TROOPS ARREST SUSPECTED KIDNAPPER, RECOVER AK-47 RIFLE ALONG BENIN–SAPELE ROAD. (PHOTO). #PRESS RELEASE

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 TROOPS ARREST SUSPECTED KIDNAPPER, RECOVER AK-47 RIFLE ALONG BENIN–SAPELE ROAD Troops of 4 Brigade Nigerian Army, Operation WABAIZIGAN, have arrested a suspected kidnapper and recovered an AK-47 rifle and ammunition during a targeted operation along the Benin–Sapele Road in Ikpoba-Okha LGA of Edo State. The suspect, identified as Olamide Oyeniyi, was arrested on 12 September 2026 at Obaretin Community by troops conducting operations to disrupt criminal activities and safeguard major transportation routes within the area. Items recovered from the suspect include one AK-47 rifle, one magazine and eight rounds of 7.62mm Special ammunition. Other items recovered are one Tecno mobile phone, two bags, one torchlight, one music box and assorted charms. The suspect and recovered items are currently in troops’ custody for further investigation, while efforts are ongoing to establish his links to other criminal elements and determine his possible involvement in kidnapping and related activi...
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WALE EDUN: ECONOMIC INSTABILITY, FX PAUCITY FORCED 800 COMPANIES TO SHUT DOWN. (PHOTO).

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 Wale Edun: Economic instability, FX paucity forced 800 companies to shut down

 

Wale Edun, minister of finance, says economic instability forced 800 companies to shut down operations.


Edun made this known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office.


The minister said the departure of these companies was not sudden.


He said issues such as market instability, unfulfilled promises, and contract breaches drove them away, but these issues have now been resolved.


“Government did inherit an unstable economy,” Edun said.


“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.


“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.


“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.”


Edun said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.


This, he said, will allow investors to leverage the dynamic domestic markets to enhance their equity and invest.


On March 6, the Manufacturers Association of Nigeria (MAN) said 767 manufacturers shut down operations, while 335 became distressed, in 2023.

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