NIGERIA

Obaseki to push for non-punitive tax system for local companies

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The Edo State Governor, Mr. Godwin Obaseki, has said local companies looking to invest should be given more incentives to do so, including a non-punitive tax regime to encourage investments and boost the nation’s economic growth. The Governor made the case while receiving the management team of Guinness Nigeria Plc., led by the Chairman, Babatunde Savage, who paid a courtesy visit to the governor, at the Government House in Benin City, the Edo State capital. According to Obaseki, local companies willing to invest and contribute to the economic growth of the country should be giving incentives such as a non-punitive tax regime. He said the state government will continue to encourage local investors, noting that “such measure will attract other investors to locate their businesses in the sta

International Breweries reports first quarter loss despite strong revenue growth

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International Breweries Plc, the Nigerian unit of Belgian brewer Anheuser-Busch InBev (AB InBev) reported ₦2.2bn in net loss for the first quarter of 2018 ending in March. The brewer blamed the loss on skyrocketing foreign exchange loss which grew by 310% to ₦158 million. That also meant that the firm’s net finance cost surged by 367% to ₦3.6bn. Cost of sales also grew 227% to ₦16.8bn, in part driven by FX and the FX impact on financing cost which led to the record ₦2.2bn loss. Despite the loss, IB Plc said sales grew by 175% to ₦25.9bn, from ₦9.4bn in the prior year. The brewer announced in September it would be changing its financial year-end to 31st December from 31st March of every year following the merger with its sister companies – Intafact Beverages Limited and Pabod Breweries Limi

Guinness Nigeria pays courtesy visit to Edo State Governor, traditional fathers as it rolls out Royal Kingdom Lager

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Guinness Nigeria Plc on Wednesday announced the launch of Royal Kingdom Lager beer; a truly local beer finely brewed to international quality. According to the company, Royal Kingdom is a first of its kind; redefining quality, heritage, culture and royalty for the proud people of Edo and Delta States. It has a refined, crisp and refreshing taste made with pure ingredients for a rich and rewarding experience. The lager is a result of years of extensive research, and the need to celebrate the indigenous people in the heartbeat of Nigeria with a beer that stands as a symbol of their pride, heritage, communal life and kingdom. As part of the activities to introduce Royal Kingdom to the people in the region, the Guinness Leadership Team paid a courtesy visit to the Edo State Governor, Godwin Ob...

Third Annual Food West Africa exhibition to begin May 8

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The third edition of Food West Africa Exhibition will hold from May 8 to 10 at Landmark Centre, Victoria Island, Lagos, its organiser, Informa Life Sciences Exhibitions, has said. Informa Life Sciences Exhibitions, the world’s leading publishing and exhibitions company, said the event is expected to attract over 4,400 experts from 25 countries. Its Marketing Manager, Nafiu Cengiz, in a statement, said the three-day exhibition is expected to host over 100 local and international exhibitors, adding that two new pavilions have been announced for this year – India and Pakistan. According to Ryan Sanderson, the Exhibition Director, Food West Africa: “Now in its third year, Food West Africa has demonstrated its effectiveness as a medium for regional and international companies to raise their pro

Guinness Nigeria makes transitional change; appoints Magunda as new CEO

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Guinness Nigeria announced on Wednesday that CEO Peter Ndegwa will be stepping down to take up a new role within Diageo plc, Guinness Nigeria’s parent company. Baker Magunda, currently Managing Director of Meta Abo Brewery in Ethiopia will take over as the new CEO of Guinness Nigeria, following a period of transition. Peter has been at Guinness Nigeria for nearly three years and has overseen the recent transformation at the company, including the successful Rights Issue and implementation of the productivity programme, the company said in a statement. Recent Q3 financial performance has shown the improvement that these projects are delivering. Baker Magunda will join Guinness Nigeria from Diageo owned Meta Abo Breweries in Ethiopia. Under Baker’s tenure, Meta Abo has seen the launch of the

Coca-Cola Nigeria to upgrade school facilities in Ogun State

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Coca-Cola Nigeria in partnership with the Ogun State Universal Basic Education Board (SUBEB) is set to embark on construction and rehabilitation at the First Baptist Primary School, Ijaye-Oja Ale, Ilogbo, Abeokuta, Ogun State. The project is part of the Coca-Cola Foundation/UNDP New World Programme in collaboration with Ogun State Government aimed at providing critical infrastructural development in the school, which was established in 1910 as a missionary school adopted by the First Baptist Church before becoming a publicly owned primary school in the 1970s. Speaking at the foundation-laying of the project held at the school premises in Abeokuta penultimate Friday, the Managing Director, Coca-Cola Nigeria, Mr. Bhupendra Suri, who was represented by the Sustainability Manager, Coca-Cola We...

Tetra Pak appoints Oshiokamele Aruna as first ever Nigerian Managing Director

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Tetra Pak West Africa announced on Wednesday the appointment of Oshiokamele Aruna as the new Managing Director of the company. The appointment of Mr. Aruna, makes him the first Nigerian to attain this position in the history of Tetra Pak,the world’s leading processing and packaging solutions provider. “My ambition is to reinforce Tetra Pak’s leadership in West Africa, and support our partners and customers in their respective projects. West Africa has a great development potential and I’m glad to become more involved in my native region.” said Aruna. Tawfiq Agoumi, Communications Director North & West Africa pointed out this appointment as “a reflection of Mr Aruna’s impeccable pedigree and competence, and confirms the strategic importance of the Nigerian market, one of the most dynamic in

Soaring finance cost puts a squeeze on Nestle Nigeria’s Q1 profit

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Nestle Nigeria Plc, reported its first quarter results for 2018 on Friday, with the food and beverage company posting a net profit of ₦8.6bn, from ₦8.4bn in the previous year, a nearly 3% increase. The company blamed the nearly flat rise in earnings on rising finance cost which includes interest expense and foreign exchange loss. Finance charge grew 182% to ₦879 million. Despite the disappointing earning result, the company reported a 10% growth in revenue to ₦67.5bn from ₦61bn in 2017. Beverage products contributed ₦24.4bn or 36.15% of the total revenue, having risen from ₦20.2bn in the previous year. Beverage products include Milo, Chocomilo, Nido, Nescafe and Nestle Pure Life. Food products contributed the remaining ₦43bn or 63.7% of the company’s total revenue for the quarter, having g

NBC kickstarts 2018 Edition of ‘Youth Empowered’ training scheme in Ibadan

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In demonstration of its commitment to youth development in Nigeria, Nigerian Bottling Company Limited (NBC) has kicked off the 2018 edition of‘Youth Empowered’, a training workshop designed to equip Nigerian youths with life and Business skills for their personal development and help them transition to meaningful employment. The first workshop in a series of Youth Empowered workshops for 2018, commenced in Ibadan on April 24 and was rounded off on April 26 amidst excitement from youths in the city and other neighboring states. Speaking on the importance NBC attached to the 2018 Youth Empowered program, Managing Director of the Company, Mr. George Polymenakos, said the initiative was part of the company’s intervention programs for the youth which is geared towards discovering their potentia