PDP S’West Crisis: Buruji Kashamu faction loses as Appeal court stops orders recognizing Ogundipe …Lawyer narrates Justice Taiwo Taiwo’s roles to pervert justice

AFRICA, AGBOR NEWS, BLOGS, lagos, Local News, News, Newspaper, NIGERIA, politics
The war over which Exco should represent the Southwest at the Saturday, December 9 National Convention of the Peoples Democratic Party (PDP), was today rested as the Appeal Court in Ado Ekiti granted an interim order staying execution of all orde ...Powered by WPeMatico

Seven-Up receives buyout offer from majority shareholder, seeks to go private

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Seven-Up Bottling Company Plc, the bottler of PepsiCo brands of soft drinks in Nigeria announced on Thursday that its board has received an offer from Affelka S.A. (“Affelka”) to acquire the remaining shares of minority shareholders it does not already own at a cost of ₦19.33bn ($60 million). Affelka S.A. is a holding company for the El Khalil family, the founder of the company and currently holds 73.22% of the company’s shares while it seeks to acquire the remaining 26.78% shares held by others. “As of now, we have received an offer from the majority shareholder of the company. It’s a financial restructuring,” said Sunil Sawney, Vice Chairman, Seven-Up Bottling Company. He said that the company has been running losses for some time and that the aim is to restructure the company, adding th

Nigerian Breweries mulls major changes to its Board as beer war looms

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Nigerian Breweries Plc has scheduled a meeting for Friday, 8th December to consider making major changes to the composition of its Board of Directors. In a letter sent to the Nigerian Stock Exchange (NSE) on Friday, the company said that “One of the items on the agenda is a proposal for changes in the composition of the Board of Directors (“Board”) of the company.” While details of the board changes have not been made public, there are indications that the company may decide to reconsider the appointment of some directors or reduce the number of persons on the 16-member board. Nigerian Breweries is the country’s largest brewer and majorly controlled by Amsterdam-based Heineken N.V. which holds 55.95% shareholding, while other shareholders (foreign and Nigerians) hold the remaining 44.05%.