Close Menu
MarketForces AfricaMarketForces Africa
    What's Hot

    CBN Hikes Interest Rates on Treasury Bills to 17.34%

    June 17, 2026

    Bitcoin Slips as Bank of Japan Hikes Rates to 31-Year High

    June 17, 2026

    Nigeria Eurobonds Yield Rises 8bps on Risk-Off Sentiment

    June 17, 2026
    Facebook X (Twitter) Instagram
    Trending
    • CBN Hikes Interest Rates on Treasury Bills to 17.34%
    • Bitcoin Slips as Bank of Japan Hikes Rates to 31-Year High
    • Nigeria Eurobonds Yield Rises 8bps on Risk-Off Sentiment
    • IMF: FG Dismisses Report on New Telecom, Fuel Taxes
    • G7 leaders to Discuss Global Economic Recovery
    • South Africa’s Inflation Rises to 4.5% in May
    • Crude Oil Prices Fall Below $80 as Supply Risk Eases
    • South African Rand Strengthens Ahead of Inflation
    • Home
    • About Us
    Facebook X (Twitter) Instagram LinkedIn WhatsApp TikTok Telegram
    MarketForces AfricaMarketForces Africa
    Subscribe
    Wednesday, June 17
    • Home
    • News
    • Analysis
    • Economy
    • Mobile Banking
    • Entrepreneurship
    MarketForces AfricaMarketForces Africa
    MarketForces Africa » MarketForces News » Regulatory Breach: Lagos Seals Coca-Cola, FrieslandCampina, Guinness

    Regulatory Breach: Lagos Seals Coca-Cola, FrieslandCampina, Guinness

    Olu AnisereBy Olu AnisereDecember 24, 2024 News No Comments2 Mins Read
    Regulatory Breach: Lagos Seals Coca-Cola, FrieslandCampina, Guinness
    Babajide Sanwolu, Lagos State Governor
    Share
    Facebook Twitter LinkedIn Pinterest Email Tumblr Reddit Telegram WhatsApp Copy Link

    Regulatory Breach: Lagos Seals Coca-Cola, FrieslandCampina, Guinness

    The Lagos State Water Regulatory Commission (LASWARCO) has sealed three companies for extracting large quantities of groundwater for commercial purposes without proper authorisation and compliance with regulations.

    The three companies are Nigerian Bottling Company, producers of Coca-Cola, FrieslandCampina, makers of Peak Milk and Guinness Nigeria Plc.

    Mr Olowu Babatunde, Director, Technical Services, LASWARCO, said this during an enforcement on Tuesday in Lagos.

    Babatunde said that LASWARCO had been engaging with these companies for over seven years to encourage compliance but efforts have been met with limited success.

    “We operate a law that empowers us to regulate most of these heavy abstractors in Lagos State.

    “Abstractors are individuals or entities that extract large quantities of groundwater for commercial purposes.

    “So, these companies that we have sealed, basically three of them – Coca-Cola, FreislandCampina and Guinness, abstract water in large quantities.

    “And we have been engaging them over time. At least, I have been here for more than seven years now. We’ve been engaging these companies for more than seven years now.

    “Some, either they do partial compliance, or some don’t comply at all. So, now that we started implementation of our regulation, we now compel them to fulfill all their regulatory demands,” he said.

    The enforcement was a follow-up of a news briefing on unregulated groundwater abstraction by Mr Tokunbo Wahab, the Commissioner, Ministry of the Environment and Water Resources, held on Monday.

    Wahab noted that the Environmental Management Protection Law 2017 empowered LASWARCO to regulate groundwater activities and impose penalties for unauthorised abstraction.

    He said that unregulated groundwater extraction could lead to serious environmental consequences, including land subsidence and groundwater contamination.

    The commissioner said in 2020, the government offered a 75 per cent waiver on groundwater abstraction fees, but compliance was low.

    This, he said, necessitated LASWARCO to now initiate enforcement actions against defaulters.

    He said that letters were issued to non-compliant organisations with a 72-hour ultimatum to comply and penalties would be imposed on those who continued to operate without authorisation. #Regulatory Breach: Lagos Seals Coca-Cola, FrieslandCampina, Guinness#

    Coca-Cola Friesland Campina Wamco Nigeria GUINNESS Lagos State
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Olu Anisere
    • Website
    • LinkedIn

    Olu Anisere is a financial and economic journalist at MarketForces Africa, specialising in African macroeconomic policy, international finance, energy markets, and continental development.He covers major multilateral institutions, including the International Monetary Fund (IMF), World Bank, and the United Nations Economic Commission for Africa (ECA), providing readers with frontline reporting on policies shaping Africa's economic trajectory.Olu has reported extensively on Nigeria's fiscal and monetary policy landscape, including CBN interest rate decisions, Nigeria's bond market, FX inflows, and the country's engagement with global financial institutions.His coverage spans IMF and World Bank Spring and Annual Meetings, African Ministers of Finance conferences, and high-level economic forums where Africa's development agenda is set.His reporting captures perspectives from Africa's most influential economic voices, including Tony Elumelu, senior IMF officials, and CBN leadership, bringing institutional insight and policy depth to MarketForces Africa's readers.Olu also covers Inside Africa — tracking economic, investment, and development stories from across the continent. Olu Anisere is based in Lagos, Nigeria.

    Keep Reading

    CBN Hikes Interest Rates on Treasury Bills to 17.34%

    Bitcoin Slips as Bank of Japan Hikes Rates to 31-Year High

    Nigeria Eurobonds Yield Rises 8bps on Risk-Off Sentiment

    IMF: FG Dismisses Report on New Telecom, Fuel Taxes

    G7 leaders to Discuss Global Economic Recovery

    South Africa’s Inflation Rises to 4.5% in May

    Add A Comment

    Comments are closed.

    Editors Picks

    CBN Hikes Interest Rates on Treasury Bills to 17.34%

    June 17, 2026

    Bitcoin Slips as Bank of Japan Hikes Rates to 31-Year High

    June 17, 2026

    Nigeria Eurobonds Yield Rises 8bps on Risk-Off Sentiment

    June 17, 2026

    IMF: FG Dismisses Report on New Telecom, Fuel Taxes

    June 17, 2026

    G7 leaders to Discuss Global Economic Recovery

    June 17, 2026
    Latest Posts

    CBN Hikes Interest Rates on Treasury Bills to 17.34%

    June 17, 2026

    Bitcoin Slips as Bank of Japan Hikes Rates to 31-Year High

    June 17, 2026

    Nigeria Eurobonds Yield Rises 8bps on Risk-Off Sentiment

    June 17, 2026

    IMF: FG Dismisses Report on New Telecom, Fuel Taxes

    June 17, 2026

    G7 leaders to Discuss Global Economic Recovery

    June 17, 2026

    Subscribe to News

    Get the latest sports news from Dmarketforces Africa about finance, business and tech.

    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • Politics
    • Economy
    • Business
    • Opinions
    • Fintech
    • Science & Technology

    Company

    • About us
    • Advertising
    • Classified Ads
    • Contact Info
    • Editorial Policy

    Services

    • Subscriptions
    • Research
    • Due Diligence
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Subscribe to updates from MarketForces Africa, an independent financial news service provider.

    © 2026 MarketForces Africa. All rights reserved.
    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.