Panalpina formally withdraws domestic services in Nigeria

Panalpina formally withdraws domestic services in Nigeria Panalpina said Friday it will concentrate its future activities in Nigeria on transport services up to arrival port or airport, with all domestic services, including customs clearance, having been discontinued.
   'The withdrawal from the Nigerian domestic business has proceeded smoothly and according to plan,' the global logistics company said in a statement. 'After the announcement of this step by the Panalpina management in July, intensive discussions with customers, Nigerian investors and employee representatives were held. These resulted in swift implementation of the plans.'
   A new company founded by Nigerian investors has taken over Panalpina's local service portfolio and acquired some of Panalpina's assets and resources. The company has also recruited employees from the Panalpina Nigeria workforce. However, it operates independently from Panalpina, which does not hold any equity stake.