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Lagos, Dubai Top Fortune 500 Leading Regional Destinations

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By Dipo Olowookere

Lagos has been named among the leading regional destinations on the Fortune 500 list. Other cities on the list include Dubai, Johannesburg, Casablanca, Nairobi and Cairo.

According to a new report released by Infomineo, a global business research company specialising in Africa and the Middle East, the two regions have become increasingly important for the majority of global Fortune 500 companies.

The report focuses on multinationals looking at entering, or already present, in the Middle East and Africa region.

Overall, there was a 17 percent increase in the number of Fortune 500 companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa.

The Infomineo analysis includes the regional footprint of multinationals in the MEA region, the most commonly chosen cities, and the factors which influence the selection of a region, country and city – each element revealing the dynamic growth patterns within the region and a clear trend of Fortune 500 companies establishing presence in MEA.

Infomineo has undertaken in-depth analysis and research on the MEA region, revealing the various factors inhibiting or inspiring Fortune 500 uptake.

The findings provide organisations with a thorough understanding of markets and factors which ensure a steady base of operations from which organisations can expand into the growing MEA market, and establish brand and identity within the growing middle classes.

In 2016, 196 Fortune 500 companies had established a dedicated regional headquarters in the MEA region.

In the Middle-East, Dubai is the most popular choice with 138 companies establishing a dedicated entity in the city.

There has also been a marked uptick in companies deciding to cover MEA from outside of the region – 38 companies up from 22 have established a regional headquarters in areas such as London, Brussels and Paris.

Egypt remains behind the leaders due to political instability, however, it has seen a 250 percent increase in Fortune 500 investment since 2015. Germany and France are leading in terms of coverage rate while China has the lowest presence in the region.

Industry type plays a pivotal role in the selection of city and country. Financial services are more likely to base MEA coverage from London, while technology companies are more inclined towards Casablanca or Lagos. The latter city is also the premier location for organisations looking to manage their operations across Western Africa with 12 Fortune 500 companies already established in the city. Automotive and Healthcare tend to have a presence in both Africa and the Middle East, while Technology is more inclined to having a presence from the outside.

Nairobi, in Kenya, is the leading destination for the FMCG companies and tends to be the top choice for organisations looking to service Eastern Africa. Dubai and Johannesburg are the most popular hubs overall, but both Casablanca and Nairobi are rapidly gaining traction and international awareness.

Casablanca has the highest growth rate overall, while Dubai has the highest count. The same can be said for London, which has tripled its number of regional HQs serving the region, acting as an MEA hub.

Given the geographical proximity and the talent pool present in the city, it could be that London is playing the role of a first step into the MEA region, especially for Japanese and North American companies.

There are numerous factors which impact on the organisation’s selection of a specific city. These include the local market potential, maturity of the industry, existing competitors, political stability and the quality of the employment market, among others.

Determining the attractiveness of a location along these clear lines assures the Fortune 500 companies of a stable and profitable investment and significantly mitigates risk.

The most attractive cities are Dubai, Johannesburg, Casablanca and Nairobi, and at the lower end of the spectrum, Cairo, Paris, Algiers and Cape Town.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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NNPC Remitted N10trn into Federation Account in 2024—Kyari

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Mele Kyari NNPC

By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has disclosed that his organisation remitted about N10 trillion into the purse of the federation last year.

Speaking on Wednesday during a presentation on NNPC Limited’s 2024 revenue performance and 2025 projections to the National Assembly’s joint committee on Finance, Mr Kyari the NNPC was the highest taxpayer in the country in 2024 with the N10 trillion paid to the nation, claiming the state-oil company remains the only in Nigeria to publish 100 per cent of its account statements annually.

The NNPC boss also called for a forensic audit of the funds spent by the company on fuel price stabilization and ensuring uninterrupted petrol supply between January and September 2024.

“Until October 1, 2024, NNPCL, as mandated by the Petroleum Industry Act (PIA), acted as the supplier of last resort for fuel supply,” he boasted.

“A forensic audit is needed to determine the financial obligations of NNPCL and any owed entities. Our transactional accounts are transparent and published annually, reinforcing our status as the top taxpayer and the highest contributor of royalties and dividends,” the NNPC chief added.

Regarding the company’s 2025 revenue projections, Mr Kyari indicated that a definitive figure would be provided after the upcoming board of directors meeting in two weeks, assuring the committee that the parameters for the 2025 budget were both realistic and achievable.

Recall that last year, the NNPC claimed that the 125,000 barrels per day Warri Refinery was operating at 60 per cent capacity and will focus on producing and storing critical products, including Straight Run Kerosene (SRK), Automotive Gas Oil (AGO), and heavy and light Naphtha. after the first 110 barrels per day refinery in Port Harcourt was operational.

The NNPC also noted that Kaduna Refinery and the 150,000 barrels per day second refinery in Port Harcourt will consolidate Nigeria’s position as a global energy provider.

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Amnesty International Demands End to Boko Haram Vicious Killing Spree

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Boko Haram attack lake chad UN

By Modupe Gbadeyanka

Boko Haram must put an end to its vicious killing spree in the northern part of Nigeria, the Amnesty International (AI) has declared.

In a statement to condemn the killing of more than 40 civilians by the terrorist group, AI said Boko Haram must be held to account for its years of atrocities, including war crimes in the country.

On Sunday, January 12, 2025, members of the terror organisation attacked the victims on farming communities in Borno State, killing the inhabitants at close range.

In the statement, AI condemned in strong terms “the executions of these civilians which, once again, shows Boko Haram’s utter disregard for the sanctity of human life and for rules of international humanitarian law.”

“Boko Haram must be held to account for its years of atrocities, including war crimes,” the organisation declared in the statement.

“Our findings show that Boko Haram rounded up the farmers and fishermen, separated the men and shot them at close range.

“Those who attempted to flee were pursued and killed while dozens more were injured. A search for dead bodies is still ongoing while a mass burial is being planned for those killed.

“As well as killings targeting civilians, Boko Haram continues to abduct women and girls and extensively loot property.

“The fact that such atrocities remain commonplace shows that more needs to be done to protect civilians and ensure that families of victims receive reparation and justice,” it stated.

Over the weekend, Boko Haram fighters executed over 40 farmers and fishermen at Dumba community near Baga Borno state northeast.

A resident of Baga told AI that dozens of people have been injured and many are missing. Those killed have been buried.

Since 2020, Boko Haram has been targeting farmers and farmers around the Lake Chad. The armed conflict in northeast Nigeria has been ongoing since at least 2011 and it has created a humanitarian crisis, with more than 2 million people displaced, according to the United Nations.

Amnesty International has repeatedly documented crimes under international law and other serious violations of international human rights and humanitarian law committed by both Boko Haram and the Nigerian military in the context of the conflict in northeast Nigeria.

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NDLEA Lauds Upgrade of Lagos Laboratory by America

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NDLEA Lagos laboratory

By Adedapo Adesanya

The United States government has renovated the laboratory of the Nigerian National Drug Law Enforcement Agency (NDLEA) in Lagos as part of continued efforts to boost Nigeria’s counter-narcotics efforts.

The US government, through the United States Africa Command (AFRICOM) and the Drug Enforcement Administration (DEA), handed over the facility to the agency to complement efforts.

This follows the investment of approximately $500,000 by the American government to modernize and equip the chemical forensic laboratory at the NDLEA zonal office in Lagos in 2024.

The upgraded laboratory, now equipped with cutting-edge technology, enhances the NDLEA’s capacity to analyse suspicious substances and process evidence from crime scenes and suspects.

Acting US Consul General, Ms JoEllen Gorg formally handed over the keys to the new office space to NDLEA Chairman and Chief Executive Officer, Mr Mohammed Buba Marwa, during a ceremony attended by representatives from AFRICOM and the DEA.

Acting Consul General Gorg noted that the donation of a new office, equipped with a solar power system, represents a significant step forward in US-Nigeria security cooperation.

She noted that the new facility will provide NDLEA officers with a secure and professional environment to carry out critical investigative functions, including processing detainees and conducting post-arrest interviews.

“The U.S.-Nigeria security partnership remains strong. This donation is the latest example of the robust and productive cooperation between the U.S. government and the NDLEA,” the Acting Consul General said.

“Over the years, our joint efforts have helped build the capacity of Nigerian authorities to disrupt drug trafficking networks, dismantle clandestine meth labs, and conduct advanced forensic analyses of synthetic drugs,” she added.

On his part, NDLEA Chairman/CEO Marwa lauded the US-Nigeria security cooperation in the fight against illicit drugs and countering narcotics trafficking.

He described the US as a steadfast ally in Nigeria’s fight against drug-related crimes and noted that the collaboration has significantly enhanced the NDLEA’s operational efficiency.

Since the establishment of the NDLEA in 1990, the US Mission to Nigeria has partnered with the agency to combat narcotics trafficking which it has done through training in intelligence, evidence collection, management, and tactical skills, including equipment donation.

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