Business
Coca-Cola to boycott all social media advertising for one month
The Coca-Cola Company has announced it is to pause all its advertising on social media for at least a month.
The brand said on Friday it is doing this in solidarity with the ‘Stop Hate For Profit’ campaign, which encourages businesses to stop advertising on Facebook due to the claimed promotion of ‘hate, bigotry, racism, antisemitism and violence’ on its platform. It has joined a string of other companies that have done the same.
CEO James Quincey said the global advertising boycott will last for at least 30 days from July 1.
He said in a statement on the Coca-Cola website: ‘There is no place for racism in the world and there is no place for racism on social media.
‘The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days. ‘We will take this time to reassess our advertising policies to determine whether revisions are needed. We also expect greater accountability and transparency from our social media partners.’
It appears that Coca-Cola is going one step further than the campaign though, and is not just boycotting Facebook and Instagram but also Twitter, YouTube and other platforms. Unilever and Verizon both announced yesterday they would also be joining the campaign.
It comes after Facebook announced a number of policy changes to address its recent criticism, which includes placing restrictions on hateful content in ads such as encouraging racial divisions or expressing contempt for immigrants.
In response to Unilever’s announcement, a Facebook spokesperson told NBC News yesterday: ‘We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies.
‘We know we have more work to do, and we’ll continue to work with civil rights groups, GARM, and other experts to develop even more tools, technology and policies to continue this fight.’
Facebook has not yet commented on Coca-Cola’s announcement.
The ‘Stop Hate For Profit’ campaign says: ‘Today, we are asking all businesses to stand in solidarity with our most deeply held American values of freedom, equality and justice and not advertise on Facebook’s services in July.
‘Let’s send Facebook a powerful message: Your profits will never be worth promoting hate, bigotry, racism, antisemitism and violence.’
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The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre Punch reports,
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
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The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.
The Dangote group has reacted to a recent report published on Bloomberg that their cement company was solely exempted from the Land Border Closure by the Nigerian government.
The report revealed that Dangote Cement was still able to export products despite the land border closure put in place by the Federal Government thus gaining an ‘unfair’ advantage.
Read Also: Meet Mariya Dangote: Dangote’s Daughter
Responding to the development in a statement sent to POLITICS NIGERIA, signed by Timilehin Oyedare, the cement giant disclosed that the report was ‘misleading’.
“Contrary to reports by Bloomberg that Dangote Cement was granted sole approval to export cement through the land borders, information has emerged that other companies also got approval to export through the land borders. Nigerian Customs Service has reportedly revealed that a gas company have also received presidential approval to move goods across the land borders.”
“Joseph Attah, the spokesperson for Nigerian Customs Service, was said to have clarified on phone from Lagos.”
“Dangote Cement and other companies in July, 2020 got partial special dispensation to export their products with certain sequence of crossing at Ilela land border in Sokoto State and Ohumbe land border in Ogun State, the company clarified.”
The Group Chief, Branding and Communications, Dangote Group, Mr. Anthony Chiejina, said the report is misleading and mischievous because it focused only on Dangote Cement as the sole beneficiary of the partial special dispensation.
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