Business
Lagos Residents Warn: Plastic Ban Could Trigger Job Losses and Water Crisis

Residents of Lagos State are expressing concerns about the government’s proposed ban on single-use plastics (SUPs) and sachet water, warning that it could lead to widespread unemployment and disrupt key economic activities.
In various interviews, locals have called on the Lagos State Government to reconsider this decision, fearing the long-term effects on businesses and livelihoods, particularly in low-income communities.
The Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, recently announced the state’s intention to enforce the ban by January 2025 during a stakeholder workshop.
The policy aims to address the environmental hazards caused by plastic waste, which takes centuries to degrade.
The state is working in collaboration with private-sector organizations to identify alternatives to single-use plastics, such as styrofoam containers, and is also promoting research into eco-friendly technological solutions.
While environmentalists praise the move for addressing Lagos’ growing waste management problem, industry players, small business owners, and workers fear that the ban may lead to massive job losses, particularly in the manufacturing, distribution, and retail sectors.
Thousands of people depend on the production and sale of sachet water and plastic packaging for their income. Many are now uncertain about their future.
Akinyemi Bolaji, Sales Manager at Aremson Water Ltd. in Ojo First Gate, noted that many workers would be impacted by the ban.
He urged the government to explore alternative strategies that won’t lead to mass unemployment.
Bolaji questioned the rationale behind the ban, given the widespread reliance on sachet water as an affordable water source.
He called for better options for managing plastic recycling rather than an outright ban.
He also suggested that the government invest in education campaigns on proper waste disposal and provide more public trash bins to tackle Lagos’ drainage problems, which are often exacerbated by plastic waste.
For many Lagosians, sachet water, commonly referred to as “pure water,” is not only convenient but also vital for addressing public health concerns like cholera outbreaks.
A retail water seller, Mrs. Vera Osiyemi, expressed skepticism over the practicality of the ban, arguing that sachet water has been essential in combating diseases caused by unclean water.
According to her, a ban would likely force the city back to less hygienic practices like selling iced water in uncovered bowls.
Instead of a ban, she recommended the government focus on educating the public on proper disposal methods and reintroducing the widespread availability of bins, much like in past years.
Mrs. Afusat Ajibola, another seller, echoed these concerns, stressing that without adequate access to clean, affordable water, the ban could exacerbate health issues in Lagos.
Ajibola warned of a potential cholera outbreak if sachet water is banned without an effective alternative in place.
She doubted that the government’s efforts would succeed without addressing broader public health concerns tied to water accessibility.
Similar sentiments were shared by Miss Joy Okafor, a retailer who pointed out that plastic sachets are not the only source of blocked drainage systems in Lagos.
She noted that other types of disposable packaging also contribute to the problem.
Okafor raised concerns about whether the government would be able to provide sufficient clean water for every household and street in Lagos if the ban goes through.
She believes the government should tackle the issue of plastic disposal more directly rather than implement a full ban, which would likely result in job losses for many Lagosians who depend on selling sachet water.
Chinedu Eze, a long-time water distributor, said he is unsure what the future holds for his business if the ban takes effect.
For many like Eze, sachet water is more than just a product; it’s a critical source of income.
He emphasized that the ban could have devastating effects on the water distribution industry and the broader economy, particularly for those who have built their livelihoods around this trade.
A street vendor, identified as Mummy Boma, highlighted how selling sachet water allows her to feed her children and pay for their school fees.
She stressed that bottled water is too expensive for many consumers, as well as for small-scale sellers like herself who rely on high turnover to make a living.
Instead of banning sachet water, she recommended that the government enforce stricter regulations on manufacturers to ensure better quality control and hygiene standards.
From a public health perspective, medical professionals are also weighing in.
Dr. Olufemi Adeyemi, a Lagos-based physician, warned that an abrupt ban on sachet water could lead to reduced access to potable water for many residents.
While acknowledging that some sachet water may be contaminated due to poor regulation, Adeyemi emphasized that the government needs to provide alternative safe water sources before implementing such a ban.
He suggested that instead of banning sachet water outright, the state should invest in public water systems, ensuring clean and reliable water in both urban and rural areas.
According to him, such infrastructure could reduce the population’s dependency on sachet water and prevent the unintended health crises that could follow the ban.
Although the proposed ban is part of Lagos State’s broader environmental strategy, it is clear that the implementation will have far-reaching consequences for various sectors of the economy.
The key challenge now is finding a balance between environmental sustainability and economic survival for the thousands of Lagosians whose lives are tied to the production, sale, and consumption of sachet water and other single-use plastics.
Many residents hope that the government will take a more measured approach, exploring solutions that address both environmental and social concerns, such as improving waste management systems and ensuring access to clean, affordable water for all.
Business
Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
Business
CBN Assures Nigerian Stakeholders of the Banking Sector Stability and Deposit Security

The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Business
“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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