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Coca-Cola Celebrates World Environment Day As Employee Action Becomes Community Passion
The World Environment Day is the United Nations’ principal vehicle for awareness and action for the protection of the environment.
Over the years, the celebration marked every year on June 5th, has come to serve as a global platform for public outreach and deep reflection focused on the challenges of the environment, growing annually with participation from over 143 countries.
The Coca-Cola System, on its part, has committed to reduce waste by helping to collect the same amount of packaging it sells for reuse, help communities identify and better understand their existing recycling and collection challenges; and motivate consumers to recycle their packages.
In line with this vision, employees of Coca-Cola Nigeria Limited decided to lead by example by collecting used plastic/PET bottles on a weekly basis from their homes and neighborhoods, depositing same to a designated collection center created at the company’s official car parking lot, from where program partners, RecyclePoint, would evacuate for onward processing.
The modest initiative began with just a few bottles and cans collected monthly, but then began to gain traction as associate volunteers from the CokeCARES team began to drive active collection and participation in the initiative.
This drew the attention of onlookers and community bystanders who curiously enquired to know more about the plastic collections and recycling activities.
This provided an opportunity for proper but timely education on the importance of the careful management and responsible disposal of post-consumer waste, especially PET.
That was the turning point. from this, the Ikoyi neighborhood of Gerrard road, where the Coca-Cola Nigeria office is situated has seen an increased participation from female street sweepers, Janitors and residents who keyed into the World Without Waste Initiative leading to increased recovery of plastic bottles and other recyclables within the neighborhood.
Leading this year’s collection drive, Mrs Abidemi Salau, a widowed mother of three, has since January, single handedly collected over 1 ton of PET bottles and other recyclables. In her words she said, “I am happy that the small proceeds I get from this supports me and my family and this is my little way of contributing to a cleaner environment”.
To mark this year’s World Environment Day, Coca-Cola Nigeria under the auspices of its associate volunteer program, CokeCARES, decided to celebrate and encourage Mrs Abidemi’s efforts, as well as other community members who had dedicated themselves to the daily collection and drop-off of PET bottles from the neighborhood, with a session comprising short but informative remarks on the need to preserve the environment and the Coca-Cola World Without Waste vision.
The informal collectors who received food packs, shopping vouchers, and delicious beverages, expressed delight at the gesture and committed to continuous collection of these PET bottles.
Mazi Uzonu, founder of Recycle Point – partners of Coca-Cola in this recycling endeavour, expressed his cautious optimism for the future of recycling, while also pointing out our collective roles.
“Plastic waste poses a threat to the environment and if properly recycled, we can make the most of these recyclables and improve our environment.” he said.
In her closing remarks, Nwamaka Onyemelukwe, Public Affairs, Communications and Sustainability Manager for Coca-Cola Nigeria Limited, expressed gratitude to these unsung heroes and reflected on the journey to a more sustainable world.
“On days like this, it’s important to not only reflect on the decadence of our environment but to be reminded of the responsibility that we all have in making the world cleaner, safer and more sustainable”, she remarked.
So far, a total of 8,474kg of recyclables have been collected from the immediate environment and repurposed for other uses.
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
Sam Darwish
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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