General News
Ribena, Tetra Pak Donate Recycled Furniture to Schools
Ribena in partnership with Tetra Pak West Africa recently handed over 80 desk and chair units made from recycled empty packs of Ribena to the LOTS Foundation in Dustbin Estate in Ajegunle area of Lagos State.
This was done as they concluded the “Drink it, Flatten it and Bin it” recycling campaign with twenty schools in Lagos State. The Foundation in turn handed the donated furniture over to different primary schools in the dumpsite area.
Speaking at the handover event, Mr Olawale Akanbi of GlaxoSmithKline (GSK), makers of Ribena, said, “The recycle project with primary school children has proven a worthy effort for us as an organisation whose corporate vision is to help people everywhere, do more, feel better and live longer. The furniture we are donating is made from Ribena packs which ordinarily would have been lying somewhere constituting environmental hazards in the drainage system or landfill.”
The Ribena Tetra Pak “Drink it, Flatten it and Bin it” recycling campaign, was strategically executed through children in select primary schools in Lagos State. According to the Ribena Brand Manager, “The project which has a ‘catch them young’ undertone, was designed to help children learn and imbibe the simple habit of taking care of the environment by disposing their waste items properly and also by turning their waste into useful items through recycling. We believe the lessons from the project will stay with the children as they grow into adults.”
Recycling is being adopted globally as a method of reducing the devastating effect of waste on the environment generally.
Pollutions, expanding landfill, greenhouse effect and ozone layer depletion are some of the problems associated with waste management all over the world.
Unfortunately, these also have negative health implications for human beings as well. “The project is therefore a subtle appeal to the larger society to pay a little more attention to the impact of waste management.
Our environmental problem is a challenge for everyone and we have tried to use this project to raise awareness around the issues” added Mr Akanbi.
Itunu Ogundepo, Tetra Pak West Africa Environment manager, added that everyone has a part to play in protecting the environment; children especially, which is what this project is all about. We are glad that through this project, children now know that every time they pick up a pack of Ribena they will understand that they have done something really special in the lives of other less privileged children. They will also be confident that they are protecting their environment.”
Tetra Pak cartons, which hold the Ribena drinks, are made from materials which, when separated or recycled as a whole, can be transformed into a wide variety of materials including cardboard boxes, paper stationary benches, chairs, books, roofing sheets and much more.
This project, in particular is the first of its kind as this is the first time in West Africa that Tetra Pak cartons have been recycled into furniture.
“We are particularly excited to see that as a result of the Ribena – Tetra Pak “Drink it, Flatten it and Bin it” campaign, the children from these schools will be the first to experience recycled furniture which will create a more conducive environment for learning,” she concluded.
Apostle Jesse Dele, head of Lion of Judah Nursery and primary School, one of the beneficiaries of the furniture donated by Ribena and Tetra Pak, spoke on behalf of the other beneficiaries in the community.
He expressed their gratitude to Ribena and Tetra Pak and most especially the children from the twenty schools who participated and contributed to the success of the project. “Because of all your efforts, the children here can now enjoy a better learning environment. Thank you very much” he said.
Sunboss Nursery and primary School and Chriswill Nursery and Primary School also benefitted from the donation. It was further revealed that the gesture will be extended to more schools in the Dustbin Estate in the near future.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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