Banking
Court Orders Warning Against Taking Fanta, Sprite with Vitamin C
By Dipo Olowookere
Justice Adedayo Oyebanji of Igbosere High Court has ordered the National Agency for Food and Drug Administration and Control (NAFDAC) to henceforth mandate the Nigerian Bottling Company (NBC) Plc to include on all bottles of Fanta and Sprite soft drinks manufactured by the company a written warning that the content of the said soft drinks cannot be taken with Vitamin C as same becomes poisonous.
Justice Oyebanji also declared that NAFDAC has failed the citizens of this great nation by its certification as satisfactory for human consumption, products in which in the United Kingdom failed sample test for human consumption and which become poisonous in the presence of Ascorbic Acid ordinarily known as Vitamin C, which can be freely taken by the unsuspecting public with the Fanta and Sprite.
The judgment of the court was sequel to a suit filed by a Lagos businessman, Dr Emmanuel Fijabi Adebo and his company, Fijabi Adebo Holdings Limited, against NBC and NAFDAC.
Mr Adebo also urged the court to declare that the firm was negligent and breached the duty of care owed to their valued customers and consumers in the production of contaminated soft drinks with excessive “benzoic acid and sunset” addictive.
He also prayed the court to direct NAFDAC to conduct and carry out routine laboratory tests of all the soft drinks and allied products of the company to ensure and guarantee the safety of the consumable products produced from the factory.
In an amended statement of claim filed before the court by counsel to the claimant, Mr Abiodun Onidare, it was alleged that sometimes in March 2007, Fijabi Adebo’s company purchased from the NBC large quantities of Coca-cola, Fanta orange, Sprite, Fanta Lemon, Fanta Pineapple and soda water for export to the United Kingdom for retail purposes and supply to their customers in United Kingdom (UK).
When the consignment of the soft drinks arrived in the UK, fundamental health related matters were raised on the contents and composition of the Fanta and Sprite products by the United Kingdom Health Authorities, specifically the Stockport Metropolitan Borough Council’s Trading Standard Department of Environment and Economy Directorate.
The findings were also corroborated by the Coca-cola European Union and the products were found to have excessive levels of “Sunset Yellow and Benzoic Acid “which are unsafe for human consumption.
And due to the irregularities and harmful content of the soft drinks, which can cause cancer to the consumers, the claimants could not sell the products resulting in appreciable losses, as they were certified unsuitable for consumption and were seized and destroyed by the UK health authorities.
The claimants alleged further that NAFDAC failed to carry out necessary tests to determine if the soft drinks were safe for human consumption.
However, in its amended statement of defence filed before the court by Mr T. O. Busari, the NBC admitted supplying the products but contended that the products manufactured by the company were meant for local distribution and consumption.
It denied that it was negligent in the manufacturing of its products as alleged. It said that stringent quality control procedures were adopted in its production process to ensure that its products are safe for consumption of the final user.
In her judgment, Justice Oyebanji said: “It is imperative to state that the knowledge of the NBC that the products were not to be exported is immaterial to its being fit for human consumption.
“The court is in absolute agreement with the learned counsel for the claimants that soft drinks manufactured by the NBC ought to be fit for human consumption irrespective of colour or creed.
“In consideration of the fact that this case was filed in 2008 and that it has been in court for nine years, cost of N2 million is awarded against NAFDAC. Interest shall be paid at the rate of 10 per cent yearly until liquidation of the said sum.”
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
