Banking
NBC Reacts to Fanta, Sprite with Vitamin C Warning
By Dipo Olowookere
Management of the Nigerian Bottling Company Limited (NBC) has assured its consumers and members of the public of its unwavering commitment to product quality, safety and customer satisfaction.
This followed reports in the media concerning the safety of benzoic and ascorbic acids as ingredients in soft drinks, citing a Lagos High Court order, which directed the National Agency for Food and Drug Administration and Control (NAFDAC) to force the company to put a warning on its bottles that taking either Fanta or Sprite with Vitamin C was dangerous for human consumption.
One of its customers, Dr Emmanuel Fijabi Adebo, along with his firm, Fijabi Adebo Holdings Limited, had in 2007 sued the NBC and NAFDAC after the UK authorities seized products of the NBC shipped to the country because it did not meet its requirements.
Since the February 15, 2017 judgement of a Lagos High Court, there had been fears among consumers of Fanta and Sprite.
But the NBC, which produces the soft drinks, says consumers have nothing to fear because the benzoic acid levels were within the Nigerian regulatory limits.
The firm, in a statement signed by its Director of Legal, Public Affairs and Communications, Mrs Sade Morgan, emphasised that, “The UK standards limit benzoic acid in soft drinks to a maximum of 150 mg/kg. Both Fanta and Sprite have benzoic levels of 200 mg/kg which is lower than the Nigerian regulatory limit of 250 mg/kg when combined with ascorbic acid and 300 mg/kg without ascorbic acid and also lower than the 600 mg/kg international limit set by CODEX.”
According to the statement, the Lagos High Court dismissed all claims against the NBC and held that the company had not breached its duty of care to consumers and that there was no proven case of negligence against it.
NBC explained that, “Both benzoic acid and ascorbic acid (Vitamin C) are ingredients approved by international food safety regulators and used in many food and beverage products around the world.
“These two ingredients are also used in combination in some of these products within levels which may differ from one country to another as approved by the respective national food and drug regulators and in line with the range prescribed by CODEX.
“The permissible ingredient levels set by countries for their food and beverage products are influenced by a number of factors such as climate, an example being the UK, a temperate region, requiring lower preservative levels unlike tropical countries.
“Given the fact that the benzoic and ascorbic acid levels in Fanta as well as the benzoic acid level in Sprite produced and sold by NBC in Nigeria are in compliance with the levels approved by all relevant national regulators and the international level set by CODEX, there is no truth in the report that these products would become poisonous if consumed alongside Vitamin C.
“The wrong perception emanating from the media reports that our Fanta and Sprite beverages which are fully compliant with all national and international food quality and safety standards are unsafe, simply because their levels of Benzoic acid were not within the UK standards, is not only unfounded but also undermines the entire food and beverage industry in Nigeria which is regulated by the same ingredient levels approved by NAFDAC and other regulatory bodies for the country.”
It however said it has appealed the court order that directed NAFDAC to mandate NBC to include a warning on its bottles of Fanta and Sprite that its contents cannot be taken with Vitamin C as same become poisonous if taken with Vitamin C, saying the “order was premised on the fact that the products contain the preservative, benzoic acid.”
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.
