Unverified coup reports scaring investors, hurting economy – Presidency warns

The Presidency has said that recent media reports about alleged coup plots are damaging the country’s economy and discouraging foreign investment.

Speaking on Arise News’ Prime Time programme on Thursday evening, Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that unverified reports about national security could extinguish investor confidence and harm Nigeria’s image abroad.

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

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

He called for restraint, urging the media and the public to allow official investigations to conclude before publishing sensitive stories.

According to him, while the military had confirmed an ongoing investigation into some arrests, no credible evidence had yet been established linking them to a coup attempt.

He argued that leaping to conclusions before official confirmation portends grave national consequences.

Onanuga also faulted what he described as a growing appetite for sensationalism and online traffic, noting that not every piece of information is “fit to print.”

“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 added that the government was aware of citizens’ growing distrust of official statements but insisted 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 comments come barely two weeks after an October 19 report by Sahara Reporters alleging that some officers were plotting to overthrow the government, a claim later dismissed by the Defence Headquarters.

The Director of Defence Information, Brigadier-General Tukur Gusau, said the alleged arrests linked to a coup were “issues of indiscipline” within the ranks, describing the report as “intended to cause unnecessary tension and distrust among 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 comes amid heightened anxiety following a wave of coups in West Africa, including Niger, Burkina Faso, and Mali, where juntas have toppled elected governments.(punch)