Food and beverage giant Nestle said it will cut 16,000 jobs over the next two years, as its new CEO Philipp Navratil pushes to focus on products with the “highest potential returns”.

The Swiss company must “change faster” to keep pace with a changing world and adopt a “performance mindset” that does not accept losing market share to rivals, said Mr Navratil.

He replaced former CEO Laurent Freixe who was fired in September over a romantic relationship with an employee.

The job cuts were announced on Thursday as Nestle reported better sales figures in the first nine months of 2025, selling more products across its major categories, including coffee and sweets.

The world’s largest packaged food and drink company, Nestle owns hundreds of brands, including Nescafe, KitKat and Maggi.

Nestle plans to get rid of 12,000 white collar jobs on top of 4,000 other roles across the board within the next two years, it said in a statement.

The lay-offs will save the food giant around 1bn SFr (£940m) annually as part of an ongoing cost-savings effort, it said.

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Nestle’s share price was up 7.5% shortly after its trading update and job cuts were announced.

Mr Navratil said: “We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded… The world is changing, and Nestle needs to change faster.

Such change would include “hard but necessary decisions to reduce headcount”, he said.

The details signalled that Mr Navratil wants to “bring greater transparency to areas that were previously more opaque in Nestle’s cost-saving plans,” Morningstar equity analyst Diana Radu said .

The job cuts, she said, appear to be an effort to “reset expectations and rebuild investor confidence through measurable actions”.

Mr Navratil’s predecessor was sacked by Nestle in early September after an investigation into whistleblower allegations that he did not disclose a romantic relationship with a direct subordinate.

The company’s outgoing chair Paul Bulcke brought forward his departure date and left his post in the same month.

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It was reported at the time that investors blamed Mr Bulcke for the company’s ongoing problems.

Last year, an investigation found Nestle baby food products sold in low- and middle-income countries contained unhealthily high levels of sugar.

The research, by a Swiss NGO and the International Baby Food Action Network, found that in many cases, the same products sold in wealthy countries had no added sugar.

Victoria Scholar, head of investment at Interactive Investor, said that Mr Navratil “is clearly looking to make his mark on the business”.

“Investors are excited by Navratil’s bold steps and are pleased that the C-suite turmoil appears to be in the rear-view mirror,” she said.

But the challenges ahead of him include tariff pressures, rising debt and stiff competition, she said.

Unite, one of the largest trade unions in the UK, criticised the job cuts and said it would “respond robustly” to any British layoffs.

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Nestle has sites in York, Halifax, Dalston and Tutbury, as well as staff at Buxton Water, which it owns.

“Nestle is a profitable company, selling billions of produce every month. Job losses are simply unacceptable,” the union’s general secretary Sharon Graham said.

In recent weeks, the Nigerian naira has experienced some advantages in the currency exchange landscape, benefiting from a gradual increase in its value within the Foreign Exchange Market.

However, this positive trend has recently faced fluctuations, leading to a mixed outlook on the currency’s strength against the dollar. Click link to continue reading

As of last Friday, the naira was trading in the mid-₦1,400s on official platforms of the Nigerian Foreign Exchange Market (NFEM). In stark contrast, the parallel (black) market continued to quote the dollar at significantly higher rates, hovering around ₦1,480 to ₦1,500.

This disparity illustrates a persistent premium of approximately ₦25 to ₦40 between the official exchange channels and the rates found on the street, highlighting the ongoing challenges in Nigeria’s currency valuation and market dynamics.

Key rates

NFEM (official VWAP / CBN-derived rate): ₦1,470–₦1,475 per $1. This is the volume-weighted average used as the official daily NFEM rate.

Central Bank / interbank listings (recent reference levels): ₦1,460–₦1,475 per $1. (Historic daily CBN/exchange tables show mid-₦1,400s levels through mid-October).

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Parallel / black market (Aboki / Abokifx / crowd-sourced trackers): ₦1,480–₦1,500 per $1.

Dealers and market commentators say the gap persists because official windows continue to receive constrained dollar supplies even as demand from importers and portfolio flows fluctuate. Foreign investors offloading local assets and limited central bank dollar provisioning were highlighted as near-term pressures in market reports.

Market impact — what it means

Importers & corporates: Higher parallel rates lift cost pressures when dollars are sourced outside official windows.

Remittances: Recipients relying on informal channels may see better conversion on the parallel market but greater volatility.

Consumers: The spread keeps upward pressure on prices of dollar-priced goods and services.

Vanguard

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The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.

Under the new rules, any person or entity with a non-performing loan with any financial institution in the last 12 months is ineligible to be appointed as an agent. The CBN said credit information would be verified through licensed credit bur-eaus, closing loopholes that have allowed individuals with bad debts to resurface as POS operators.

Also disqualified are individuals whose BVNs have been watch-listed, as well as anyone who has been blacklisted for financial mis-conduct. Agents convicted of felonies, fraud, dishonesty, or related offences will also not be permitted to operate.

In addition, persons declared bankrupt or companies that have filed for insolvency are automatically barred from agent banking, reinforcing the regulator’s stance that only financially stable and trustworthy actors can hold such positions.

For those seeking approval, the guidelines stipulate basic eligibility conditions. Prospective agents must demonstrate the ability to carry out permissible activities such as deposits, withdrawals, and bill payments. They must also provide all mandatory information required under CBN regulations, secure au-thorisations from relevant authorities where necessary, and, in the case of individu-als, be at least 18 years old and of sound mind.

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The central bank also mandated that principals – banks, super agents, and licensed payment service providers – conduct comprehensive due diligence before appointing agents. This includes verifying credit history, criminal records, sources of funds, business ad-dresses, and pre-existing relationships that could pose risks.

Agent banking has expanded rapidly in Nigeria, driven largely by PoS operators who bring financial services to rural and underserved com-munities. There are over 8.3 million registered PoS terminals in the country and 5.9 million already deployed as of March 2025, with agents handling billions of naira in transactions monthly.

However, the sector has faced rising cases of fraud, theft, and unlicensed operators exploiting gaps in over-sight. By cutting off access for individuals with poor credit records or compromised BVNs, the CBN is signalling its intent to clean up the PoS industry and safeguard customer trust. Industry oper-ators, however, face higher compliance costs, as principals must integrate credit checks, BVN verification, and legal clearances into their onboarding processes.

The new qualification criteria are part of broader reforms, which also include mandatory geo-tagging of Pos devices, transaction lim-its, real-time settlement re-quirements, and stiffer sanctions for default.

In August 2025, the CBN had already ordered operators to geo-tag all Pos devices within 60 days and align with the global ISO 20022 messaging standard. That directive set the stage for tighter rules in October, which now embed sanctions and stricter onboarding checks.

However, the latest guidelines have extended the deadline to April 1, 2026. The extension to April 2026 gives breathing space but does not soften the threat: come enforcement day, non-geo-locked terminals may be shut down, and agents or institutions may iCBN bars debtors, blacklisted BVNs from operating as Pos agents

The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.

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The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.

Nigeria’s electricity distribution companies (DisCos) installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year, as reported by Nairametrics.

This was contained in the newly released Second Quarter 2025 Report by the Nigerian Electricity Regulatory Commission (NERC).

According to the report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.

Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.

To cushion the impact on unmetered customers, the Commission said it has continued to enforce the monthly energy cap policy, which limits the amount of energy that can be billed to unmetered customers.

“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” NERC said.

The report further highlighted a decline in customer complaints received across all DisCo Customer Complaints Units (CCUs). A total of 227,267 complaints were recorded in Q2 2025, representing a 10.67% decrease from the 254,404 complaints lodged in the previous quarter.

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However, only 1,129 out of 2,474 complaints received at NERC’s Central Complaint Unit (CCU) were resolved — a resolution rate of 45.63%, which the regulator described as unsatisfactory. The majority of complaints, NERC said, were related to metering, billing, and service interruptions, consistent with previous trends.

The Commission added that two Forum Offices were shut down during the quarter, reducing the number of active offices to 24 from 26 at the end of Q1 2025. A total of 1,418 appeals were active during the quarter — 1,040 new appeals and 378 pending from the previous quarter. The forum panels conducted 41 sittings and resolved 958 appeals, achieving a 67.56% resolution rate, which was 6.54 percentage points lower than the 74.10% recorded in Q1 2025.

What you should know
In April, NERC penalised eight DisCos – including Abuja Electricity Distribution Company (AEDC), Ikeja Electric (IKEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electric, Kano Electricity Distribution Company (KEDCO), and Yola Electricity Distribution Company (YEDC) – for failing to adhere to the monthly energy caps imposed on estimated billing for unmetered customers.

The Commission imposed a combined fine of over N628 million on the eight DisCos. In addition to the monetary penalties, NERC directed each company to provide credit adjustments to all affected customers.

The NERC’s decision to impose the fine of N628 million on DisCos for violating the estimated billing cap sparked mixed reactions among electricity consumers and power sector experts.

Nairametrics

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Lagos State kept its crown as Nigeria’s biggest sub-national revenue generator in 2024, as the National Bureau of Statistics released the Internally Generated Revenue at State Level 2024 report.

According to the report, announced on Monday via NBS X handle, 36 states and the Federal Capital Territory together produced ₦3.6 trillion in IGR.

This represents a 49.7 per cent rise from ₦2.43 trillion in 2023.

Top 5 IGR generators
Lagos — ₦1,261,556,415,048.56 (roughly one-third of total IGR).

Rivers — ₦317,303,986,832.38.

FCT — ₦282,364,055,025.74.

Ogun — ₦194,933,884,872.57.

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Enugu — ₦180,500,141,598.36.

Bottom five
Adamawa — ₦20,298,222,818.56.

Taraba — ₦17,460,514,087.44.

Kebbi — ₦16,971,704,831.43.

Ebonyi — ₦13,177,829,475.63.

Yobe — ₦11,084,367,202.33.

Full list ranked highest to lowest
Lagos — ₦1,261,556,415,048.56.

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Rivers — ₦317,303,986,832.38.

Fct — ₦282,364,055,025.74.

Ogun — ₦194,933,884,872.57.

Enugu — ₦180,500,141,598.36.

Delta — ₦157,785,188,072.55.

Edo — ₦91,153,908,548.19.

Akwa Ibom — ₦75,768,017,871.08.

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Kano — ₦74,771,014,335.51.

Kaduna — ₦71,574,658,542.97.

Kwara — ₦71,197,075,565.91.

Bayelsa — ₦64,013,288,202.51.

Jigawa — ₦59,455,563,495.20.

Oyo — ₦65,287,038,267.92.

Osun — ₦54,767,865,323.88.

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Cross River — ₦47,018,239,529.33.

Anambra — ₦42,689,648,058.74.

Abia — ₦40,009,340,912.93.

Katsina — ₦39,152,790,613.55.

Bauchi — ₦32,427,554,765.85.

Kogi — ₦32,012,618,177.80.

Niger — ₦34,660,234,106.71.

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Ekiti — ₦35,213,748,270.98.

Plateau — ₦31,139,826,680.23.

Ondo — ₦31,251,840,302.79.

Borno — ₦27,803,527,850.21.

Zamfara — ₦25,455,960,759.33.

Imo — ₦25,270,602,765.46.

Nassarawa — ₦25,518,692,329.97.

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Gombe — ₦20,724,823,840.00.

Sokoto — ₦20,845,754,441.54.

Benue — ₦20,434,774,732.75.

Adamawa — ₦20,298,222,818.56.

Taraba — ₦17,460,514,087.44.

Kebbi — ₦16,971,704,831.43.

Ebonyi — ₦13,177,829,475.63.

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Yobe — ₦11,084,367,202.33.

The IGR calculated has two (2) broad categories of revenues: Tax Revenue and Ministries, Departments and Agencies’ (MDAs’) Revenue.

Taxes include PAYE, Direct assessment, Road taxes, Stamp duties, Capital gain tax, withholding taxes, Other taxes and LGAs’ revenue.

PAYE was the most tax revenue recorded during the period (₦1.86 trillion), representing 69.84 per cent of the total taxes collected, while capital gains tax was the least with ₦10.57 billion.

PUNCH

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.

The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) had last month directed its members to embark on strike in the wake of a face off with the management of Dangote Refineries over the reported sack of 800 workers.

Reacting to the effect of the three-day strike action on the oil industry, Ojulari stated that the industrial action had a telling effect on the production capacity of the NNPC.

The GCEO who spoke with newsmen after meeting with President Bola Tinubu in Lagos while describing the strike action as unfortunate stated that Nigeria has recently achieved a 7 Billion Cubic Feet (BCF) of gas.

“I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible. In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.

“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.

He, however, expressed happiness that the crisis had been resolved through the timely intervention of the federal government via the Federal Ministry of Labour and the Office of the National Security Adviser (NSA).

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Ojulari added: “I’m very pleased that the federal government through the leadership of the Minister of Labour and full support of the National Security Adviser was able to put together everyone into a dialogue and brought everybody to the table and now there has been a communiqué that has been agreed on the way forward.

“We are all very hopeful that everyone will abide by the communique, since then we have been able to return production back to status quo, there has been one or two areas that we are still trying to catch up with. Overall, we have gradually gone back to restore lost production and the deferment that we have as of today,” he added.

Ojulari further stated that Nigeria has been able to step up crude oil production with effect from last month, saying 1.68 million barrels per day were produced in September, 2025 while 7 billion cubic feet of gas was also produced per day during the same period.

“We are making good progress. As you know, we recorded 1.68mbpd of oil production last month which was very good. That was the first in about five years. In terms of milestones, we also recorded the highest gas production above 7 Billion Cubic Feet per day which is also the highest in recent times.

“What we are also expecting is that with some Turnaround Maintenance we have done in August and September and all of those are meant to come back this month, we are hoping that by the end of the year we should at least be clocking 1.8mbpd,” the NNPC chief executive stated.

He attributed the current hike in price of cooking gas to the artificial scarcity caused by the recent PENGASSAN strike, but expressed hope that the price will stabilise before long with the resolution of the crisis.

“The increase you saw was relatively artificial because for the period of the strike, movement and loading were delayed for about two to three days and because of that you see that impact and as things return to normal it takes sometimes for distribution to fully return and you see with that delay some of the people that have existing resources in reserves had to put up the price.

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“My expectation is that now that things are back to normal prices it should return to what they were before the strike,” Ojulari added.

Asked the purpose of his visit to the President, Ojulari said it was a routine visit to update him about developments in the oil sector, especially the task given to him to attract investors.

“It is quite an important opportunity to update the president on the progress in NNPC particularly in terms of production performance, in terms of progress we are making in terms of attracting investment.

“As you recall, the President gave us a clear mandate which is to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030 as well as grow gas production as well. So, how are we progressing this year and how are we preparing for next year in terms of ensuring we deliver this growth? So, that was one of my updates to the President,” the engineer noted.

Meanwhile, the NNPC has once again raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets, as light queues returned following the PENGASSAN and Dangote

It was learnt that NNPC stations in Abuja, especially in Wuse Zone 6 and Zone 4 areas had adjusted their pump price from N890 to N905 per litre, representing a N15 increase, or roughly 1.7 per cent upward review.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the latest price hike to recent supply disruptions caused by the standoff between PENGASSAN and the Dangote Refinery.

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He said: “It is due to PENGASSAN’s strike disruption. However, our members are still selling between N885 and N895 per litre,” the IPMAN chief said.