Business
Emirates To Launch onboard Utensils Made From Plastics Waste
By Ocheneyi Alli
Emirates Airline says that it will this month, launch onboard items such as plastic trays, bowls, snack and casserole dishes irecycled from Plastics waste nto fresh, ready-to-use Emirates meal service products.
In a statement to mark this year’s edition of the United Nations World Environment Day with theme, #BeatPlasticPollution, Emirates said that it will introduce the new recycled utensils onboard from June 2023.
The airline recently entered into partnership with deSter FZE UAE, to recycling millions of the onboard used items.
Emirates says that the project is in line with its commitment to consuming responsibly, adding that the new initiative is a transition to the principles of a circular economy, whereby items are reduced, reused, and recycled.
” Millions of old and damaged meal service items from Economy and Premium Economy Class dining will be collected after flights, washed and checked for damage, transported to a facility in Dubai to be ground down, reprocessed, and manufactured into new dishes, bowls and trays – before being sent to Emirates Flight Catering to be used again for thousands of meals in the sky,” said the Airline.
Commenting on the partnership with deSter FZE UAE, Emirates explains that deSter is a leading provider of service ware concepts to the aviation industry, and expert in closed loop manufacturing.
” Emirates will be reusing plastic materials that have already reached their end of life and would otherwise need to be written off.
The new trays, casseroles, snack dishes and bowls, potentially containing around 25% reused material (recyclate), will be brought back into service on aircraft across the globe, and the proportion will continue to increase over time.
” The team at deSter are members of the CE100 network, which includes some of the world’s leading circular economy companies and have also been awarded the ‘Gold’ Sustainability rating from Ecovadis – a globally recognized certification for sustainable practices.
Emirates elected to work with deSter once a facility in UAE was ready to facilitate the huge scale of Emirates’ requirement – substantially reducing the carbon footprint of sending the products to another country to be recycled.
The deSter factory also incorporates sustainable design principles focusing on solar power, efficient use of water and minimization of waste,” it said.
Emirates’ commitment to reducing plastic waste
Emirates Airline is committed to reducing plastic waste and has already implemented several initiatives in addition to the new closed loop recycling project.
Emirates has diverted over 150 million single-use plastic items from landfill each year by replacing plastic straws, inflight retail bags, and stirrers with responsibly sourced paper and wooden alternatives.
Blankets Recycled From Plastic Bottles
Economy and Premium Economy Class passengers can get comfortable with soft blankets onboard, where each blanket is manufactured from 28 recycled plastic bottles.
Over the course of one year, this initiative saves 88 million plastic bottles from landfill.
Emirates’ current range of inflight toy bags, baby amenity kits and plush toys are made from recycled plastic bottles, and over 8 million plastic bottles were repurposed during 12 months of amenity kit production.
The hygiene covers for bowls on Emirates meal trays and plastic tumblers are made from 80% recycled plastic (rPET).
Emirates Economy and Premium Economy amenity kits are made from alternative materials such as kraft paper, rice paper and recycled plastic, reducing the consumption of virgin plastic.
Emirates Cabin Crew segregate glass and plastic bottles for recycling in Dubai, diverting about 500,000 kilograms of plastic and glass from landfill in 2022.”
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
Business
Naira Exchange Rates Thursday, August 5
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,420 Sell ₦1,425
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,915
EURO (EUR) Buy ₦1,585 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Access Bank
Currency Sell
USD / NGN ₦1378.00
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1795.89 ₦1884.00
EUR / NGN ₦1536.93 ₦1618.33
ZAR / NGN ₦82.34 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,363.85
GREAT BRITISH POUND (GBP) ₦1,837.38
EURO (EUR) ₦1,575.25
SWISS FRANC (CHF) ₦1,686.26
JAPANESE YEN (JPN) ₦8.65
CHINESE YUAN (CNY) ₦202.05
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859.53
SAUDI RIYAL (SAR) ₦363.12
SOUTH AFRICAN RAND (ZAR) ₦83.35
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