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Senate seeks FG intervention to halt downward review of import tariff on milk powder

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Senate has condemned the downward review of import duty on milk powder by the Federal Government from 10% to 5%. The Upper House of the National Assembly went further to request its committees on Agriculture, Finance and Customs Excise and Tariff to investigate the ministries, departments and agencies involved in the reduction. In a motion brought forward by Sabo Mohammed (APC, Jigawa State) titled ‘Urgent Need to Halt the Implementation of a New Import Duty Tariff on Powdered Milk Imported into the Country’, the Senator asked how the economic diversification efforts by the government could succeed if its policies were not favourable to the agricultural sector. The senate unanimously granted prayers of the motion to “call on the Federal Government to suspend the new tariff policy and m

PepsiCo sees flat sales and earnings slump in full year as firm struggles with beverage sales

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PepsiCo reported a sharp drop in earnings for the full year 2017 by 23% to $4.9bn, blamed on a host of factors including sales decline in its North America Beverages business unit and Quaker Foods North America business segment plus a $2.5bn one-time charge related to the new U.S. tax laws. The US-based soft drinks maker saw declining sales in three out of six of its geographic business units. While total sales for the year rose marginally by 1% to $63.5bn, sales in its Quaker Foods North America business unit and North America Beverages unit fell by 2% respectively. The bright spots for the beverage maker were in the company’s Frito-Lay North America business unit which grew 2%. The firm’s Latin America business segment grew 6%, while its Europe Sub-Saharan Africa business region rose 8%

UACN to liquidate Warm Spring Waters Nigeria Limited

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United Africa Company Nigeria Plc (“UACN Plc”), a diversified conglomerate and one of Nigeria’s oldest companies announced on Thursday that it will wind up the assets of one of its subsidiary businesses, Warm Spring Waters Nigeria Limited, makers of ‘Gossy’ Table Water based in Ikogosi, Ekiti State. The company cites weak operational performance due to problems associated with the rural location of the plant at the source of the spring water, logistical challenges, 100% reliance on company-generated power and a difficult operating environment as reasons to shut the business. Warm Springs Waters commenced business in 2002 in Ikogosi, Ekiti State, in partnership with the Ekiti State Government and some private investors to produce premium quality spring water under the ‘Gossy’ brand. UACN ho

Heineken toasts full year 2017 results

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Heineken N.V cheered its full year results for 2017 as it reported a 5.37% (5% organic) rise in revenue to €21.9bn. Profits in the same period jumped 7.1% to €2.2bn from €2.09bn in 2016. Commenting on the results, Jean-Francois van Boxmeer, chief executive officer, Heineken NV said, “We delivered strong results in 2017, with all regions contributing to organic growth in volume, revenue and Operating Profit.” Beer volumes grew 3%, with the “Heineken” beer brand growing 4.5% per hectoliter. The company said that revenue per hectoliter in all regions improved except for Asia Pacific due to negative mix effects. The firm stressed that it continued to invest in key developing markets with expansion of production capacity in Mexico, Cambodia, Vietnam, Ethiopia and Haiti, with the opening of a ne

7-UP receives regulatory approval to delist shares from NSE

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Seven-Up Bottling Company Plc has received approval from the Nigerian Stock Exchange (NSE) to delist its shares from the Exchange following the submission of an application it made to the Exchange, seeking to delist its shares and end its 32 years on the big board. The company was first listed on the Exchange in 1986. A regulatory filing at the Stock Exchange suggest that the company which was incorporated in Nigeria in 1959 and became a publicly traded company in 1978 begun the process of delisting on 8th February 2018 similar to steps taking by its main rival, Nigerian bottling Company (NBC) to exit the Exchange in 2011. Seven-Up announced on 30th November that it had received an offer from Affelka S.A, its majority shareholder to acquire the remaining shares of minority shareholders it ...

Pinkberry Frozen Yogurt opens stores in Nigeria

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Eat N’ Go Limited on Wednesday announced the launch of Pinkberry, a famous frozen yogurt brand with origins in Los Angeles, California into the Nigeria market. Presently located at Admiralty way Lekki Phase 1 and Aromire Street, Ikeja, Lagos, the new brand promised to bring light, refreshing and craveable frozen yogurt experience to Nigeria. “We are excited to finally serve a distinctly light and refreshing taste of frozen yogurt in Nigeria,” said Aaron Serruya, President and CEO of Pinkberry International. “We are happy to serve and become a local favorite of the sophisticated community in Lagos in partnership with Eat N’GO Limited, who shares our values and commitment on exceeding customer expectations day in and day out” Commenting on the new store at the Dominos Pizza Shop on Admiralty

Pepsi to step-up marketing campaign in 2018

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Pepsi, a major brand under the care of the 7Up Bottling Company Nigeria, has said it is going to leverage technology to drive its aggressive marketing this year, with the hope of increasing its share of the Nigerian market. The brand said its unique marketing in 2017 gave it an edge over its competitors, citing the ‘NoShakinCarryGo’ campaign, which was launched at the Lekki Tollgate on 11 August, 2017. A few weeks before then, the brand had announced that Pepsi 50cl PET bottle price was been reduced to N100 with the #NoShakinCarryGo campaign (in Lagos and Ibadan). “In what looked like a Christmas day bonanza, consumers who drove by between 5pm and 6pm on that day, were pleasantly surprised as they enjoyed a rare toll free passage, along with chilled 50cl plastic bottles of Pepsi,” the comp

Nestle opens new N4.1bn Milo RTD factory in Ogun

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Nestle Nigeria Plc on Thursday opened its new Milo Ready-to-drink (RTD) factory in Agbara Industrial Area, Ogun State. The new factory is said to have cost N4.1bn. The Vice President of Nigeria, Yemi Osinbajo commissioned the new plant which is part of the company’s existing factory at Agbara for the past 37 years. The VP urged other multinational corporations to domicile their factories in Nigeria as the country remained the preferred destination for investment in Africa. “We are grateful to Nestlé for these significant investments, particularly for locating its factories in rural communities and sourcing its raw materials from local farmers, contributing to the sustainable development of Nigeria,’’ he said. He added that the Federal government was committed to creating an enabling enviro

NFF, Nigerian Breweries officially seal partnership deal for the Super Eagles

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Nigerian Breweries Plc, makers of Star Lager and Amstel Malta among others have officially signed a partnership deal with the Nigerian Football Federation (NFF). The deal which was signed on Friday in Lagos is for five years and worth N2.2bn. In addition, it would see Star Lager become the official alcoholic drink of the Super Eagles, while Amstel Malta, the official malt drink of the NFF and the National teams including to this year’s FIFA World Cup – bound Super Eagles. The two brands will provide refreshments to players and coaching staff, as well as premium satisfaction to over 180 million passionate fans that will be cheering for the home team and other national teams before, during and after their international matches. At the signing ceremony were officials from the NFF including i

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