HomeNewsUnverified coup reports scaring investors, hurting economy, Presidency warns

Unverified coup reports scaring investors, hurting economy, Presidency warns

The Presidency has cautioned that unsubstantiated media reports alleging coup plots are harming Nigeria’s economy and discouraging potential investors.

Speaking on Arise News’ Prime Time programme on Thursday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said such reports could weaken investor confidence and tarnish the country’s global image.

 

“When a country is seeking 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 and evidence, not rumours.”

 

He urged journalists and the public to exercise restraint and allow ongoing investigations to conclude before publishing sensitive security-related information.

Onanuga noted that while the military confirmed investigating certain arrests, there was no credible evidence yet linking them to a coup attempt. He warned that premature conclusions could have grave national consequences.

 

Criticizing what he described as the growing pursuit of sensationalism for online traffic, he added: “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 acknowledged that public distrust of government statements was widespread but insisted that skepticism should not justify the spread of unverified claims.

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

 

The warning follows an October 19 report by Sahara Reporters alleging that some Nigerian military officers were plotting to overthrow President Bola Tinubu’s government—a claim later dismissed by the Defence Headquarters.

 

Brigadier-General Tukur Gusau, Director of Defence Information, described the arrests cited in the report as “issues of indiscipline” and said the publication was “intended to create unnecessary tension and distrust among the populace.”

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The Defence Headquarters reiterated its loyalty to the constitution and commitment to democracy, urging Nigerians to disregard unfounded rumours.

 

The development comes amid heightened regional tension following recent military takeovers in Niger, Burkina Faso, and Mali, where juntas have ousted elected governments.

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