Indorama Ventures Public Company Limited, together with Nigerian Breweries Plc and Genesis Power & Energy Solutions Ltd, has entered a strategic partnership to establish one of Africa’s largest state-of-the-art recycled PET production facilities in Nigeria, based on planned production capacity.
The landmark collaboration marks a significant step toward strengthening circular economy infrastructure and sustainable packaging value chains across the region, according to a statement from the partners.
Located in Lagos, the site represents an investment to develop a facility capable of producing up to 45,000 tons of food-grade recycled PET resin annually, with start-up targeted in the first half of 2027.
By converting post-consumer PET bottles into high-quality recycled material for packaging applications, the initiative aims to meet fast-rising demand for recycled content, reduce plastic waste, and create local value through improved collection systems, job creation, and increased participation across the recycling value chain.
The partnership brings together complementary strengths across the PET value chain. Indorama Ventures Public Company Limited, the world’s largest recycler of PET for beverages, contributes expertise in sustainable materials development.
Nigerian Breweries Plc, a Heineken operating company, provides strong local market insight and engagement across Nigeria’s beverage ecosystem, while Genesis Power & Energy Solutions Ltd supports the initiative with sustainable infrastructure and energy expertise.
The project is expected to support recycling capacity in Nigeria, subject to regulatory approvals, technical validation, and operational implementation. Together, the partners aim to establish commercially viable rPET operations that enable responsible growth and long-term environmental impact.
This initiative aligns with Nigeria’s National Policy on Plastic Waste Management, introduced in 2020 to strengthen collection, recycling, and circular economy solutions, with the goal that all plastic packaging be recyclable, biodegradable, compostable or reusable by 2030.
As Nigeria’s commercial hub, Lagos provides a strategic base to develop recycling infrastructure capable of serving both national and regional demand.
Commenting on the landmark partnership, the Executive President of Petchem and Chairman of the ESG Council at Indorama Ventures Public Company Limited, Yash Lohia, said the partnership marked a defining milestone in the firm’s global recycling journey.
“By establishing our largest recycling facility to date and one of the largest rPET sites in Africa, we are bringing Indorama Ventures’ global expertise, proven technologies, and long-term vision for circularity to a region with immense growth potential.
“This investment reflects our belief that scaling sustainability solutions locally is essential to building resilient, sustainable packaging systems that deliver lasting environmental and economic value”.
With a global recycling footprint spanning 20 facilities across 11 countries, Indorama Ventures Public Company Limited has recycled more than 160 billion post-consumer PET bottles into high-quality recycled materials.
The Nigeria facility represents the company’s first recycling investment in Africa and the largest recycling plant Indorama Ventures has ever built, underscoring the scale of the company’s long-term commitment to circular infrastructure, advanced recycling technology, and partnerships that strengthen collection, education, and innovation across the value chain.
Genesis Power & Energy Solutions Ltd also supports the partnership by enabling sustainable infrastructure and energy solutions that underpin low-carbon industrial development and circular economy systems across Africa.
Fraud control: CBN restricts mobile banking app operation to one device
By BUKOLA LONGE
The Central Bank of Nigeria (CBN) has restricted the operation of mobile banking applications (apps) to one device.
This means that a customer cannot operate the same bank mobile application on two different devices simultaneously in Nigeria.
This was contained in a circular to all banks and other financial institutions and payment service providers (PSP) announcing additional guidance for the operations of instant payments (IP) in Nigeria.
The circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, read: “The Central CBN in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria:
“All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.
“Migration to another device shall trigger automatic re-activation and authentication.
“Customers shall have the option to opt-out of opt-in to IP service at any time and for any given period. This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.
“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.
“However, customers can physically visit the financial institution to effect transfer during this period.
“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.
“Any such adjustment shall be subject to enhanced due diligence and appropriate risk assessment by the financial institution.
“The new transaction limit shall take effect immediately upon successful completion of multi-factor authentication (customer consent).
“Enterprise Fraud Monitoring functionality: All FIs shall implement and activate Enterprise Fraud Monitoring for both inflows and outflows to facilitate fraud detection and restriction of suspicious transactions.
“Liveliness Checks for online account opening/account reactivation: Accounts opened online shall be subjected to liveliness check; All online account opening/online reactivation, shall be validated real-time with the BVN/NIN database; and Enhanced authentication mechanisms (such as MFA, biometric authentication, soft token, hard token, liveliness check etc.) shall be adopted for online account reactivation.
“For new accounts, transaction limits (inflow and outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation.
“The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.
“For existing accounts, transaction limits (outflow) shall be imposed on a newly activated mobile financial services app in the first 24-hours of activation.
“The limit shall be as determined by the financial institution, subject to a maximum transaction limit of N20,000.00.
“For internet banking access, first-time log on a new device shall require additional MFA.
“The above are the minimum standard requirements for instant payments in Nigeria.
“Implementation of the above provisions shall take effect from July 1, 2026″.