Business

Fouani kidnap: Unchecked abductions could erode investor confidence in Nigeria – MAN

The Manufacturers Association of Nigeria (MAN) has warned that the continued abductions of company executives could undermine confidence in the Nigerian economy.

Mr. Segun Ajayi-Kadir, the Director-General of MAN, made this statement on Tuesday in Lagos. His remarks came following the successful rescue of the Managing Director of Fouani Group, Mohamed Fouani, and four others by the Lagos State Police Command.

Ajayi-Kadir emphasized that the issue of insecurity poses a significant threat to the business community and the overall economic development of Nigeria.

He praised the security agencies for the safe release of Mr. Fouani, noting that their efforts were successful and resulted in no casualties among the victims.

He said, “The association is, however, concerned about insecurity, as the kidnap of the Fouani managing director left the entire manufacturing community shocked and concerned about the safety of its chief executives and indeed, its workforce.”

“This, if not checked, will erode investor confidence in the economy and further jeopardise the efforts of the present administration of President Bola Ahmed Tinubu at repositioning the economy for growth.”

“MAN also extends its solidarity and hearty felicitation to the family and colleagues of the managing director over the release. The association remains concerned about the safety and well-being of its members and will continue to collaborate with authorities to address security challenges facing the operators in the manufacturing sector in particular and the nation in general,”

Backstory

Nairametrics reported the abduction of the CEO of Foani and three others in the Apapa area of Lagos state over the weekend. The kidnap sparked outrage among members of the public considering the location of their kidnap and the safety of CEOs in the nation’s economic nerve center.

  • The issue brought to the fore several insecurity problems faced by the Manufacturers in recent times especially companies like Okomu’s oil which has seen fatal violence against in the last few months. About three of the company’s staff have lost their lives while trying to going about their work duties and responsibilities. The insecurity faced by Okomu Oil has led it to project a decline in revenue in the third quarter of the year.
  • Okomu Oil is not a isolated case, farmers across the country have had to pay for their own security following the rise in banditry. A research by SBM Intellligence revealed that farmers in the Northern part of the country have paid around N200 million to either get access to the document, this is a critical sector.

Source: TheTimes.com.ng.

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