Connect with us

NEWS

Tinubu Cautioned on Coca-Cola’s $1bn Investment

Published

on

Share

From Attah Ede Makurdi

The Corporate Accountability and Public Participation Africa (CAPPA), on Wednesday, cautioned President Bola Tinubu to rethink plans by Coca-Cola’s proposed $1 billion investment in Nigeria over a period of five years.The NGO urged President Tinubu to consider the health implications of Coca-Cola products on Nigerian consumers, saying that the global soft drink company has a history of breaking public health regulations in the country.

It called on the Nigerian government to prioritise the interests of Nigerians by shunning “questionable associations” with corporate lawbreakers and adversaries of public health.
It charged the Nigerian state to defend public health and consider genuine ethical investments that rank the well-being of Nigerians over profit.
According to CAPPA’s Executive Director, Akinbode Oluwafemi, Coca-Cola’s latest investment promise was nothing more than a recycled, unfulfilled commitment which was first made three years ago during the Muhammadu Buhari administration.The group recalled a recent statement by the Federal Competition and Consumer Protection Commission (FCCPC) faulting some components of certain consumables being sold in the country.“It is a matter of grave concern that the news is once again awash with Coca-Cola’s promise of a $1 billion investment in Nigeria. This is the second time in three years that the company has made this hollow pledge to different ruling governments, and yet it failed to deliver the first time around.“Despite the company’s failure to honour its previous commitment, the government of the day has not only embraced the company’s latest pledge with undue fanfare but also quickly risen to defend its track record of dangling promises that never materialised.“While the government may claim that Coca-Cola couldn’t fulfil its earlier commitment due to a “challenging business environment,” the disturbing truth remains that, beyond its woeful record of unmet financial pledges, Coca-Cola’s presence in Nigeria has more than any other thing been defined by its persistent onslaught against public health and regulatory infractions.

“In 2017, a Lagos High Court issued a damning judgement against the company, revealing that its products were unfit for consumption as they contain high levels of sunset yellow and benzoic acid which, according to European and American food and drug agencies, can form the carcinogen benzene when combined with ascorbic acid (Vitamin C). “On this ground, the court mandated the company to place warning labels on its beverages, advising consumers against combining their intake with Vitamin C. But to this day, the corporation has refused to comply with this directive.“This contempt and disregard for public health and judicial authority should ordinarily disqualify the company from receiving any form of state endorsement, let alone at the highest level of government.“Moreover, barely two months ago, in July 2024, the FCCPC found Coca-Cola guilty of deceptive trade practices as usual. The Commission’s investigation which began in 2019 revealed that the company had on multiple occasions engaged in false and harmful marketing practices that could mislead customers. “Sadly, by endorsing Coca-Cola’s shady investment only months after the FCCPC indicted it, the Nigerian government is not only setting itself up as an image launderer for a dirty corporation but also unbelievably, undermining and embarrassing its own regulatory authority,’’ the CAPPA statement said.According to CAPPA’s Executive Director, Akinbode Oluwafemi, “the question the Nigerian government must ask itself in light of all this is what truly it stands to gain by endorsing a multinational corporation with a dark history of non-compliance, and whose products are even actively contributing to a public health crisis in the country?“Sugar-sweetened beverages, like many of Coca-Cola products under such category, are well known and documented contributors to non-communicable diseases (NCDs) such as diabetes, obesity, and heart disease and other associated health conditions that are already straining Nigeria’s healthcare system and economy.“As such, while the company’s promises of an economic investment may sound appealing, the potential gains pale in comparison to the long-term public health costs and injury that the consumption of its products inflicts on the Nigerian population as with elsewhere across the world’’ Akinbode added.The CAPPA in a statement signed by Robert Egbe, the Media and Communication Officer made available to newsmen in Makurdi, also warned that the government’s cosy relationship with the beverage corporation could jeopardise the smooth implementation and enforcement of Nigeria’s active Sugar-Sweetened Beverages (SSBs) tax.According to Egbe, the SSB tax was signed into law as part of Nigeria’s Finance Act in 2021, effectively imposing an excise duty of N10 per litre on all non-alcoholic and sweetened beverages in the country in order to lessen their demand and consumption and tackle the rising spate of NCDs in the country and their heavy burden on individuals and the economy. Poultry Farmers Move to Tackle Food Insecurity at Annual ConferenceThe Poultry Association of Nigeria (PAN), Lagos State chapter, has championed the move for the attainment of food security in the country at its annual conference.The association at its 2024 annual Conference and Exhibition with the theme: ‘Poultry Association of Nigeria Lagos (PANLAG) on the Pathway to Food Security and Sustainability’ called for the attainment of food security via the poultry sector.The conference held on Wednesday in Lagos was organised to close the economic hardship gap in the sector by boosting productivity capacity of local poultry farmers.In his welcome address, the PAN Lagos State Chairman, Mojeed Iyiola reiterated the resolve of the association to address the challenges facing the sector.“Nigeria is a significant gateway to West Africa’s food market, most especially protein production, in which the poultry sector is one of the major sources.“However, the sector is experiencing retrogressive trends in production with farms shutting down on a daily basis.“This is a wakeup call for us all to creatively and relentlessly work together towards a common goal of ensuring adequate food security and its sustainability in Lagos State and our dear country Nigeria.“We at PANLAG resolve that the factors of erratic climate change, environmental degradation and insecurity impending on food security and its sustainability should be critically addressed,” he said.He stressed the need for lasting solutions to ensure adequate food production and sustainability in Nigeria.On his part, the guest speaker and Vice Chancellor Federal University of Agriculture Abeokuta, Prof. Olushola Kehinde, represented by Prof. Olajide Sogunle, stressed the need for diversification to rearing other species.Kehinde said that poultry farmers should diversify aside growers and layers for increased productivity and profitability.The keynote speaker, Dr James Wageti, veterinarian and poultry expert, tasked the farmers on efficiency and stockmanship to address the losses in the sector.

NEWS

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

Published

on

Share

Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol   to N300 per litre ,to make things easy for Nigerians during the festive season.

George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.

The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.

According to the elder statesman,Nigerians  are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.

He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.

The PDP leader, who noted that December and January are  special months , said that such gesture could start from the  middle of December and run through January.

“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.

“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.

“The government can absorb the losses in the interest of the suffering people.

“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.

“We will be sending a lot of messages of happiness across the tribes and homes.

“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.

“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.

Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .

He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness  in order to create a better future for Nigerians

Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system  needed reforms to guard against electoral frauds and manipulations.

According to him, the nation will continue to grope for development if the system fails to encourage best candidates  to emerge.

Stating that election must reflect the wishes of the people and be devoid of  religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.

“INEC performance must improve. The commission must make sure that the voice of the people is  heard in elections.

“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.

Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.

“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.

George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.

George disagreed with political watchers saying no  vacancy in  presidency in 2027.

On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for  party rules remained PDP’s major challenge.

He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.

“We will tell ourselves some serious old truth. We messed ourselves  up. ” he said.

Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the  party’s zoning and rotational principle cost the party victory in 2023.

Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)

Continue Reading

NEWS

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Published

on

Share

President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.

Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos

Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.

“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.

Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.

Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.

He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.

Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.

Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)

Continue Reading

NEWS

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

Published

on

Share

Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.

Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.

7 billion is for capital expenditure.

The governor said that the total estimate represented a 47.

5  per cent increment over the 2024 revised and approved figure of N373 billion.

He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.

Alia further explained that the proposed recurrent expenditure of N175.

4 billion was 13.55 per cent higher than the previous year.

According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.

“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.

“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.

“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.

The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.

He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.

“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.

“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.

Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.

He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS5 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS5 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS5 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS5 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS5 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy5 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS5 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS5 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS5 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

NEWS5 hours ago

Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading

ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc