Business
Nigeria Emits 57 million Tons of Plastic Waste To Ocean – Deloitte
OUT of a combined 139 million tons of plastic pollution in the world’s oceans, Nigeria emmited 0.41 percent ( 56.9 million), through the Lagos Harbour.
This is even as 170 countries recently agreed to have a first draft of a global plastics treaty ready by November 2023.
Deloitte for The Ocean Cleanup, disclosed this in a plastic pollution study that profiles 87 countries.
” There is now a combined 139 million tons of plastic pollution in the world’s oceans, seas, and rivers, including the world’s number one most littered item: single-use cigarette filters,” said the report.
In the country by country reports, Nigeria’s share of global plastic pollution emitted to the ocean is estimated at 0.41 percent (or 56.9 million).
Philippines account for 0.47 percent; India 0.46 percent; Vietnam 0.36 percent; China 0.37 percent and Myanmar 0.37 percent.
The report, further notes that every year, plastic pollution costs coastal countries between $6.0 and $19.2 billion.
“If you take the UK, for example, the direct costs borne by the government were between $7.1 and $31.7 million, but the report estimated the total costs to be between $29.6 and $266.2 million,” it said.
The direct costs of cleaning coastlines, waterways, marinas, and ports make up the lion’s share, between $5.6 and $15.0 billion in government expenditures.
But clean-up costs aren’t the only impact. Polluted beaches and stranded debris also have an impact on tourism, estimated to be between $237.8 million and $2.4 billion.
And while the harm to marine ecosystems can’t be overstated, the cost to fisheries and aquaculture, and the communities that depend on them, is real. It adds up to between $114.4 million and $1.9 billion annually.
Business
Zenith Bank’s Founder Jim Ovia Retires As Board Chairman
Ovia, who founded Zenith Bank in 1990, has played a central role in the institution’s growth into one of Nigeria’s leading financial services providers.
Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure.
Ovia, who founded Zenith Bank in 1990, has played a central role in the institution’s growth into one of Nigeria’s leading financial services providers.
In a statement issued on Tuesday, the bank said Ovia stepped down after completing the mandatory 12-year tenure as a non-executive director and chairman, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines.
The policy limits the tenure of non-executive directors in financial institutions to promote board renewal and strengthen governance standards within the banking sector.
Business
NNPC’s Ojulari brings in Chinese to revamp Warri, Port Harcourt refineries
The agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a Memorandum of Understanding (MoU) with two Chinese firms for the restart, operation and expansion of the Warri and Port Harcourt refineries.
In a statement on Monday, NNPC’s Chief Corporate Communications Officer, Andy Odey, said that the agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
He said the deal is expected to pave the way for a Technical Equity Partnership (TEP) aimed at completing ongoing rehabilitation works and ensuring efficient operations of the refineries.
The MoU was executed in Jiaxing City, China, on April 30, 2026, by NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xingcheng Industrial Park Operation and Management Co. Ltd, Bill Bi.
Under the proposed arrangement, the Chinese partners will support the completion of outstanding rehabilitation work at both facilities and take part in their operation and maintenance to achieve sustainable performance.
The partnership will also explore the expansion and upgrade of the refineries to meet cleaner fuel standards, improve profitability and boost petrochemical production capacity.
It is further expected to support the development of gas-based industrial hubs around the facilities.
Speaking after the signing, Ojulari described the agreement as a major milestone following months of negotiations.
All parties recognise mutually beneficial opportunities for the development and long-term sustainability of NNPC’s refining assets,” he said.
The rehabilitation of the Port Harcourt Refining Company was approved in 2021 at an estimated cost of $1.5 billion, with contracts awarded to Italy’s Saipem and other partners to restore its capacity of 210,000 barrels per day.
Similarly, the Warri Refining and Petrochemical Company is undergoing rehabilitation under a contract valued at about $897 million, aimed at reviving its 125,000 barrels per day capacity and integrating petrochemical production.Both projects form part of NNPC’s broader strategy to reduce Nigeria’s reliance on imported petroleum products.
Business
NDPC Chief Advocates for Warehousing Citizens Data Locally
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has advocated for developing indigenous technologies to support data protection processes, including breach reporting, compliance monitoring, and public awareness systems, rather than relying solely on imported solutions.
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The conference is being attended by nine African countries – The Gambia, Sierra Leone, Liberia, Ethiopia, Burundi, Somalia, Malawi, Zambia and Kenya.
Delegations from the participating countries are joined by representatives of key regional organisations, including the Economic Community of West African States (ECOWAS), Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
Olatunji told participants that the initiative would promote East-West peer learning and strengthen mechanisms for building and operationalising data protection regimes across the continent.
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