BUSINESS

CPC endorses FG’s move to increase excise duty on alcohol and tobacco

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Consumer Protection Council (CPC), on Tuesday put its weight behind the Federal Government’s decision to raise the excise duty rates on alcoholic beverages and tobacco products. The agency’s Director-General, Mr Babatunde Irukera, said the increase would serve as a measure to reduce the risks of abuse and disease. Irukera said that though CPC protected the rights of all consumers and their prerogative to make personal lifestyle choices, it, however, encourages responsible consumption in all circumstances. He said that the policy was the product of consensus pursuant to broad stakeholders’ engagement and was motivated in large part by the Federal Government’s desire to reduce the risks of abuse and disease that may be associated with consumption of these products. According to him, the

Sweet Nutrition introduces ‘Choco Love’ into the Chocolate drinks market

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Sweet Nutrition Limited, a consumer goods company based in Ogun State and formerly known as Bayswater Industries Limited, has relaunched its chocolate malt drink, “Choco Love” into the market. This unveil was marked with three landmark launch events in three different states around the country starting from Abuja to Port Harcourt, and finally Lagos. These events were masterfully organized to communicate the new brand’s presence to all stakeholders involved, as well as brand aspirations and a promise of quality. Speaking on the launch, Emilio Maldonado, the Head of Research and Development for the Choco Love brand said that “Choco Love is an awesome brew, manufactured with the highest standard we can find in the market. When we decided on this drink, we decided to bring to Nigeria the best

MAN opposes excise duty rate increase on alcohol, tobacco; seeks its reversal

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The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the newly proposed excise duty rate increase on alcohol and tobacco products, saying that its implementation will lead to job losses and plant closures in the affected industries. The President, MAN, Dr. Frank Jacobs, spoke on the issue in Lagos on Wednesday while addressing the media on the association’s position on the African Continental Free Trade Agreement. It would be recalled that the Federal Government on March 11 approved an amendment to the excise tariff rates for alcoholic beverages and tobacco products which is expected to go into effect on June 4, 2018. The Minister of Finance, Mrs. Kemi Adeosun, had stated that President Muhammadu Buhari, had granted a 90-day grace period to manufac

AB InBev plans expansion in Tanzania; announces construction of new $100m brewery

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Anheuser-Busch InBev (AB InBev) is moving quickly to expand its holdings in Africa. The world’s largest beer company announced on Monday following a meeting with the Office of the President of Tanzania, John Magufuli, to invest $100m in a new beer plant in Dodoma, the administrative capital of Tanzania. AB InBev is the majority shareholder in Tanzania Breweries Limited, the country’s largest brewer and one it inherited following its acquisition of SABMiller in 2016. Speaking after the meetings, President Magufuli said, “I want to assure you that my government does not hate business people – we like them and we will support them … this is the right time to do business (in Tanzania), but you must pay your taxes,” the president was quoted as saying. With a planned annual capacity of 1 million

Promasidor honours employees with long service

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Promasidor Nigeria Limited, makers of Cowbell Milk, Top Tea, Onga and other quality products, at the weekend, celebrated 254 of its staff who have been with the company for over 10 years. The award ceremony, which was held in Lagos, brought together the company’s employees, relatives, and distributors from different parts of the country. Managing Director of Promasidor Nigeria, Mr. Anders Einarsson, said the awardees were honoured for their commitment, hard work and loyalty to the organisation. He said the celebrated employees, who he urged others to emulate, had grown through the rank and become pillars of Promasidor’s growth as a result of their exceptional work ethics and positive attitude. “For us at Promasidor Nigeria, the Long Service Award is not just a tradition. It is an opportuni

Cadbury Nigeria returns to profit in full year 2017

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Cadbury Nigeria Plc, reported its full year 2017 results on Monday, with the Bournvita maker posting a net profit of ₦300m ($826,000). In the same period in 2016, the company recorded a net loss of ₦296m. The positive performance was driven by a 10% growth in sales to ₦33bn ($90 million) from ₦29.9bn. The firm also benefited from cost savings initiatives which saw selling & distribution costs as well as administrative costs decline by 7% and 23% respectively. Cadbury has struggled over the last few years with a myriad of challenges including rising costs, driven by the devaluation of the naira in 2016 and the ensuing environmental inflation which drove up the cost of goods sold as well as operational costs. High net finance cost also added to the company’s challenges as it grew 312% to ₦36

New study claims presence of micro plastics in bottled water

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A new study released on Thursday by Orb Media, a non-profit journalism organization working with scientists from the State University of New York in Fredonia claims that 93% of sampled global bottled water tested show ‘some sign of micro-plastic contamination’. The study examined 259 bottles from nine countries and 11 brands produced by transnational companies including Aquafina (PepsiCo), Dasani (Coca-Cola), Evian (Danone), Nestle Pure Life and San Pellegrino (Nestle). The bottles of water tested were sourced from the countries of Kenya, Indonesia, India, the US, Lebanon, Thailand, China, Mexico, Brazil and from e-commerce platform Amazon. According to the authors of the study, there were roughly twice as many plastic particles (>100um) in bottled water than tap water, and more particles