechukwu.....KINDLY READ THE FULL STORY HERE▶

Ikpechukwu reportedly passed away on Thursday, November 5, 2026, at the age of 71 after battling a prolonged illness.

A family source confirmed his death to Daily Post but declined to reveal the specific illness he suffered before his demise.

Similarly, the National President of the Actors Guild of Nigeria, Alhaji Abubakar Sanusi Yakubu, announced the actor’s passing in an Instagram tribute on Friday, November 6, 2026.

In his tribute, Yakubu described Ikpechukwu as another legendary figure who had departed, noting that his memories would continue to live in the hearts of those who knew him.

The late actor enjoyed a career spanning more than 25 years and was particularly recognised for his roles in Nollywood productions, where he frequently portrayed traditional rulers, influential personalities and respected elderly figures.

Diewait Ikpechukwu was born on August 23, 1955, and hailed from southeastern Nigeria.

Before venturing into the movie industry, he was an accomplished footballer who played as a right winger during the 1970s. His footballing talent reportedly earned him an invitation to the Green Eagles camp, Nigeria’s former senior national football team.

He featured for clubs such as Blue Diamonds of Nsukka and Kaduna Rocks and also captained the Kaduna Polytechnic football team.

While studying in Kaduna, Ikpechukwu developed an interest in broadcasting and reportedly worked with radio stations, where he provided football commentary.

His involvement in football and broadcasting gave him early exposure to the media and entertainment world before he eventually pursued an acting career.

Academically, the late actor attended Comprehensive High School in Awo-Omamma, Imo State, before proceeding to Kaduna State Polytechnic, where he obtained a Higher National Diploma in Marketing.

He subsequently completed his National Youth Service Corps programme at Ahmadu Bello University, Zaria, and later earned a postgraduate diploma in Marketing from Enugu State University of Science and Technology.

Before fully embracing acting, Ikpechukwu worked with the Nigerian Telecommunications Limited (NITEL), where he held the position of business office manager.

His transition into entertainment followed his involvement in television productions at the Nigerian Television Authority (NTA), Enugu.

He made his feature film debut in Evil Men in 1998, playing the role of a traditional ruler. The movie also featured prominent actors, including Pete Edochie, Alex Usifo and Liz Benson.

The production marked an important turning point in his acting career and helped establish his presence in Nollywood.

Over the years, Ikpechukwu became a familiar face to movie lovers through his convincing portrayals of kings, traditional rulers, elderly statesmen and other influential personalities.

His commanding screen presence made him particularly recognisable in films centred on traditional institutions, cultural heritage and African customs.

His death marks another loss for the Nigerian entertainment industry, with tributes expected to continue from colleagues, fans and admirers.

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Trump Shakes Up White House, Replaces Susie Wiles As Chief Of Staff.

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United States President Donald Trump has appointed his close adviser, Stephen Miller, as the new White House Chief of Staff.....KINDLY READ THE FULL STORY HERE▶

Miller, who currently occupies the position of Deputy Chief of Staff, is expected to officially assume the role on Monday, November 9, 2026.

Trump announced the appointment on Friday in a post on his Truth Social platform, while revealing that the outgoing Chief of Staff, Susie Wiles, would be moving to his political operation, Naija News reports.

The US President described Miller as one of his most trusted advisers and commended Wiles for her contributions during her time in the White House.

Announcing the development, Trump wrote, “I am pleased to announce that Mr. Stephen Miller, the current Deputy Chief of Staff of the Trump Administration, and one of my most trusted advisors, will become the Chief of Staff starting Monday, November 9, 2026.

“Susie Wiles, who has done an outstanding job, will be moving over to the Trump Political Operation. I want to thank her for her service as Chief of Staff, she has done a great job!”

Miller has been a key figure in Trump’s political circle since the 2016 presidential campaign, when he served as a speechwriter.

He subsequently became a senior policy adviser during Trump’s first administration, where he played a significant role in shaping the President’s tough immigration policies.

In January 2025, Miller returned to the White House as Deputy Chief of Staff for Policy and Homeland Security Adviser, emerging as one of the influential figures behind the administration’s immigration and domestic policy decisions.

During Trump’s first term, he was instrumental in developing the administration’s immigration agenda, including the controversial 2018 policy that resulted in the separation of thousands of migrant families at the US-Mexico border.

Meanwhile, Wiles made history in January 2025 as the first woman to serve as White House Chief of Staff.

The experienced political strategist had been a central figure in Trump’s presidential campaigns, playing important roles in managing his 2016 and 2020 campaigns in Florida before taking charge of his successful 2024 presidential campaign.

She was widely credited with introducing greater discipline and coordination into Trump’s campaign operations.

The latest leadership change comes days after the Republican Party lost control of both chambers of Congress following the November 3 midterm elections.

The Democrats secured majorities in both the House of Representatives and the Senate, marking a significant political setback for Trump’s administration.

 

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