The already high unemployment rate in Lagos State is set to surge even further as the state government plans to ban the production and sale of single-use plastics and sachet water.

The ban, which will take effect in January 2025, was announced by the Commissioner for Environment and Water Resources, Tokunbo Wahab, during a stakeholders’ workshop in Lagos.

At the workshop, aimed at raising awareness about the implementation of the new initiative, Wahab disclosed that the move aligns with the state’s plastic utility policy.

Investors King reported that in January 2024, the Lagos State government began taking bold steps toward effective plastic waste management and promoting a healthy, safe environment.

In that month, the government announced a ban on the use of Styrofoam across the state.

The ban, which came with strict enforcement, left many citizens and residents in the state complaining.

Speaking on behalf of the stakeholders, the Lagos Chairperson of the Association for Table Water Producers of Nigeria (ATWAP), Mosaku Ololade, emphasized the importance of implementing the ban in phases, noting that it would give members ample time for compliance.

He revealed that the union has been actively involved in sensitizing its members while engaging with the government on the way forward.

He said, “We have been engaging the Lagos State Government on the way forward and sensitizing our members on the planned ban.

“We want the government to continue engaging with us. We are a responsible association and are ready to work with the government.

“We have over 2,000 members in Lagos alone with over 10,000 workers.

“We hereby implore the government to implement the ban in phases to allow our members ample opportunity for compliance.”

The Board of Stanbic IBTC has appointed Dr. Kunle Adedeji as the acting Chief Executive Officer of the financial institution ahead of the end of Dr. Demola Sogunle’s tenure on October 31, 2024.

Adedeji, who brings with him over 25 years in the banking sector, was confirmed on October 2, 2024, in a letter addressed to the Nigerian Exchange (NGX) and signed by the company secretary, Chidi Okezie.

Okezie revealed that Dr. Kunle Adedeji‘s appointment is set to take effect on November 1, 2024.

The statement detailed that Adedeji, who was in 2019 appointed as an Executive Director, is also the current Chief Finance and Value Management Officer of the Company.

Okezie noted that he will continue serving in the position while also serving as Acting Chief Executive of the Company.

The statement reads, “Adedeji, brings a wealth of experience and a strong track record of leadership within our organization.

Dr Adedeji, who was appointed as an Executive Director in 2019 is a seasoned financial expert with over 25 years in the banking sector.

“He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland.

He is also the current Chief Finance and Value Management Officer of the Company and will continue in this capacity throughout the duration of his tenure as Acting Chief Executive of the Company.

The Board is confident that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.”

Investors King learned that Dr. Adedeji is set to succeed Dr. Demola Sogunle, whose tenure as the firm’s Chief Executive will come to an end on October 31, 2024.

Stanbic IBTC expressed gratitude to the outgoing CEO for his significant contributions during his 35 years of service.

“The Board of Directors expresses its heartfelt gratitude for his unwavering commitment, visionary leadership, and pivotal role in steering Stanbic IBTC through various challenges and milestones,” the statement added.

Businesses in Nigeria, Africa’s largest economy, have begun cutting down on their dollar exposure to better manage risk and profitability following the persistent depreciation of the Nigerian Naira since President Bola Ahmed Tinubu took office.

The Nigerian Naira lost over 8% on Wednesday to close at N1,699 against the US dollar, according to FMDQ data obtained by Investors King.

Analysts are now projecting a further decline to N1,700-N1,800 per dollar for the local currency by the end of the fourth quarter.

This negative outlook is prompting businesses with dollar debt to reduce their exposure to better manage financial obligations, especially amid rising borrowing costs in naira.

“One is still seeing volatility in the naira, so there’s still limited confidence in the currency,” said Muyiwa Oni, an analyst at Stanbic IBTC Bank Plc. “The biggest point is that as an institution, you can’t control naira movement, but you can mitigate your risks.”

Last month, Nigerian Breweries announced plans to pay off a $197 million foreign debt to rein in interest expenses and other costs.

Similarly, Ecobank Nigeria stated it was working on converting a $200 million dollar loan to naira to reduce its risk exposure after reporting a 77% decline in pre-tax profit due to naira devaluation.

In July, MTN Nigeria also revealed it had reduced its letters of credit obligations to $100 million from $417 million in December.

The ongoing naira woes have already prompted multinationals, including Unilever Plc, Procter & Gamble Co., GSK Plc, Sanofi SA, and Diageo Plc, to either reduce their Nigerian exposure or exit the market completely by selling to local firms.