Coup rumours scare investors, damage economy—Presidency

Daniel Otera
3 Min Read

 

The Presidency has raised concerns that recent media reports alleging coup plots are damaging Nigeria’s economy and frightening away potential foreign investors.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, made this known whilst appearing on Arise News’ Prime Time programme on Thursday evening. He warned that unverified reports about national security threaten to undermine investor confidence and tarnish the country’s international reputation.

“When a country is looking for investment and the media are shouting ‘coup attempt,’ it scares investors away,” Onanuga said.

“Stories like that can destroy the country’s reputation and economy. We need to wait for facts, evidence, not rumours.”

The presidential aide called for restraint, urging both media organisations and members of the public to allow official investigations to reach completion before publishing sensitive stories.

Whilst acknowledging that the military had confirmed an ongoing investigation into certain arrests, Onanuga emphasised that no credible evidence had yet been established linking them to any coup attempt. He warned that jumping to conclusions before official confirmation could have grave national consequences.

Onanuga also criticised what he described as a growing appetite for sensationalism and online traffic amongst some media outlets, noting that not every piece of information qualified as newsworthy.

“Some media outlets ran with the story for clicks and attention. But as patriotic Nigerians, we must know that what we report has implications for our economy and stability,” he said.

He acknowledged the public’s growing distrust of official statements but maintained that such scepticism did not justify publishing unverified claims.

“It’s true people don’t always trust government, that happens everywhere in the world. But the media also have a social responsibility to be cautious and wait for facts,” he said.

Onanuga’s remarks come barely two weeks after an October 19 report by Sahara Reporters alleging that some officers were plotting to overthrow the government, a claim subsequently dismissed by the Defence Headquarters.

The Director of Defence Information, Brig. Gen. Tukur Gusau, described the alleged arrests linked to a coup as “issues of indiscipline” within the ranks, adding that the report was “intended to cause unnecessary tension and distrust amongst the populace.”

The Defence Headquarters urged the public to disregard rumours of political motives, reiterating that Nigeria’s military remains loyal to the constitution and committed to democracy.

The controversy unfolds against a backdrop of heightened anxiety following a wave of military takeovers in West Africa, including Niger, Burkina Faso, and Mali, where juntas have toppled elected governments in recent years.

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