Posted by News Express | 14 October 2018 | 1,409 times
Abuja, the federal capital of Nigeria will be witnessing a convergence of global influential personalities, diplomats, eminent Nigerians and business communities as the city hosts the 2018 edition of Africa Value Awards.
The event scheduled to hold on November 17 at the Nigerian Air force Conference Centre, Abuja is under the auspice of Value Reorientation and Developmental Initiative Africa (VARDIAFRICA).
Speaking to media ahead of the global event which Abuja is hosting for the first time, the chairman, VARDIAFRICA, Ambassador Daniel N. Obah, disclosed that Value Reorientation and Developmental Initiative Africa VARDIAFRICA is hosting the 2018 Edition of the Africa Value Awards to honour prominent Africans and Organisations that has promoted the Value and Positive image of the continent.
According to Amb. Obah, Nigeria is to host this edition, of which 60% of the awardees will be selected from the host country Nigeria while 40% is to be selected from other African countries. “The Africa Value Awards is established to recognize individuals, organizations that has projected positively the value of the African continent, developed the economy and youth empowerment, community development, educational development/empowerment, humanitarian services and has also projected peaceful coexistence in their various counties,” Amb. Obah said.
Speaking further, he stressed that the objective of the award as highlighted above is to ensure that those who work tirelessly to ensure the world see the good in Africa are appropriately honoured and celebrated. “The Award program will also honour the First Female President of Africa, Ellen Johnson Sirleaf, traditionally rulers, great and young African entrepreneurs, captains of industries, entertainment, sport, aviation, government agencies and other individuals that has distinguished themselves in various endeavours in Africa.
“Beside the prestigious awards to be given to living legends, there will be a Posthumous award that will be presented to some African departed heroes that include Nelson Mandela; Kofi Annan; Chinua Achebe; Wangari Maathai; Joseph Blankson and other Africans who lost their lives in defence of humanity and our continent ( Africa), Amb. Obah concludes.
“Toxic Trio” in Cosmetics Creates Possible Emerging Liability Risks,
According to New Report by Allianz and Praedicat
Johannesburg, September 12, 2018 – Allianz Global Corporate & Specialty SE (AGCS) and Praedicat just released Emerging Liability Risks: The ‘Toxic Trio,’ a new report examining how chemicals commonly found in beauty products may place manufacturers and suppliers at significant liability risk as well as their potential impact on the insurance industry.
The cosmetics industry uses hundreds of chemicals in manufacturing, dozens of which can be present in the final product, leading to potential consumer and workplace exposure, particularly in nail and hair salons. Three chemicals have particular notoriety for their use in nail polish – dibutyl phthalate (DBP), toluene and formaldehyde. Scientists have identified this “Toxic Trio” of chemicals, which are also used in perfumes, body lotions and other personal care products, as hazardous.
In Africa, the beauty and skin industry is not well-regulated, making it a lot more risky for consumers to get exposed to dangerous chemicals. Currently, there is a rising trend in skin bleaching and it is estimated that over 70% of women in Nigeria are using skin lightening [i]products. This phenomenon is creating concerns around increasing health issues that may be caused by these products. Many of these skin lightening products are easily accessible in the region, despite them being banned in countries such as South Africa, Mali and Cote d’Ivoire[ii].
With global sales for skin care products estimated to grow by 40 percent to $180 billion by 2024, manufacturers and suppliers face liability risk if bodily injuries are linked to “Toxic Trio” exposure. These risks include:
Product recalls if a product containing one of the “Toxic Trio” is deemed risky to consumers by regulators, whose attention is increasing.
Product mislabeling is a growing threat. Manufacturers who market their products as being “three-free” could be held liable if their products contain any of these chemicals, even if it is not their fault.
Latent liability from DBP affecting both consumers and workers has the potential to generate in excess of $100 billion in losses to the U.S. economy, based on Praedicat’s model estimates, due to the broad exposure.
“Companies need to implement rigorous testing to reduce the risk of mislabeling and proactively monitor scientific literature to identify future risks rather than reacting to public perception or regulatory action,” said Michael Hohmann, Global Head of Liability at AGCS. “By leveraging science-based business intelligence from Praedicat, AGCS helps clients make more informed decisions about the chemicals, products, substances and processes involved in their business.”
Insurance companies currently offer general liability and standalone product recall policies to assist companies with the significant costs that could occur from a “Toxic Trio” event.
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