Nigerian state programs

Syria’s Kurds led the advance on Raqqa, but now may fracture

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The wreckage of Raqqa THE bodies of the dead would hang for days from the railings in the main square of Raqqa. It was a macabre reminder to residents that Islamic State (IS) had declared the capital of its so-called caliphate in the Syrian city. Signs around the victims’ necks revealed their crimes. Dozens were executed for spying; others for smoking or listening to music. This week that reign of terror ended. On October 17th, after four months of heavy fighting, the Syrian Democratic Forces (SDF), an army of Kurds and Arabs, took the square. Tying yellow and green flags to the railings where the bodies once hung, they stomped and shouted to celebrate. The capture of Raqqa highlights how over the past few years the SDF has become the most effective American-backed force in the fight a

AB InBev to sell stake in Zambia’s National Breweries to Zimbabwe’s Delta Corp

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Delta Corporation, Zimbabwe’s largest brewer and a unit of AB InBev said on Thursday that it has reached an agreement to acquire a controlling interest in National Breweries of Zambia. In a released statement, Delta said that equity is being acquired from Heinrich’s Syndicate, also a subsidiary of AB InBev. “The equity is being acquired from Heinrich’s Syndicate, a subsidiary of AB InBev. The transaction is subject to various regulatory approvals. The impact of this transaction is currently being determined but is not material for Delta,” said Alex Makamure, Delta’s Company Secretary. National Breweries of Zambia is the leading sorghum (Opaque) brewer in Zambia whose products are sold under the Chibuku brand. Delta Beverages also brews the Chibuku brand and has a wealth of experience in th

PZ Cussons Nigeria suffers first quarter loss

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PZ Cussons Nigeria Plc, makers of a wide range of consumer products including electricals, personal and homecare products, dairy brands, among others reported a loss of N123m in the first quarter of its 2018 financial year ending on 31 August 2017. The company blamed its poor performance on higher cost of sales, driven by foreign exchange loss of N1.8bn. Cost of sales rose 17.6% to N12.9bn, while administrative expenses skyrocketed 42% to N1.87bn. The company also saw a higher interest cost of N348m, from N94m in the previous year and a 28,000% jump in net finance cost to N273m, driven by higher cost of sales, (in part driven by FX) and the FX impact on financing costs. Despite the challenges, the company posted an impressive 12.8% growth in sales to N18.9bn. While commenting on the Nigeri...

Delta State Teacher wins 2017 Edition of Maltina Teacher of the Year Awards

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A teacher with Mastercare International School Asaba, Delta State, Mr. Felix Udochukwu Ariguzo, has emerged the 2017 winner of Maltina Teacher of the Year Award held in Lagos on Thursday. For beating out other contestants, Ariguzo was awarded ₦1 Million as well as ₦500,000 he received as Delta State Champion. In addition, he will receive ₦1 million every year for five years, a training programme abroad and a block of six classrooms built in his school. Ariguzo who teaches Biology and Chemistry said that he gets his inspiration for teaching from his love for service and knowledge building. He expressed gratitude to Nigerian Breweries for the gesture and urged other corporate organisations to emulate the worthy example. “Today, I am very happy and proud that Nigerian Breweries has shown that

Price increases help lift PZ Cussons Nigeria’s year-end results

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
PZ Cussons Nigeria Plc, manufacturers of a wide range of consumer goods including Nutricima brands such as Yo, Coast, Nunu and Olympic yoghurt and milk brands reported a 15% rise in revenue for the full-year ending 31 May 2017. Sales reached N79.6bn from N69.5bn in 2016. Profit for the year rose 73.1% to N3.7bn, helped by price increases implemented through the year to mitigate the effects of inflation caused by Naira devaluation and poor liquidity. The Naira lost 50% of its value in the interbank market as well as further weakening in the secondary market which caused transactional impact through higher costs in the period under review. The company notes that all of its business lines performed relatively well under difficult trading environment with market shares either held or grown, al...

Moët Hennessy Year-to-date sales slump on third quarter supply constraints

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Moët Hennessy, the wines & spirits division of French luxury goods maker Louis Vuitton Moët Hennessy (LVMH), said on Tuesday that revenue for the first nine months to the end of September grew 7% to €3.5bn, from €3.2bn in the previous year. The company which makes high-end luxury goods such as perfumes & cosmetics, fashion & leather goods, watches & jewelry noted that despite a 7% growth in the wines & spirits business group, it trailed all other business categories that recorded double-digit growth. LVMH blamed the single-digit performance in the wines and spirits category on a third quarter supply constraint. Total LVMH group sales for the first nine months stood at €30.1bn, a 14% lift from the previous year. In the third quarter alone, the group recorded 14% growth in sales to €10.38bn