Business
Police Burst Factories in Anambra for Destroying Returnable Packaging Materials
These Returnable Packaging Materials (RPMs) are company-owned assets designed for multiple reuse cycles and form a critical part of their sustainability, cost-efficiency, and product quality systems. It’s a criminal activity to destroy them.
The Nigeria Police Force, in collaboration with Beverage manufacturers, stormed a number of illegal sites in Onitsha, Anambra State, and its environs, and apprehended some persons for destroying returnable packaging materials, including glass bottles and plastic crates belonging to various beverage manufacturing companies.
The Director -General of Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, explained that the police, working with member companies, acted on credible intelligence and stormed the factories to crack down on illegal disposal, theft, and unauthorised recycling of the returnable packaging materials of the affected companies, notably returnable glass bottles and plastic crates.
Mr. Ajayi-Kadir noted that the association was alerted by its members that owners of these untoward factories were involved in destroying returnable packaging materials for reuse, thereby causing the businesses to lose millions of naira in investments.
He stated that the group had engaged relevant security and regulatory authorities through formal petitions and intelligence-sharing, seeking lawful intervention to curb the illegal practices, recover company assets, and dismantle unauthorised recycling operations.
According to him, member companies identified multiple illegal locations in the South-East where they crush our bottles and crates for resale as raw materials.
He added that investigations by the police had revealed that significant quantities were being diverted from legitimate channels into informal recycling networks.
He also disclosed that, in several instances, reusable bottles were deliberately broken and crates were intentionally shredded for sale as raw materials, undermining the beverage companies’ circular packaging model.
“The recent raid is the outcome of sustained engagements and intelligence-led investigations and represents a decisive step by authorities to protect legitimate business operations, uphold environmental standards, and deter further illegal activity”, he said.
He described the act as criminal and a serious economic sabotage, noting that these assets remain the property of beverage companies that have invested heavily in these sustainable packaging materials to protect the environment.
He warned those involved in the act to desist, as the Association will continue to collaborate with law enforcement agencies to ensure that offenders are held liable and made to face the wrath of the law.
He stressed further that, beyond the asset loss, the activities of these individuals pose significant risks to businesses, including supply chain disruptions, increased operational costs, environmental risks arising from unsafe recycling practices, and threats to public safety.
“These Returnable Packaging Materials (RPMs) are company-owned assets designed for multiple reuse cycles and form a critical part of their sustainability, cost-efficiency, and product quality systems. It’s a criminal activity to destroy them”, he added.
He urged the relevant government agencies to move against the illegal destruction and diversion of returnable packaging material outside the value chain and encouraged the public to remain vigilant and report any suspicious activity of this nature to the police or call the consumer care lines of the beverage companies.
Over the years, beverage companies have been contending with a sustained challenge involving illegal disposal, theft, and unauthorised recycling of their returnable packaging materials.
Business
Filling Stations Selling Petrol, Diesel Higher Driven By Global Crude Prices
The development is expected to raise transportation costs and household expenses, while increasing operating costs for businesses that depend on fuel for logistics, power generation and other activities.
The surge in international crude oil prices above $100 per barrel is pushing up petrol prices across Nigeria.
While the government-owned filling stations operated by NNPC Limited have raised their pump price to N1,375 per litre from N1,275, some independent marketers have increased their prices to N1,400 from about N1,360 per litre.
For instance, MRS filling stations have increased their petrol price to N1,400 per litre from N1,300, representing a N100, or 7.7 per cent, increase in Lagos and its environs.
The latest increases followed the rise in the gantry price of petrol by Dangote Petroleum Refinery to N1,350 per litre, reflecting the impact of higher crude oil prices and rising costs across the petroleum supply chains.
The development is expected to raise transportation costs and household expenses, while increasing operating costs for businesses that depend on fuel for logistics, power generation and other activities.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
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