₦airaland Forum

The Corporate Accountability and Public Participation Africa (CAPPA) has enjoined President Bola Ahmed Tinubu to be wary of Coca-Cola’s $1 Billion Investment in the country over a period of five years.

[i]A statement from the organisation on Wednesday signed by its media and communication officer, Robert Egbe, said
Coca-Cola’s latest investment promise was nothing more than a recycled, unfulfilled commitment first made three years ago to the Muhammadu Buhari administration.

“It is a matter of grave concern that the news is once again awash with Coca-Cola’s promise of a $1 billion investment in Nigeria. This is the second time in three years that the company has made this hollow pledge to different ruling governments, and yet it failed to deliver the first time around,” it said.

CAPPA said despite the company’s failure to honour its previous commitments, the government of the day has not only embraced its latest pledge[b] “with undue fanfare but also quickly risen to defend its dubious track record of dangling promises that never materialise with evidence.”[/b]

“While the government may claim that Coca-Cola couldn’t fulfil its earlier commitment due to a ‘challenging business environment’, the disturbing truth remains that, beyond its woeful record of unmet financial pledges, Coca-Cola’s presence in Nigeria has more than any other thing been defined by its persistent onslaught against public health and regulatory infractions than anything else,” it said.

CAPPA also highlighted that a Lagos High Court in 2017 issued a damning judgement against the company, revealing that its products were unfit for consumption as they contain high levels of sunset yellow and benzoic acid which, according to European and American food and drug agencies, can form the carcinogen benzene when combined with ascorbic acid (Vitamin C).

It said that the court had mandated the company to place warning labels on its beverages, advising consumers against combining their intake with Vitamin C but that the corporation has till date refused to comply with this directive.

It said, “This contempt and disregard for public health and judicial authority should ordinarily disqualify the company from receiving any form of state endorsement, let alone at the highest level of government.”

CAPPA also stated that barely two months ago, the Federal Competition and Consumer Protection Commission (FCCPC) found Coca-Cola guilty of deceptive trade practices as the commission’s investigation which began in 2019, revealed that the company had on multiple occasions and counts engaged in false and harmful marketing practices that could mislead customers.

CAPPA’s Executive Director, Akinbode Oluwafemi said, “The question the Nigerian government must ask itself in light of all this is what truly it stands to gain by endorsing a multinational corporation with a dark history of non-compliance, and whose products are even actively contributing to a public health crisis in the country?

“Sugar-sweetened beverages, like many of Coca-Cola’s products under such category, are well known and documented contributors to non-communicable diseases (NCDs) such as diabetes, obesity and heart disease and other associated health conditions that are already straining Nigeria’s healthcare system and economy,” he stated.

Coca-Cola Hellenic Bottling Company has disclosed plans to invest $1 billion in Nigeria in expansion of its business in the next five years. The Chief Executive Officer, (CEO) of the company, Mr Zoran Bogdanovic disclosed this during his visit to President Tinubu where it noted the company’s long-term commitment to Nigeria.

In a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Coca Cola noted that it generates around N300 billion in revenues year from Nigeria and returns N90 billion back to the government.

Furthermore, the company noted that since 2013, it has spent around $1.5 billion in its Nigerian business on capacity expansion, supply distribution and logistics.

According to Mr. Zoran Bogdanovic, “That assurance gives us the confidence to continue our investments. Since 2013, we have invested $ 1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.”

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential.”

President Tinubu praised Coca-Cola for its enduring partnership with Nigeria and for creating over 3,000 jobs across its nine production facilities.

Addressing the delegation, he emphasized that private sector partnerships, which drive sustained investments, are key to his administration’s comprehensive reforms aimed at enhancing the business environment. He also assured that the government would continue working with Coca-Cola to boost investments and tackle environmental challenges, including climate change.

Coca cola’s recent row with FCCPC
The company’s investment will come as a confidence booster to the federal government in its drive to attract foreign investors despite significant exits in the past few years. However, the Federal Competition and Consumer Protection Commission (FCCPC) had earlier in the year accused Coca Cola of misleading trade description and unfair marketing tactics.

The FCCPC stated that Coca-Cola Nigeria Ltd and NBC misled the public by claiming that the ‘Original Taste, Less Sugar’ variant had the same formulation as the ‘Original Taste’ variant. The Commission further noted that the matter of Abuse of Dominance, along with the appropriate penalties under the FCCPA and the Administrative Penalties Regulation 2020 (APR), has been reserved for future regulatory action, with penalties to be imposed in due course.

Racoon:
https://nairametrics.com/2024/09/19/coca-cola-pledges-to-invest-1-billion-in-nigeria-in-five-years/

Chachalogo:
Dear Nigerians,
Isn't it obvious that Coca cola does not want to have anything to do with APC NG?
Vote them out.

CyynthiaKiss:
Some of you guys don’t even know the damage Tinubu has caused Nigeria

Chachalogo:
Dear Nigerians,
Isn't it obvious that Coca cola does not want to have anything to do with APC NG?

Vote them out.

anonimi:
“The worst illiterate is the political illiterate, he doesn’t hear, doesn’t speak, nor participates in the political events.

He doesn’t know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics.

The slowpoke doesn’t know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky of the national and multinational companies.”

― Bertolt Brecht

Racoon:
The ranking placed Nigeria in 186th position, only after Haiti, among 187 countries of the world. Nigeria is the second country in the world with the lowest voter turnout, worse than war-ravaged Afghanistan and Libya, a new ranking by Picodi has shown.

The ranking placed Nigeria in 186th position, only after Haiti, among 187 countries of the world. Nigeria also ranked worst in Africa. Nigeria’s low voter turnout

PREMIUM TIMES had reported how Nigeria recorded a new low in voter turnout during the last general elections. With a national turnout of 29 per cent, a Premium Times analysis showed that the last election had the lowest participation rate in the country’s six decades of independence.

It further revealed that of the 93.4 million registered voters this year, 87.2 million people collected their Permanent Voters Card and the total number of actual voters on election day was only 24.9 million..The winner of the election, Bola Tinubu, had less than nine million votes, roughly 10 per cent of the total eligible voters.

Another analysis by this newspaper revealed that all the 18 candidates in Nigeria’s February elections received only 27.55 per cent of the total eligible votes.

https://www.premiumtimesng.com/news/top-news/634921-voter-turnout-nigeria-ranks-worlds-second-worst-nation-report.html?utm_campaign=twitter&utm_medium=twitter&utm_source=twitter

Alliswell248:
It's only cownu and Hobi supporters that are sad about this great news...Mr Peter Gbajue would never use this country. He lacks the mental capacity to rule Nigeria.

Kmfort2:
May God help us in this country

Racoon:
For goodness sake a country cant continue to be a butt of investor's jokes. Coca-Cola promised Tinubu $1B Investment After pledging a similar unfulfilled deal during the Buhari's government. This has been the repeated cycle.

Coca-Cola knows APC government is full of dull brains who can barely reason, whose stock in trade are lies, deceit and propaganda. Hence taking them for a ride.They know that the government in place is a scam government hence understand the language they love to hear.

PigTormentor:
This moomoo os always looking for excuses to console himself.

Racoon:
"...Coca-Cola’s latest investment promise was nothing more than a recycled, unfulfilled commitment first made three years ago to the Muhammadu Buhari administration.

“It is a matter of grave concern that the news is once again awash with Coca-Cola’s promise of a $1 billion investment in Nigeria. This is the second time in three years that the company has made this hollow pledge to different ruling governments, and yet it failed to deliver the first time around..........."

Sorry bro. We all are not zombies who swallow every lies, deceits and propaganda being banded by the rudderless government as achievement. So face reality and stop the paranoia of your delusions not going away.

Alliswell248:
You can say this without crying.
Emergency lover of Nigeria.

Coca cola that I know is a respected company.

Racoon:
No one should be bothered about Peter Obi being your president or not, let the country work well for all of us. Not governing with incredible lies and propaganda.

Meanwhile these are Tinubu today's turncoat spokesmen in the time past; @PeterObi is better than @officialABAT both as a governor and a businessman. If Peter Obi had the revenue and FG infrastructure of Lagos, he would have truly turned Anambara more than Tinubu left Lagos........
https://twitter.com/BwalaDaniel/status/1584803684063453190?t=zrQA6htLm89BpTK0UByAuA&s=19.

"Even Peter Obi is ahead of Atiku Abubakar.......ahead of him in terms of capacity to make decisions.Festus Keyamo said Tinubu increased Lagos’s IGR which is true. But much more than that, Tinubu increased Lagos’ debt. Tinubu met a debt of less than $200 million and left a debt of billions of dollars. Lagos alone owes 6% of Nigeria’s external debt and approximately 4% of her domestic debt.

Tinubu’s debt overshot his IGR, which is a net loss for Lagos. Besides, with AlphaBeta, are we sure the IGR got to the coffers of the Lagos Government, or to private hands?

"How Festus Keyamo exposed Tinubu on Channels TV" – Reno Omokri
https://www.vanguardngr.com/2022/08/how-festus-keyamo-exposed-tinubu-on-channels-tv-reno-omokri/

Do zombiesm with sense.