A top South African company, Sun International, says it is leaving Nigeria, owing to “challenging economic conditions and regulatory dispute”.
Sun International has a 49 percent stake in Federal Palace Hotel.The company said the controversial detention of five of its staff by the Economic and Financial Crimes Commission (EFCC) prompted its decision to exit Nigeria.
“Continued setbacks in Nigeria as well as the ongoing shareholder dispute have frustrated all attempts to develop and improve the property,” the hotel said in its 12-month financial statement.
Groaning under intense hardship imposed by poor government policies and global economic crunch, over 20 shipping firms have exited the nation’s shores.
This is coming as Dockworkers Union of Nigeria (DUN) lamented that over 3,000 workers have already been laid off by various shipping companies, terminal operators and logistic companies, owing to lack of financing and poor import policies of the Federal Government.
The workers also blamed the massive retrenchment on the inability of the Federal Government to meet its joint venture obligation with the international oil companies which are major partners with the marine logistic companies.
Some of the companies that have already made an exit include Mitsui O.S.K Line, Nippon Yusen Kasha, Taiwan’s Evergreen Line, Messina Line, Hapag-Lloyd and Gold Star Line (GSL), among others which were forced to withdraw from the West Africa route due to growing losses as a result of declining volumes.
The President, Dockworkers Union of Nigeria (DUN), Anthony Emmanuel Nted, yesterday bemoaned the poor state of the ports, terminal and work environment in the maritime industry.
It was revealed that about 20 shipping firms have left the shore of the country because of low traffic occasioned by government importation policy.
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