BUSINESS

Guinness Nigeria appoints Stanley Wanyaoike Njoroge as new Finance Director

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Guinness Nigeria Plc, announced on Friday the appointment of Mr. Stanley Wanyaoike Njoroge as its new Finance and Strategy Director as well as a member of its Executive Board with effect from 1st March 2018. He takes the place of Mr. Ronald Plumridge who resigned as Finance Director and a member of the Executive Board on 31st October 2017. According to a profile statement released by the company, Mr. Njoroge is a Certified Public Accountant and a member of the Institute of Certified Accountant of Kenya (ICPAK). He is an alumnus of both the University of Nairobi and Strathmore University in Nairobi, Kenya. Stanley’s initial experiences was in tax advisory with Deloitte & Touche, East Africa, providing tax consultancy services and managing tax clients in Kenya and Uganda. He also led several

Heineken drives brand equity in Nigeria, other African markets

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Heineken says it has gained more brand equity in Nigeria and is looking to achieve same in 15 other African markets through investments in the brand. The company said it had also increased its share of the beer market following the launch of a new commercial- Villager. The 58 seconds commercial featured Jidenna Mobisson, the Nigerian born international act. The commercial is the brand’s first glocalized commercial and first Nigerian campaign. The company said in a statement that it is in the process of rolling out the same commercial in 15 other African markets where it has presence. Heineken had wanted a commercial to recruit and retain younger drinkers between ages 18-24 and regain five percent of the lapsed drinkers that represent the 25-34 age group after recording declining sales last

FG mulls tariff increase on alcohol, cigarettes

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The Minister of Finance, Mrs. Kemi Adeosun has recommended increasing tariff rates on alcohol and tobacco products with implications on their health effects as well as a means of raising revenue. Adeosun added that her recommendation is in line with the implementation of the ECOWAS common External Tariff (CET), one of the instruments of harmonizing member states to strengthen its Common Market agreed upon on 25th October 2014. In a memo sent to President Muhammadu Buhari and seen by TheCable, a local news source, the Finance Minister laid-out a proposal for a two-part tariff to be levied on tobacco products. A two-part levy imposes two types of import levies on the same product. Adeosun recommended a 20% “ad valorem” tariff and a N1 per stick tariff to be placed on cigarettes and tobacco p

Nigeria’s Bobsled Team to the Winter Olympics gets a major sponsor from Star Lager

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Star Lager, a beer brand of Nigerian Breweries Plc, has signed-on to be a major sponsor for Nigeria’s history making women’s Bobsled and skeleton teams who qualified for the first time for the Winter Olympics which is scheduled to take place this month from 9th February to 25th February in Pyeongchang, South Korea. In the nearly 100-year history of the winter games, Nigeria has never been represented in any sport. The Nigerian Bobsled team is comprised of three women – Seun Adigun, Akuoma Omeoga and Ngozi Onwumere, while the country’s Skeleton athlete, Simidele Adeagbo, would all be flying the country’s national flag at the winter games. Marketing Director, Nigerian Breweries Plc, Franco Maria Maggi, praised the professional manner the Bobsled federation has conducted Nigeria’s plans for t

Promasidor Nigeria joins the evaporated milk segment, launches Cowbell Evap Milk

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Promasidor Nigeria Limited, the maker of Cowbell Milk, Onga seasoning and other products has unveiled a new addition to the Cowbell family, Cowbell Evaporated Milk. The company said it is part of its quest for the wellbeing of Nigerians and to reinforce its flagship proposition as well as drive awareness initiatives for complete healthy breakfast. Unveiled via its social media twitter handle to newsmen in Lagos, the company said that its customers deserve the best. According to the firm, Cowbell Evap is fortified with the goodness of VitaRich, our unique blend of Vitamins A, C, D, E and K. The new product is said to be available in 160g Tin. The company noted that children and adults can enjoy this nutritious Cowbell Evaporated Milk in a variety of ways. It can be taken as a chilled or war...

CHI Limited clinches MAN Award for Best kept Industrial Premises

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Chi Limited, a leading juice, dairy and snacks maker in Nigeria has won the first place for adopting best workplace production practices and processes among other competing multinational companies in the country. The award was handed out to the company at the 50th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) in Lagos, recently. The award was in recognition of the company’s continued passion for excellence and commitment to sustainable development exemplified by the company’s significant investment in manufacturing and other related infrastructural projects. The company’s investment in modern production infrastructure has been a critical enabler for competitiveness, research and development and productivity growth. Chi Limited, an ISO 22000 certified company, wit

African Health groups join protest against Global Fund, Heineken alliance

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More fallout has emerged from the recently announced alliance between Global Fund and Heineken. Health advocacy groups in Africa have joined to condemn the partnership between Global Fund, a government, civil society and private sector group that fights the spread of HIV, tuberculosis and Malaria in Africa with the Heineken Group, an alcohol firm. Among the organisations that co-signed the letter criticizing the union are the West African Alcohol Policy Alliance, East African Alcohol Policy Alliance, and the Southern African Alcohol Policy Alliance. “We understand the need to seek new financing mechanisms for global health and see the apparent benefits of building on the logistics developed by commercial enterprises,” the letter said. “However, we respectfully point out the dangers inheren

The next generation of wireless technology is ready for take-off

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NORTH KOREAN athletes will not be the only unusual participants at the winter Olympics in Pyeongchang in South Korea, which begin on February 9th. Anyone can take part, at least virtually. Many contestants will be watched by 360-degree video cameras, able to stream footage via a wireless network. At certain venues around the country sports fans will be able to don virtual-reality, head-mounted displays to get right into the action. Flying alongside a ski jumper, for instance, will offer an adrenalin rush without any risk of a hard landing.These virtual experiences will be offered by KT, South Korea’s largest telecoms firm. They are meant to showcase the latest generation of wireless technology, known as “5G”. But just as ski jumpers never know exactly how far they will leap after leaving t

Insider trading has been rife on Wall Street, academics conclude

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The joy of knowledgeINSIDER-TRADING prosecutions have netted plenty of small fry. But many grumble that the big fish swim off unharmed. That nagging fear has some new academic backing, from three studies. One argues that well-connected insiders profited even from the financial crisis.* The others go further still, suggesting the entire share-trading system is rigged.**What is known about insider trading tends to come from prosecutions. But these require fortuitous tip-offs and extensive, expensive investigations, involving the examination of complex evidence from phone calls, e-mails or informants wired with recorders. The resulting haze of numbers may befuddle a jury unless they are leavened with a few spicy details—exotic code words, say, or (even better) suitcases filled with cash.The p