By Adedapo Adesanya

The domestic production of polypropylene will help Nigeria to save around $267 million in import costs, according to estimates by the Manufacturers Association of Nigeria (MAN).

The group said investments from Dangote Group in the sector could significantly reduce the country’s reliance on imported raw materials for the textile industry.

The local production of polypropylene will not only boost industrial growth but also create jobs and enhance the competitiveness of Nigeria’s textile sector.

According to the Director-General of MAN, Mr Segun Kadir-Ajayi, this could help revive and ease the challenges facing a lot of industry in Nigeria, particularly the textile industry, which once employed over 25,000 workers in the northern region.

He attributed the industry’s decline to the lack of local polypropylene production and foreign exchange scarcity, forcing many companies to shut down.

Recently, Business Post reported that Dangote Industries has fully commenced polypropylene production, a move expected to transform Nigeria’s manufacturing sector.

It will help reduce Nigeria’s reliance on imports for this essential material used in packaging, textiles, and automotive components.

The Chairman of the group, Mr Aliko Dangote, projected that once fully operational, the refinery will meet local demand, eliminating the need for $267.7 million in annual imports.

By producing polypropylene locally, Dangote Industries is set to enhance industrial growth, create jobs, and strengthen Nigeria’s economy.

Polypropylene is a versatile thermoplastic used across multiple industries due to its durability, chemical resistance, and lightweight nature.

It plays a vital role in packaging, textiles, automotive, healthcare, construction, agriculture, consumer goods, and electronics. Its applications range from food containers and medical devices to car parts and irrigation pipes.

Local production of polypropylene is expected to boost industrial growth, create jobs, and enhance competitiveness.

Polypropylene’s versatile applications crucial for various industries including packaging, textiles, automotive, healthcare, construction and agriculture.

In packaging, polypropylene is essential for plastic containers and food packaging films. The textile industry relies on it for non-woven fabrics and carpets, while the automotive sector benefits from its lightweight properties in car bumpers and dashboards.

In healthcare, it is used for syringes and medical vials due to its sterility and durability. The construction and electronics industries utilize polypropylene for insulation materials, cables, and battery cases.

By Modupe Gbadeyanka

An associate of Governor Babajide Sanwo-Olu of Lagos State, Ms Aisha Achimugu, has been declared wanted by the Economic and Financial Crimes Commission (EFCC).

The agency is investigating her for an alleged money laundering and criminal conspiracy, a statement said.

The action of the EFCC followed a report by an online newspaper, Peoples Gazette, that President Bola Tinubu was not happy that the some funds made available to Ms Achimugu for the 2023 general elections were used to prosecute the campaigns of his main challengers, Mr Atiku Abubakar of the Peoples Democratic Party (PDP), and Mr Peter Obi of the Labour Party (LP).

Already, the former Vice President of Nigeria, Mr Atiku, has denied getting funds from the fugitive’s ally, Mr Sanwo-Olu, calling the claims “a blatant lie from the pit of hell.”

“We wish to state emphatically and for the record that this is a political hatchet job aimed at providing a much-needed justification to jettison Governor Sanwo-Olu, who appears to have fallen out of favour with the Bourdillon Cult,” a statement from his media office said.

The EFCC asked anyone with the whereabouts of Ms Achimugu to contact any of its offices in the country.

“The public is hereby notified that AISHA SULAIMAN ACHIMUGU, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Criminal Conspiracy and Money Laundering.

“Achimugu, 51, is an indigene of Ofu Local Government Area of Kogi State. Anybody with useful information as to her whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice signed on Friday by the commission’s Head of Media and Publicity, Mr Dele Oyewale, said.

By Aduragbemi Omiyale

In a bid to redefine modern media through technological innovation in content creation and distribution, Tether has embarked on a €10 million capital increase and equity acquisition in Be Water.

A statement from the largest company in the digital asset ecosystem on Thursday said it would take up a 30.4 per cent stake in Be Water by the end of the month to support the company’s technology-driven approach to content production and storytelling.

With this investment, Tether and Be Water will collaborate to enhance digital content distribution, integrate new technological solutions, and support the international expansion of Be Water’s brands.

The partnership will enable Be Water to develop a holistic technology infrastructure that leverages blockchain and advanced digital tools to distribute high-quality, independent content globally.

In addition, Be Water will launch a significant investment plan focused on developing a cutting-edge digital infrastructure for content distribution and production, expanding Chora and Will’s investigative journalism division establishing new strategic partnerships with global talent in film, television, and documentary production, and driving the international growth of Be Water’s brands.

Also, Be Water’s ownership structure will change, with key shareholders now including Guido Maria Brera, Giancarlo Devasini and Paolo Ardoino (Tether), Mario Calabresi, Roberto Condulmari, Saverio Costanzo, Barbara Salabè, Mattia Guerra, Sabina Grossi, Claudio Erba, Alessandro Borghi, Stefano Bises, Cecilia Sala, Riccardo Haupt, Fabio Pirovano, Sabrina Giovannetti, and Giorgia De Paolis.

Equally, the board will be restructured with Guido Maria Brera as Chairman, Barbara Salabè as CEO, and Mario Calabresi, Claudia Lagorio (COO of Tether), and Sabrina Giovannetti (CFO of Be Water) as members.

“At Tether, we recognize the power of storytelling and the importance of independent media in shaping informed societies.

“Our investment in Be Water aligns with our vision to support technology-driven innovation across industries. We are excited to collaborate with Guido Maria Brera and the entire Be Water team to explore new frontiers in content creation and distribution, ensuring that high-quality, independent content and entertainment reach audiences worldwide,” the chief executive of Tether, Mr Paolo Ardoino, said.

Also, the Chairman of Be Water, Guido Maria Brera, said, “Since the beginning, our goal with Be Water has been to build a modern media company capable of producing and distributing content across multiple platforms—podcasting, film, television, and live events—with a strong, diverse, and independent voice.

“With Tether’s entry and the technological expertise of Paolo Ardoino, we have the opportunity to accelerate our growth and expand our reach both in Italy and globally.”