Nigerian Rice Mill injects US$13.4m to boost production capacity

NIGERIA – Tiamin Rice Mill Limited has invested a total of US$13.37M to boost its production capacity from the current 320 tonnes to 1,520 tonnes per day in line with the Federal Government’s rice sufficiency […]

Flour Mills of Nigeria half year profits rise 16% to US$16.2m

NIGERIA – Flour Mills of Nigeria Plc (FMN), one of Nigeria’s leading integrated food business and agro-allied company, has posted a 16% rise in profit after tax of N5.9 billion (US$16.2m) in its unaudited half […]

Dangote Sugar Refinery, Savannah Sugar Company plan to merge operations

NIGERIA – Dangote Group Plc has announced its plans of merging with its two subsidiaries, Dangote Sugar Refinery (DSR) Plc and Savannah Sugar Company Limited (SSCL) into a single entity through a scheme of external […]

Int’l Breweries to raise US$458m through ‘rights issue’ to offset staggering losses and mounting debt

NIGERIA – International Breweries Plc, the Nigerian unit of global brewer, Anheuser-Busch InBev is planning to raise N165bn (US$457.7m) in a share sale in order to reduce the mounting debt and reverse losses. This follows […]

Beta Glass maintains strong performance in the third quarter with 15% revenue growth

NIGERIA – Beta Glass Plc, the Nigerian maker of glass bottles and containers for the beverage industry has reported 15% growth in revenue growth for the third quarter of its financial year through 30th September […]

Olam International completes acquisition of Dangote Flour Mills for US$331m

NIGERIA – Olam International Limited, the multinational food and agribusiness company has completed the acquisition of Dangote Flour Mills (DFM) through its Nigerian subsidiary, Crown Flour Mills Limited for N120 billion (US$331m). DFM will consequently […]

Seven-Up Bottling plc launches Lipton Ice Tea in Nigeria, increasing competitive edge

NIGERIA – Seven-Up Bottling Company Plc (“SBC”), the bottler of PepsiCo brands of soft drinks in the Nigeria has launched Lipton Ice Tea following the revived partnership between Soft drink giant PepsiCo and Fast-Moving Consumer […]

Nigerian Breweries reports 17% decline in profits amid challenging operating environment

NIGERIA – Nigerian Breweries Plc has reported a decline in earnings on its unaudited condensed interim financial statements for the nine months period ended September 2019. The Nigeria Stock Exchange listed company’s profit reduced by […]