Business
Why We Are Sacking 16,000 Staff, Nestle Gives Reason For Lay-Offs
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.
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.
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.
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.
The Central Bank of Nigeria has released a total sum of $1.259bn to oil sector players for the importation of petroleum products and other related items into the country, as reported by The PUNCH.
According to The PUNCH, the amount released between the first three months of 2025 is against the backdrop of the insistence of marketers to continue fuel import despite the availability of petrol from Dangote Refinery.
According to fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Petroleum marketers imported 69 per cent of the 21 billion litres of petrol Nigerians consumed between August 2024 and the first 10 days of October 2025.
Between January and March 2025, a total of 2.28 billion litres of petrol were imported despite improved refined product output from the Dangote refinery.
Fuel imports, a significant consumer of foreign exchange, impact the country’s foreign reserves and the naira-to-dollar rate.
The volume represents one of the lowest quarterly import figures in recent years, reflecting the gradual shift towards local refining and blending of petroleum products.
A breakdown using the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2025, the apex bank released a total of $1.26bn for import transactions between January and March.
A month-by-month breakdown showed that $457.83m was disbursed in January, representing 36.2 per cent of the total.
This dropped sharply to $283.54m in February, accounting for 22.5 per cent, before rebounding to $517.55m in March, which made up the largest share at 41.3 per cent of the total forex released for the quarter.
While NMDPRA data showed that the January imports stood at 724.5million litres, while 760 million litres and 803.7 million litres were brought in during February and March, respectively.
The struggle for market share between the Dangote Petroleum Refinery and fuel-importing marketers has intensified in recent months, as both sides compete for dominance in Nigeria’s downstream sector.
It could be recalled that while some marketers have insisted on importation, the Dangote refinery has been exporting petrol to other countries, including the United States. The 650,000 refinery has consistently boasted of its capacity to meet local fuel demands while exporting to foreign countries.
However, pricing has remained the major determinant for marketers when choosing a supplier, amid growing competition between the Refinery and fuel importers. Many operators in the downstream sector shift allegiance based on cost advantage rather than source.
Confirming the development, the National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers would naturally buy from any source offering the lowest price to stay in business.
Ukadike explained in an interview, “In this business, pricing is everything. Marketers will always go for the most affordable option because our margins are very thin. If imported products are cheaper, we have no choice but to patronise importers. But if Dangote’s refinery offers a better price, of course, we will buy locally.”
He added that the price gap between locally refined products and imports fluctuates depending on global oil prices, exchange rates, and government policies.
“No marketer can afford sentiment when it comes to survival,” he said. “Our decision is driven by economics, not emotion.”
Meanwhile, the latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria has shown a further reduction in the estimated import parity price of key petroleum products, reflecting sustained pressure from global oil prices and exchange rate fluctuations.
According to the report, the estimated import parity price of Premium Motor Spirit has reduced to N805.46 per litre at the spot rate.
The Nigeria Customs Service (NCS) has launched a new digital verification platform designed to curb vehicle smuggling, enhance transparency, and strengthen accountability in the automobile importation process.
The initiative, known as the Customs Verification Management System (CVMS), was officially unveiled at the NCS Headquarters in Abuja by the Comptroller-General of Customs, Adewale Adeniyi.
Speaking at the launch, CGC Adeniyi described the initiative as a milestone in the Service’s ongoing modernisation agenda, noting that it closes long-standing loopholes in the vehicle clearance process.
“For years, verification of imported vehicles relied on fragmented and outdated methods that left room for misinformation, fraud, and revenue leakages. The launch of this system is another score on the board for our bold transformation agenda.” CGC Adeniyi said.
He explained that the CVMS was developed in collaboration with the Trade Modernisation Project (TMP) and local technical experts to provide a secure and transparent verification process accessible to all Nigerians.
According to him, the digital platform will significantly reduce the circulation of smuggled and improperly cleared vehicles while boosting government revenue.
He said: “This new solution empowers the public and strengthens the integrity of our Service by promoting transparency, accountability, and trust.”
CGC Adeniyi added, “Anyone who invests millions of naira in a vehicle would not hesitate to pay N15,000 to verify its authenticity and ensure their investment is protected.”
The Customs chief noted that payments can be made using any valid card issued by financial institutions in Nigeria or abroad, with verification results generated instantly.
He further explained that the platform creates a centralised database through which vehicle details can be traced, verified, and confirmed within minutes, improving operational efficiency across Customs formations and enhancing inter-agency coordination.
Nigerian Breweries Plc grew its topline by 48 per cent to N1.04 trillion in the third quarter as the company expanded consumer sales activities.
The company has also completed the full integration of Distell Nigeria into its operations. The integration followed the full acquisition of the company in March 2025.
The interim report and accounts for the nine-month period ended September 30, 2025 showed that total revenue rose from N703 billion in third quarter 2024 to N1.04 trillion in third quarter 2025. Cost of sales rose from N495 billion in third quarter 2024 to N627 billion in the period under review. Marketing, distribution, and administration expenses went up by 38 per cent from N184 billion in third quarter 2024 to N254 billion in third quarter 2025 driven by increased brand and sales activities.
The company witnessed a major rebound in profitability with pre-tax profit of N129.47 billion in third quarter 2025 as against loss of N203 billion in comparable period of 2024. After taxes, net profit stood at N85.5 billion in 2025 as against net loss of N149.50 billion in 2024. Earnings per share thus improved from a loss of N14.55 to a positive earnings of N2.75.
Company Secretary and Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, in a statement, said the company was still able to deliver strong growth in the topline and in the operations during the period under review despite a high double-digit inflation rate which continues to constrain consumer spending and high input costs.
Agbebaku explained that the company was also able to consolidate its market leadership, which was primarily influenced by premiumisation, increased competitiveness, and enhanced route-to-market.
He said: “The group’s revenue grew by 47 per cent, supported by appropriate pricing and the strong performance of the premium portfolio. Operating profit improved significantly supported by cost management and supply chain efficiencies, while the net profit increased by 157 per cent due to the strong operating profit and a lower net finance cost. The rights issue programme of 2024 has contributed in no small measure to the positive turnaround in the profitability of the Group compared to a year ago”.
He added that as earlier anticipated, the third quarter of 2025 itself witnessed the seasonal market demand decline which, together with a one-off impairment charge relating to the integration of its subsidiary, Distell Wines and Spirits Nigeria Limited, resulted in a net loss in the quarter. With a rebound expected in the market in the last quarter of the year due to the usual peak period associated with year-end festivities, the Board expects the full year results to remain positive.
He said the board continued to appreciate the shareholders for their unwavering support and confidence, which have enabled the company to deal with the challenges of the last couple of years, and maintain a path towards recovery and long-term growth.
Corporate Affairs Director, Nigerian Breweries Plc, Uzodinma Odenigbo, at a media parley in Lagos, said Nigerian Breweries has completed the installation of a state-of-the-art manufacturing line for Distell brands at the Ibadan Brewery and has since commenced the manufacturing of Distell wines and spirit brands, including Chamdor, 4th Street.
He said: “I am pleased to announce that we have now completed the full integration of Distell Nigeria, and we have now installed a state-of-the-art manufacturing facility in our Ibadan Brewery for the production of the Distell Wines and Spirit Brands”.
He explained that the full integration is in line with Nigerian breweries’ ambition to become a ‘Total Beverage Company’, which goes beyond beer.
He added that the full integration has now expanded Nigerian Breweries Plc’s brand portfolio to include wine, spirits, and ready-to-drink (RTD) brands.
He recounted that Nigerian Breweries commenced the acquisition of Distell Wines and Spirits Nigeria in June 2024, initially acquiring an 80 per cent majority stake after obtaining statutory approval from the South African Reserve Bank. The company acquired the remaining 20 per cent minority stake in March 2025 shares from Ekulo International and Next International Nigeria Limited.
Access Holdings Plc expanded its total asset base to N42.45 trillion in the first half, sustaining its lead as Nigeria’s largest bank by assets.
Key extracts of the audited report and accounts for the half year-ended June 30, 2025 released at the Nigerian Exchange (NGX) at the weekend showed that total assets rose from N41.5 trillion in December 2024 to N42.45 trillion by June 2025.
Customer deposits had risen from N22.52 trillion to N22.90 trillion. Loans and advances increased from N13.07 trillion to N13.21 trillion while shareholders’ funds rose from N3.76 trillion in December 2024 to N3.83 trillion by June 2025.
Profit and loss accounts also showed resilient growths with gross earnings rising by 13.8 per cent to N2.5 trillion in first half 2025 as against N2.2 trillion in first half 2024. Top-line growth was driven by strong growth in interest income which increased by 38.9 per cent to N2.0 trillion in first half 2025 from N1.5 billion in first half 2024.
Net interest income also increased by 91.8 per cent to N984.6 billion in first half 2025 from N513.4 billion in first half 2024. Net fees and commission income also increased by 16.1 per cent to N237.7 billion from N204.7 billion.
However, the group bottomline was impacted by impairment charge. Profit before tax stood N320.57 billion in first half 2025 as against N348.92 billion in first half 2024. After taxes, net profit closed first half 2025 at N215.92 billion compared with N281.33 billion in comparable period of 22024.
The report showed that the banking group subsidiaries contributed 65 per cent to the banking group’s profit before tax in first half 2025, highlighting the group’s r journey towards sustainable performance and execution across key African and international markets.
The group’s non-banking subsidiaries maintained a strong growth momentum. For Access – ARM Pensions, financial performance was robust, with revenue up 29.9 per cent to N21.0 billion and profit before tax up 65.1 per cent to N13.1 billion. The business delivered ROAE of 48.1 per cent, a cost-to-income ratio of 35.1 per cent, and a pre-tax profit margin of 62.5 per cent, underscoring strong operational efficiency and profitability.
Also, Hydrogen Payments recorded a 40.5 per cent growth in top-line revenue. Profit before tax grew by 273 per cent. The total transaction value processed increased by 211 per cent, reaching N41.1 trillion in first half 2025, up from N13.8 trillion in first half 2024.
Access Insurance Brokers sustained strong momentum, recording a 125 per cent increase in gross written premium, 146 per cent growth in revenue, and a 161 per cent improvement in profit before tax.
Oxygen X, the group’s digital lending arm, sustained strong momentum since launch in third quarter 2024, delivering N5.4 billion in revenue and N2.2 billion in profit before tax in first half 2025.
The board of Access Holdings stated that the group’ businesses are well-positioned to deepen market penetration, expand product offerings, and leverage cross-sell opportunities across the group to drive continued growth and profitability.
“The group’s focus remains on driving prudent growth and continued execution of its strategic priorities, scaling its digital and transaction-led income streams, increasing revenue diversification, embedding efficiency, innovation, and disciplined portfolio management across all areas of the business. It will also continue to uphold the highest standards of risk and governance discipline to ensure sustainable profitability.
“Access Holdings remains confident that it will continue to deliver sustainable value and returns to its shareholders. Its long-term objective is to build a stronger, more agile group that consistently delivers superior returns, fosters innovation-driven growth, and optimises portfolio performance to create inclusive value across its markets while reaffirming investor confidence in the strength and future of Access Holdings.
“The group appreciates the continued trust and support of its shareholders, customers, and employees. Together, the Group is building a stronger future,” the board stated.
Recently, a heated exchange erupted between Dangote Refinery and fuel marketers united under the banner of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).
The marketers accused the refinery of favoring foreign buyers with alluringly low prices for petroleum products, alleging that this strategy not only undermines local businesses but also includes frequent price cuts that place significant financial pressure on the marketers.
In the midst of this turmoil, Africa’s wealthiest individual, Aliko Dangote, made waves with an announcement that he plans to sell between five and ten percent of the shares in the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the coming year. This move is poised to transform the landscape of the Nigerian oil market, as it opens the doors for potential investors to participate in one of the continent’s most ambitious energy projects.
Speaking in an interview with S&P Global on October 20, Dangote said the move would follow the same path taken by other Dangote Group subsidiaries listed on the stock market, such as Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65%-70%,” Dangote said, adding that the refinery shares would be offered gradually, depending on investor demand and market conditions.
The billionaire industrialist revealed that the group is also exploring strategic partnerships with Middle Eastern investors to fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated.
Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery.
The national oil company had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could take place once the refinery’s next growth phase begins.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.
The refinery, which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. Dangote said the long-term goal is to increase output to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, the company is also expanding its chemical production. Dangote disclosed plans to boost polypropylene output from one million to 1.5 million metric tonnes annually and develop new projects in base oils and linear alkylbenzene.
Commenting on ongoing maintenance operations, Dangote said most technical issues had been resolved but added that a one-month shutdown might be required for final adjustments.
“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he said.
He noted that the maintenance schedule would be timed to avoid disruption during the end-of-year surge in fuel demand.
BREAKING: Naira Rise Again, See New Rate Today
Despite a semblance of optimism, the naira continues to grapple with intense pressure in the financial markets. The Nigerian currency is struggling to attain a stable exchange rate, reflecting the ongoing challenges it faces.
As of October 18, 2025, Nigeria’s foreign exchange reserves have climbed to an impressive $42.668 billion. Click link to continue reading.
The Nigerian Naira appreciated further against the United States dollar in the parallel market on Tuesday, extending the modest recovery seen at the start of the week.
On October 21st 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos, Abuja, and Port Harcourt.
The latest movement represents a continued strengthening of the local currency following steady inflows from remittances and moderate demand from importers. Market participants said dollar availability slightly improved in key hubs, easing pressure on the Naira after several weeks of volatility.
Black Market Dollar to Naira Rate Overview
Date Market Type Buying (₦) Selling (₦) Change
Tuesday, Oct 21, 2025 Black Market 1,470 1,480 +₦10 ▲
Monday, Oct 20, 2025 Black Market 1,480 1,490 –
Official (CBN) — — — See CBN
Figures compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate stands at ₦1,470 for buying and ₦1,480 for selling. The modest improvement reflects a calmer trading environment, with dealers reporting steady flows from informal remittances and bureau-de-change networks.
Demand for foreign exchange remains active, though slightly lower than in early October. Many traders expect the Naira to hold near current levels if dollar inflows from oil sales and diaspora remittances continue. For official rates and policy updates, visit the Central Bank of Nigeria (CBN).
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