AB InBev’s Nigerian Subsidiary Int’l Breweries restructures its board

NIGERIA – International Breweries Plc (IB Plc), the company unit of the world’s biggest brewer AB InBev has announced major restructuring of its Board of Directors after completing a three-way merger with Intafact Beverages Limited and the Pabod Breweries Limited.

The Board has appointed Igwe Nnaemeka Alfred Achebe as its new chairman to succeed Sunday Omole who stepped down following the merger of the three companies, reported BeverageIndustry News

Nnaemeka has 30-year work experience with the Royal Dutch Shell Petroleum Group of Companies in Nigeria and overseas.

He studied at Stanford and Columbia Universities in the U.S.A; attended the National Institute for Policy and Strategic Studies, also worked at of Diamond Bank PLC and Intafact Beverages Ltd. (subsidiary of AB InBev).

He was appointed to the Board of Unilever Nigeria Plc. in March 2003 and is currently the Chairman of that Board.

The shareholders also ratified several appointments at the company’s Annual General Meeting on 30 May, 2018 including Annabelle Degroot, as Managing Director; former MD of Zambian Breweries Plc prior to joining IB Plc.

Annabelle is a qualified Chartered Accountant from the Institute of Chartered Accountants, England and Wales (ICAEW) and also a Fellow of the Zambian Institute of Chartered Accountants.

Zuber Momoniat, a Chartered Accountant with close to two decades of cognate practice was named Finance Director.

The company also made non-executive director appointments to its board and these are Igwe Peter Nwokike Anugwu, Michael Onochie Ajukwu, Abiye Tobin-West, Phillip Redman.

Combination of AB InBev’s indirect subsidiaries

IB Plc completed a merger with its sister companies (all indirect subsidiaries of AB InBev) last year with listing of 5.3bn additional shares on the Nigerian Stock Exchange (NSE).

The merger gave AB InBev 75.1% control of the company’s shares.

AB InBev’s direct subsidiaries are SABMiller Nigeria Holdings BV, which holds 47.4% shares in the merged entity and Brauhaase International Management GMBH which has 27.7% equity stake.

Anambra State Government holds a 4.7% stake in the new company, with the remaining 20% held by minority shareholders.

According to Annabelle Degroot, Managing Director, International Breweries Plc the combined entity is referred to as International Breweries Plc and plans were underway to list it.

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