Business
California sues Exxon over plastics recycling ‘deception’

(BBC)
California’s attorney general is suing ExxonMobil, alleging the oil giant engaged in a “decades-long campaign of deception” about the effectiveness of plastics recycling.
In the civil lawsuit filed on Monday, Attorney General Rob Bonta accused Exxon of contributing to a “deluge” of plastic pollution, while telling Californians that recycling was a fix.
“For decades, ExxonMobil has been deceiving the public to convince us that plastic recycling could solve the plastic waste and pollution crisis when they clearly knew this wasn’t possible,” Bonta said.
In a statement, Exxon blamed California for an inefficient recycling programme.
For decades, California officials have known their recycling system isn’t effective. They failed to act, and now they seek to blame others. Instead of suing us, they could have worked with us to fix the problem and keep plastic out of landfills,” the company said in a statement.
An Exxon spokesperson added that the company had processed more than 60 million pounds (27 million kilograms) of plastic waste into usable raw materials, “keeping it out of landfills”.
Bonta’s office said the case marks the first time US officials have attempted to hold a gas or oil company accountable for deceptive claims about plastics recycling.
California is seeking an unspecified amount of money that Bonta said could come to as much as “multiple billions of dollars”.
“ExxonMobil lied to further its [record]-breaking profits at the expense of our planet and possibly jeopardising our health,” he said.
Last year, Bonta sued ExxonMobil as well as four other oil giants for compensation over climate change damages.
The most recent lawsuit, filed in San Francisco County Superior Court, comes after a nearly two-year investigation by Bonta’s office into the fossil fuel and petrochemical industries and global plastics pollution.
ExxonMobil is the world’s largest producer of resins used for single-use plastics, according a report by Australia’s Minderoo Foundation.
Bonta alleged that, through its marketing, the company was promoting its “advanced recycling” programme to the public as a solution to plastic waste, while knowing that the company would “never be able to process more than a tiny fraction of the plastic waste it produces”.
The 147-page suit alleges that nearly all of plastic waste processed by the company has been turned into fuel instead of recycled plastic.
The deception violated state nuisance, natural resources, water pollution, false advertisement and unfair competition laws, Bonta said.
The world produces over 400 million tons of plastic each year, but only 9% is recycled, according to a 2022 report from the Organisation for Economic Co-operation and Development.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
Business
BUA Cement records N580.3bn half-year revenue

BUA Cement Plc has reported a revenue of ₦580.3 billion for the first half of 2025, reflecting a significant rise from ₦363.9 billion recorded during the same period in 2024.
The company made the announcement in a corporate disclosure filed with the Nigerian Exchange Ltd. on Friday.
Also, the company’s gross profit rose from N109.3 billion to N285.8 billion and the profit after tax soared to N180.9 billion up from N34.3 billion.
The earnings per share grew from 101.15k to 534.18k.
Business
Aliko Dangote retires

Foremost entrepreneur and founder of Dangote Cement Plc, Aliko Dangote has announced his retirement as a Director and the Chairman of the Board of Directors, effective July 25, 2025.
He is relinquishing his position as chairman and retiring from the board so as to focus more attention on the Refinery, Petrochemicals, Fertiliser and Government Relations, in order to drive the company’s five-year business trajectory to a superlative height.
The board of Dangote Cement Plc has therefore announced the appointment of Mr. Emmanuel Ikazoboh, an independent non-executive director, as the new Chairman, Board of Directors.

In the same vein, Hajiya Mariya Aliko Dangote was also appointed to the Board of Directors of the Company while Prof. Dorothy Ufot retired from the Board.
Reputed as Africa’s leading investor, Aliko Dangote leaves giant footprints as he retires from the board.
His vision and tenacity redefined not just a company, but the entire cement industry landscape by becoming Africa’s largest cement producer and largest exporter of cement and clinker in Sub Saharan Africa.
Aliko Dangote’s journey with cement began with a bold dream: to make Nigeria and Africa self-sufficient in cement production.
Through strategic investments in state-of-the-art plants, and a commitment to local content, he not only met that goal but exceeded it.
Dangote Cement Plc has 52.0Mta capacity across African continent with Nigeria accounting for 35.25Mta.
Currently, additional greenfield plants are coming up in Cote Ivoire (3.0Mta) and Itori, Nigeria (6.0 Mta) and on completion this year will push total capacity to 61.0Mta.
Under his visionary leadership, Dangote Cement Plc recorded the highest revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in the history of the company.
According to the unaudited results for the six months ending 30th June 2025, the group revenue went up by 17.7 percent, from N1,760 billion at the same period in 2024 to N2,071.6 billion, representing the highest revenue in the history of the company.
Group Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 41.8 percent to N944.900 billion from N666.22 billion.
EBITDA (Nigeria Operations) grew by 82.4 percent to N845.4 billion. Profit before tax went up from N292.96 billion to N730 billion indicating 149 percent increase while profit after tax surged by 174.1 percent to ₦520.5 billion, in contrast to N189.90 billion in the same period at the preceding period.
In the six months, export volumes from Nigeria increased by 18.2 percent, with 18 successful clinker shipments made to Ghana and Cameroon.
Aliko Dangote’s legacy will be counted in the millions of jobs created, the infrastructure built, and the confidence restored in African industrial potential.
He has proven that Africa can produce, compete, and lead on the global stage. It is on record that subsidiaries under Dangote Group paid over N402 billion in taxes in 2024, making it the highest taxpayer in the country.
The new Chairman of the Board of the Company, Emmauel Ikazoboh in his acceptance speech, said he is truly honored to accept the role of Chairman of Dangote Cement Plc while pledging to uphold the highest standards of leadership and dedication in this role.
He described the company as a beacon of African enterprise, which has consistently demonstrated resilience, innovation, and a commitment to excellence.
Over the years, Dangote Cement Plc has not only become the continent’s leading cement producer but has also played a vital role in driving economic growth and development across numerous African nations.
Giving an insight into what his tenure holds for the company, he said, “my vision for Dangote Cement Plc is built upon a foundation of sustainable growth, operational efficiency, and unwavering commitment to our core values.
We will continue to focus on the following key priorities, Operational Excellence, Strategic Expansion, Sustainability, Innovation and Community Engagement.
Part of the strategies he intends to introduce include driving down costs through the implementation of robust cost-reduction strategies to navigate inflationary pressures and enhance competitiveness.
The company he stated will accelerate efforts to adopt alternative fuels and technologies, reducing reliance on fossil fuels and contributing to a more sustainable future.
Regarding staff welfare, he promised that the company will continue to invest in training and development, fostering a culture of excellence and empowering employees to reach their full potential.
Emmanuel Ikazoboh was previously the Group Chairman of Ecobank Transnational Inc., the Pan-African banking group. He started his professional career at Akintola Williams Deloitte.
He first became the Managing Partner for francophone offices in Cameroon and Côte d’Ivoire and later became the Managing Partner of the Deloitte firm in West and Central Africa until 2009.
In 2010 he was appointed by the Securities and Exchange (SEC) as an Interim Administrator to carry out capital market reforms of the Nigerian Stock Exchange (NSE) and the Central Securities Clearing System Plc. (CSCS).
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