Banking
Coca-Cola Meets Water Replenish Target
By Dipo Olowookere
Business Post has reliably learnt that the Coca-Cola Company and its global bottling partners (the Coca-Cola system) have met their goal to replenish, or in other words balance, the equivalent amount of water used in their global sales volume back to nature and communities.
This was confirmed via a statement made available to Business Post on Monday.
Based on this achievement, Coca-Cola becomes the first Fortune 500 company to publicly claim achieving such an aggressive water replenishment target.
The Coca-Cola system also announced progress against its water efficiency goal.
The company and its bottling partners improved water use efficiency by 2.5 percent from 2014 to 2015, adding to a cumulative 27 percent improvement since 2004.
Based on a global water use assessment validated by LimnoTech and Deloitte, and conducted in association with The Nature Conservancy (TNC), the Coca-Cola system returned an estimated 191.9 billion litres of water to nature and communities in 2015 through community water projects, equalling the equivalent of 115 percent of the water used in Coca-Cola’s beverages last year.
“This achievement marks a moment of pride for Coca-Cola and our partners. A goal that started as aspiration in 2007 is today a reality and a global milestone we plan to maintain as our business grows,” said Muhtar Kent, Chairman and CEO, The Coca-Cola Company.
“Now, every time a consumer drinks a Coca-Cola product, they can have confidence that our company and bottling partners are committed to responsible water use today and tomorrow. We are keenly aware that our water stewardship work is unfinished and remain focused on exploring next steps to advance our water programs and performance,” added Kent.
The Coca-Cola system has achieved its water replenishment goals through 248 community water partnership projects in 71 countries focused on safe water access, watershed protection and water for productive use. In many cases, projects also provide access to sanitation and education, help improve local livelihoods, assist communities with adapting to climate change, improve water quality, enhance biodiversity, engage on policy and build awareness on water issues.
The program aspects mentioned in the preceding sentence do not contribute to Coca-Cola’s replenish volume.
Replenish performance is independently reviewed by LimnoTech and verified by Deloitte. That work is reflected in a 1,188 page report. The methodology for calculating water replenishment benefits was created in collaboration with The Nature Conservancy and LimnoTech.
It was the subject of scientific technical peer review to verify its accuracy, and uses generally accepted scientific and technical methods. Projects are reviewed annually and evaluated using this methodology.
Some replenish projects directly return water to the source we use while others are outside the watershed our plant uses but are important to help meet needs of local governments, communities and partners where there is a pressing need.
Coca-Cola and its partners seek projects that have a direct benefit, can be scaled up to have greater impact by reaching more people and parts of an ecosystem, are easy to learn from and replicate in other places where the challenges are similar, and can be built to be sustainable by the community over time, continuing to replenish water.
These efforts, as well as new projects, frequently address local source water vulnerabilities and balance additional sales volume as Coca-Cola’s business continues to grow.
At each of its 863 plants globally, Coca-Cola requires operations to determine the sustainability of the water supply they share with others in terms of quality, quantity, and other issues such as infrastructure to treat and distribute water.
Through this process, one of the factors Coca-Cola plants must examine is whether or not their use of water and discharge of water has the potential to negatively impact the ability of other community members to access a sufficient quantity and quality of water.
If so, or if there are areas where water sources may still be unsustainable in some aspect, Coca-Cola’s requirement then mandates that each plant develop and implement a Source Water Protection Plan. The plan, among other things, engages others to mutually seek solutions to promote the sustainability of the local water source.
This may result in replenish projects or other opportunities. While each plant may not replenish all water to its direct source, Coca-Cola’s policy is to require that all plants work to ensure they do not negatively impact water sources and work with the community on longer term solutions.
Coca-Cola’s replenishment strategy supports the company’s overall water goal to safely return to communities and nature an amount of water equal to what is used in its beverages and their production.
On the production side, the Coca-Cola system returned approximately 145.8 billion litres of water used in its manufacturing processes back to local watersheds near our bottling plants through treated wastewater in 2015.
“All life depends on water, but less than 1 percent of the world’s water is fresh and accessible. From mountain glaciers to estuaries, we must account for the whole system if we hope to secure freshwater for all,” said Carter Roberts, World Wildlife Fund (WWF) President and CEO.
“This means partnerships matter. This is an important milestone in Coca-Cola’s continued leadership on water stewardship and sets a standard for other water users to build from.”
Coca-Cola collaborates on replenish projects with governments, civil society and other members of the private sector. Some of the many organizations Coca-Cola partners with include Global Environment & Technology Foundation (GETF), Millennium Challenge Corporation, TNC, United Nations Development Programme (UNDP), UN-Habitat, United States Agency for International Development (USAID), WaterAid, Water and Sanitation for the Urban Poor (WSUP), Water for People, WWF, and World Vision.
Four programs with significant contribution to Coca-Cola’s water replenishment activities are our global conservation partnership with WWF, The Coca-Cola Africa Foundation’s Replenish Africa Initiative (RAIN), the company’s Every Drop Matters partnership with UNDP, which expanded to New World in 2014, and Coca-Cola’s investment in 50 water funds across 12 countries in Africa, Latin America and the Caribbean, with key partners TNC, FEMSA Foundation and the Inter-American Development Bank (IDB). All of these programs are active and committed through 2020.
Replenish projects work to balance, or offset, the direct water use of The Coca-Cola Company and its bottling partners across operations in more than 200 countries.
The water use is inclusive of water used within manufacturing as well as finished beverages, which includes water from fountain sales.
The water footprint of growing agricultural ingredients sourced by the Coca-Cola system is not included in this goal. However, sustainable water practices are part of Coca-Cola’s Sustainable Agriculture Guiding Principles required for suppliers.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, effective January 2026.
The new set of cash-related policies are designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.
This was contained in a circular released on Tuesday, December 2, 2025, and signed by the Director of the Financial Policy and Regulation Department of the central bank, Ms Rita I. Sike.
The apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances. However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels. With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,” the CBN stated.
So, effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million.
Withdrawals above these thresholds will attract excess withdrawal fees of 3 per cent for individuals and 5 per cent for corporates, with the charges shared between the CBN and the financial institutions.
Daily withdrawals from Automated Teller Machines (ATMs) will be capped at N100,000 per customer, subject to a maximum of N500,000 weekly. These transactions will count toward the cumulative weekly withdrawal limit.
The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.
The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.
Deposit Money Banks (DMBs) are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The apex bank clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
This is the latest move by the apex bank to strengthen the Nigerian financial ecosystem. In October, the CBN issued a directive requiring all financial institutions to submit detailed monthly reports on the activities of their Point-of-Sale (POS) agents.
In the circular signed by the Director of the CBN’s Payments System Policy Department, Mr Musa Jimoh, it was stated that the reports must include comprehensive data on the nature, value, and volume of transactions conducted by agents.
The circular also stated that POS agents are restricted to a maximum of N1.2 million per day, while individual customers are limited to N100,000 in daily transactions.
CBN said these limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn