Month: January 2019

Coca-Cola takes 100% ownership of CHI Limited

Coca-Cola has taken full ownership of CHI Limited. In a statement issued on Wednesday, the soft drinks giant said that it has acquired the remaining 60% stake in CHI it does not already own. Coca-Cola acquired a 40% stake in the Nigerian juice maker in 2016, promising to take full ownership in three years if certain benchmarks were met and subject to regulatory approval. “Coca-Cola is continuing to evolve as a total beverage company, and CHI’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa,” the President of the West Africa business unit of Coca-Cola, Peter Njonjo, said. “We will support the CHI management team in building on the company’s remarkable heritage and achievements w

Shettima Apologizes For His Mistakes While In Office. As He Doles Out N5 M To Apc Solidarity Group

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Governor Kashim Shettima of Borno State yesterday admitted that during his first and second tenure which will soon come to an end he may have in one way or the other offended some electorates, however noted that as a human, he is bound to make mistak ...Powered by WPeMatico

Reduction in net finance charge lifts Guinness Nigeria’s half year profit

Guinness Nigeria Plc on Wednesday said that net profit for its first-half of the year through 31st December 2018 grew by 21% to N2.6bn, helped by a sharp drop in net finance charge by 73% to N845m. The maker of Guinness Foreign Extra Stout said that the lower finance charge was driven by the rights issue it initiated in 2017. The brewer noted that effect of the lower finance charge more than offset a 30% decline in Operating Profit in a challenging operating environment. The company said that net sales in the six-months to the end of December declined by 4-percentage points to N67.8bn, negatively impacted by the ongoing pressure in the lager segment as a result of the continued challenging operating environment. However, double digit growth in spirits and continued growth in Guinness stout...

Nigerian Breweries names Sade Morgan as Corporate Affairs Director

Nigerian Breweries Plc has announced Mrs Sade Morgan as its Corporate Affairs Director and member of its executive committee reporting in this capacity to its Managing Director/Chief Executive Officer, Mr Jordi Borrut Bel. In her new role, Morgan will strengthen the company’s non-crisis stakeholder relations and drive a strategy led relationship with government, regulatory organisations, host communities, the media and non-governmental organisations to reinforce the company’s philosophy of Winning with Nigeria. Morgan started her career in 1993 in legal practice and subsequently worked across several industries and markets in Africa, Middle East, the United Kingdom and other parts of Europe. Joining British American Tobacco (BAT) in 2003, she worked over a period of 11 years in various man