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Business News

Recycling firm invests $8m in Nigerian factory following China’s ban

The Executive Director, Lexsz Plastics Limited, Oba Olufemi Akowe, has disclosed the company invested $8 million in Nigeria to set up a factory to store collated trash along the Lagos/Ibadan expressway.

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Lexsz Plastics Limited, China ban trash, Recycling companies, Bloomberg, Punch

The Executive Director, Lexsz Plastics Limited, Oba Olufemi Akowe, has disclosed the company invested $8 million in Nigeria to set up a factory to store collated trash along the Lagos/Ibadan expressway.

The Polyethylene terephthalate plastic bottle recycling firm’s decision was prompted by China’s ban on any recycled plastic and unsorted scrap paper from abroad, and severely curbed imports of cardboard.

China, which is the world’s biggest scrap importer, was the major destination of choice for Lexsz Plastics Limited, but the ban caused Lexsz Plastics Limited to seek an alternative to store their products.

About the factory

The factory, situated on a 10-acre land, would cover broad areas in Ogun State communities. Collection of trash in the area will save a lot of energy and resources, as well as provide environmental protection in Lagos State, Akowe said.

“The company, based in the Ogun State, serves the surrounding states covering a broad range of features, numerous recycling sites in the surrounding areas and there are 10,000 local workers for the factories recyclable plastics.

“The company’s products not only save a lot of energy and resources, but are also effective for environmental protection in Lagos State. Lexsz has contributed immensely to the Lagos State Waste Management Authority.

“We have helped our key stakeholders in converting waste to wealth. We have also developed a robust partnership with some private sector operators involved in packing and clearing domestic wastes from the cities and the villages.” Akowe said.

The ED added that the firm “generates its energy from Pressure Reducing and Monitoring Station from the Nigerian National Petroleum Corporation.”

The firm currently has four production lines refining and processing for the entire West African region.

About Lexsz Plastics Limited

The firm was established in 2003 to provide recycling collection services for businesses and households. It has been into the collection of various beverage bottles and classifications of waste plastics recycling screening, washing and crushing in Yemen, port city of China.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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