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BREAKINGNigeria secures $2.25 billion World Bank loan
NewsBrent crude approaches $75 amid Middle East tensions
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NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
S&P5,776.65 0.15%
EUR/USD1.0845 0.12%
NewsDangote Refinery begins petrol production
ALERTAviation fuel prices drop by 8%
BREAKINGSEC announces new rules for digital assets
DOW42,850.22 0.32%
NewsNaira stabilizes at N1,550/$1 in official market
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNigerian banking sector assets grow by 45% year-on-year
WTI$68.92 1.80%
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsNigeria's inflation rate drops to 24.48% in January
NewsNigeria exits technical recession with 3.46% GDP growth
NewsEuro depreciates against dollar ahead of ECB meeting
UPDATENDDC launches ₦2.5bn infrastructure bond
UPDATETinubu approves ₦3 trillion for power sector
NewsForeign reserves hit $34.2 billion, highest in 2 years
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BTC$87,250 3.20%
BRENT$72.45 2.10%
NewsOil prices rally on OPEC+ production cuts extension
GOLD$2,890.5 0.85%
NEWSNNPC reports 47% profit increase
BREAKINGNigeria secures $2.25 billion World Bank loan
NewsBrent crude approaches $75 amid Middle East tensions
USD/NGN₦1,550 0.45%
NGXASI98,575.68 1.25%
NAS18,290.25 1.05%
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
S&P5,776.65 0.15%
EUR/USD1.0845 0.12%
NewsDangote Refinery begins petrol production
ALERTAviation fuel prices drop by 8%
BREAKINGSEC announces new rules for digital assets
DOW42,850.22 0.32%
NewsNaira stabilizes at N1,550/$1 in official market
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNigerian banking sector assets grow by 45% year-on-year
WTI$68.92 1.80%
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsNigeria's inflation rate drops to 24.48% in January
NewsNigeria exits technical recession with 3.46% GDP growth
NewsEuro depreciates against dollar ahead of ECB meeting
UPDATENDDC launches ₦2.5bn infrastructure bond
UPDATETinubu approves ₦3 trillion for power sector
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsBitcoin surges past $87,000 on ETF inflows
BTC$87,250 3.20%
BRENT$72.45 2.10%
NewsOil prices rally on OPEC+ production cuts extension
GOLD$2,890.5 0.85%
NEWSNNPC reports 47% profit increase
BREAKINGNigeria secures $2.25 billion World Bank loan
NewsBrent crude approaches $75 amid Middle East tensions
USD/NGN₦1,550 0.45%
NGXASI98,575.68 1.25%
NAS18,290.25 1.05%
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
S&P5,776.65 0.15%
EUR/USD1.0845 0.12%
NewsDangote Refinery begins petrol production
ALERTAviation fuel prices drop by 8%
BREAKINGSEC announces new rules for digital assets
DOW42,850.22 0.32%
NewsNaira stabilizes at N1,550/$1 in official market
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNigerian banking sector assets grow by 45% year-on-year
WTI$68.92 1.80%
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsNigeria's inflation rate drops to 24.48% in January
NewsNigeria exits technical recession with 3.46% GDP growth
NewsEuro depreciates against dollar ahead of ECB meeting
UPDATENDDC launches ₦2.5bn infrastructure bond
UPDATETinubu approves ₦3 trillion for power sector
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsBitcoin surges past $87,000 on ETF inflows
BTC$87,250 3.20%
BRENT$72.45 2.10%
NewsOil prices rally on OPEC+ production cuts extension
GOLD$2,890.5 0.85%
NEWSNNPC reports 47% profit increase
NGX INDICES
NGXASI98,575.68 1.25%
NGX304,523.15 0.85%
NGXBANK678.42 0.32%
NGXINS245.18 0.45%
NGXCG892.34 0.18%
NGXOIL567.89 1.12%
NGXIND345.67 0.23%
PREMIUM7,891.23 0.67%
NGXASI98,575.68 1.25%
NGX304,523.15 0.85%
NGXBANK678.42 0.32%
NGXINS245.18 0.45%
NGXCG892.34 0.18%
NGXOIL567.89 1.12%
NGXIND345.67 0.23%
PREMIUM7,891.23 0.67%
NGXASI98,575.68 1.25%
NGX304,523.15 0.85%
NGXBANK678.42 0.32%
NGXINS245.18 0.45%
NGXCG892.34 0.18%
NGXOIL567.89 1.12%
NGXIND345.67 0.23%
PREMIUM7,891.23 0.67%
MARKET NEWS
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
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Financial EDGE

Economic Sabotage: Police Burst Factories in Anambra for Destroying Returnable Packaging Materials

By adminResearch Signal
The Nigeria Police Force, in collaboration with Beverage manufacturers, stormed a number of illegal sites in Onitsha, Anambra State, and its environs, apprehending some persons for destroying returnable packaging materials, including glass bottles and plastic crates belonging to various beverage manufacturing companies. Speaking on the development, the Director General of Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, mni, 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.